4th Mar'2021 (Evening)

4th Mar'2021 (Evening)

  • Again, as expected and indicated yesterday, The indices showed a negative move today. Nifty opened approx 220 point gap down. Volatility was high through the day. VIX also rose to 24.15 today.
  • US Bond yield has been blamed for this reason, and the selling was seen globally. Our markets have reacted to the global cues today and would continue to do so, albeit with a higher rigor. 
  • Since Nifty has been out performing lately, the recovery after this selling should be equally strong.
  • US markets are again trading in red today. Lets see how the day ends there. While part of this selling is already factored in our markets, remaining has to be seen.
  • FII created huge shorts again today. Their long to short ratio is now 56:44. This is a bit of reversal from their stance from yesterday. they also sold a bit in cash.
  • Open interest on options indicates a support at 15000 on Nifty and 35500 on Bank Nifty. The band is wide on the options data and I think we need to watch tomorrows action for fresh positions.
  • 14995 on Nifty and 35570 on Bank Nifty continue to be critical levels to watch tomorrow after opening.
  • My view is still bullish.

1. FII were net sellers for 223 Cr today, while DII were sellers for 783 Cr. A net selling of 1006 Cr from the institutional side.

2. FII's unwound 3797 longs and created 16698 shorts on the indices

3. Options data is not valid today.

4. For next week expiry, Nifty has the highest OI for PE at 15000 followed by 14000 and highest OI for CE is at 16500 followed by 16000. Highest Put writing was seen at 14000 and highest call writing was seen at 16500 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 35500 followed by 35000 and highest OI for CE is at 37000 followed by 40000. Highest Put writing was seen at 33000 and highest call writing was seen at 37000 levels. 

6. Asian markets closed in red and European markets closed marginally in red

7. US markets are trading in red as of now.

8. The breadth of the market was weak on Nifty but positive across wider set of stocks.

9. Nifty opened at 15026 and made an intra day high of 15202 and a low of 14980 before closing at 15080 .The range of Nifty for the day was 222 points.

10. Bank Nifty opened at 35575 and made an intra day high of 36316 and a low of 35519 before closing at 35802 .The range of Nifty for the day was 797 points.

11. UD Dollar Index is trading at 91.552

12. Except media and realty, all sectors closedin red today.

13. India VIX increased to 24.15 today. 

14. US 10Y yields are at 1.55


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