8th Mar'2021 (Evening)

8th Mar'2021 (Evening)

  • Volatility remained high today. While as of EOD, it eased marginally, the indices moved in a wide range. Nifty made a high of 15111 and a low of 14919. While, BankNifty made a high of 35827 and a low of 35090. 
  • Both Nifty and BankNifty have been showing signs of exhaustion for tome time now. Over the last couple of day, the swing high has been lower than the previous high. On the daily chart the last few days show a lower high and a lower low. 
  • Though today's low and high is marginally higher than the previous low and high. The candle though is still a doji kind of a bearish candle, indicating that highs are getting sold off. At the same time, lows are also getting bought.
  • These are signs of consolidation, but the rising bond yields, Dollar Index and Oil are putting pressure and inducing uncertainty in the market.
  • US Yields have risen to 1.585.
  • Dollar Index is today at a crucial resistance, if broken it may start taking support and would start trading above 92.
  • I expect the markets to remain rangebound (though as mentioned yesterday, there may be times of sharp moves on either side).
  • A trending move towards top may only emerge above a close of 15300 and a sharp decline towards 14468 may happen if the range is broken towards the lower side. 
  • A safe trading range for Nifty could be 14400 to 15200. A combined premium of 50 INR is actually decent for next two days. 
  • Previous low of 13996 continues to be a strong support for this series so far.

1. FII were net sellers for 1494 Cr today, while DII were buyers for 483 Cr. A net selling of 1011 Cr from the institutional side.

2. FII's unwound 3519 longs and created 3593 shorts on the indices

3. On the option front FII  sold 13823 calls and   sold 20503 puts. They also bought 17178 calls and  bought 19751 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14500 followed by 14000 and highest OI for CE is at 15500 followed by 16000. Highest Put writing was seen at 14400 and highest call writing was seen at 15100 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 34000 followed by 33000 and highest OI for CE is at 36000 followed by 37000. Highest Put writing was seen at 34000 and highest call writing was seen at 36000 levels. 

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

7. US markets Dow is trading in green and Nasdaq is trading flat.

8. The breadth of the market was Neutral today.

9. Nifty opened at 15002 and made an intra day high of 15111 and a low of 14919 before closing at 14956 .The range of Nifty for the day was 192 points.

10. Bank Nifty opened at 35462 and made an intra day high of 35827 and a low of 35090 before closing at 35275 .The range of Nifty for the day was 737 points.

11. UD Dollar Index is trading at 92.23

12. PSU Bank, Energy, Media and Metals stocks shined today.

13. India VIX eased to 24.68

14. US 10Y yields are at 1.585


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