11th May' 2021 (Evening)

11th May' 2021 (Evening)

  • As mentioned on Tuesday, the rise of market was misleading and does not strength. The markets on Wednesday opened on a negative note and continued to fall. Wednesday, being an expiry day, market movements were confounded with the expiry moves.
  • A more profound fall was expected, but the expiry moves camouflaged that. The sentiment and data positioning still is bearish.
  • FII and DII both sold in cash and the FnO positioning of FII is extremely negative. They are net short at a ratio of 40:60, after a long time. They created more shorts than longs on both indices as well as stocks.
  • Being expiry, options on index were not that relevant but the FII positions on stock options were also bearish.
  • The US inflation led concerns drove a negative sentiment globally, while on the domestic front, Covid cases and lowering of growth forecasts for India were the hanging factors.
  • Todays close of US will be important to look at our opening tomorrow.
  • On Nifty 14780, 14900 and 15050 continue to be strong resistances. While 14650 is an important support, it may get breached in the opening tomorrow. Below this, 14450, 14275 continue to be important supports.
  • On Bank Nifty 33000, 33450 and 34300 continue to be strong resistances and 32154 and 31552 important supports.

1. FII were net sellers for 1260 Cr today, while DII were buyers for 704 Cr. A net Selling of 1964 Cr from the institutional side.

2. FII's created 879 longs and created 5721 shorts on the indices

3. On the option front FII  sold 61146 calls and   sold 84526 puts. They also bought -65943 calls and  bought 41013 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 13500 followed by 14000 and highest OI for CE is at 15500 followed by 15000. Highest Put writing was seen at 13500 and highest call writing was seen at 15500 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 31000 followed by 32500 and highest OI for CE is at 33000 followed by 34000. Highest Put writing was seen at 32500 and highest call writing was seen at 33000 levels. 

6. Asian markets closed mostly in red yesterday and day beofre. Europe closed in green

7. US markets were trading weak yesterday. Today they seem to be strong as of now.

8. The breadth of the market was weak

9. Nifty opened at 14823 and made an intra day high of 14824 and a low of 14649 before closing at 14696 .The range of Nifty for the day was 175 points.

10. Bank Nifty opened at 32717 and made an intra day high of 32747 and a low of 32352 before closing at 32452 .The range of Nifty for the day was 395 points.

11. US Dollar Index is trading at 90.722

12. Except for Auto and Media, all sectors closed in red.

13. India VIX reduced to 20.08

14. US 10Y yields are at 1.663

15. Nifty futures saw short buildup

16. Bank Nifty saw short buildup


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