17th May' 2021 (Evening)

17th May' 2021 (Evening)

  • Honestly BankNifty completely surprised me today. What a move it made. I was actually expecting to be slightly weak and it went out of the roof.
  • FII sold big time today also. The selling from FII was strongly countered by DII and maybe some retail. So it was kind of interesting to see this.
  • FII though have made some bullish bets in FnO. They added a good 7300 longs and unwound 2200 shorts. They also sold 67000 puts and unwound 18700 calls.
  • The handover from US was pretty strong and also the Covid numbers were less than 3 lac after a long time and this probably gave the much needed boost.
  • As mentioned yesterday, the indices breached important resistance levels and continued to rise.
  • Indices are now at the upper limit of the current range. With Nifty at 14923 and BankNifty at 33459. A breach of these levels tomorrow could trigger a move towards 15050 and 34300 levels on Nifty and BankNifty respectively. The next level to watch for Nifty is 15050 and BankNifty 34300. 
  • For a continued rise of Indices and to build strength, above levels are to be breached on a closing basis. Fresh longs could be built up from those levels. 
  • Indices as of now, not in a good risk reward position for fresh longs.
  • For further rise, todays lows have to be respected. Watch out for 14725 on Nifty and 32318 on BankNifty. A breach of these levels could trigger some retracement. 
  • BankNifty MAY give a shorting opportunity with a good risk reward, if it fails to make a breakout from the current level towards, 34300 tomorrow. Be careful though and this decision has to be taken in market, based on the price action.
  • Options OI is indicating a strong support for Nifty and 14700 and for BankNifty at 33000.

1. FII were net sellers for 2255 Cr today, while DII were buyers for 1948 Cr. A net Selling of 307 Cr from the institutional side.

2. FII's created 7344 longs and unwound 2233 shorts on the indices

3. On the option front FII  unwound 18730 calls and   sold 67010 puts. They also unwound 12499 calls and  bought 16490 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14700 followed by 14500 and highest OI for CE is at 15000 followed by 15500. Highest Put writing was seen at 14700 and highest call writing was seen at nothing reasonable levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 31000 followed by 32000 and highest OI for CE is at 35000 followed by 33500. Highest Put writing was seen at 33000 and highest call writing was seen at nothing reasonable levels. 

6. Asian markets closed mixed today and Europe mostly colsed in red. 

7. US markets are trading weak as of now.

8. The breadth of the market was Strong today.

9. Nifty opened at 14756 and made an intra day high of 14938 and a low of 14725 before closing at 14923 .The range of Nifty for the day was 213 points.

10. Bank Nifty opened at 32437 and made an intra day high of 33506 and a low of 32318 before closing at 33459 .The range of Nifty for the day was 1188 points.

11. US Dollar Index is trading at 90.162

12. Almost all sectors closed in green today.

13. India VIX reduced to 19.61

14. US 10Y yields are at 1.637

15. Nifty futures saw longbuildup

16. Bank Nifty saw long buildup


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