21st May'2021 (Evening)

21st May'2021 (Evening)

  • Markets today made a profound move. After consolidating a bit the last hour move was fantastic.
  • Most of the resistance levels were taken off. Nifty took off 15050, 15150 and closed at 15175.
  • Cash buying was though not very heavy. In all FII bought for just 500 Cr and DII for 650Cr. The sentiment of the market was positive, driven by lower Covid cases and hope of easing of restrictions.
  • FII also covered some shorts and created some longs. Though I see this as just a prevention of a deeper correction in short term. FII were positioned for a correction and had taken aggressive short positions.
  • I am still skeptical of a sharp up move from here. I feel as of now market is back in a range (the band may be higher from the previous range of 14250 - 14900). The new range will become more clear tomorrow.
  • Nifty currently is at its resistance of 15190 and then has resistance at 15330. Nifty has support at 15000 now.
  • BankNifty took off 34300 and is now close to 35000. I expect Bank Nifty to now see some resistance at 35000 and 35400. I see support at 34000 for Banknifty now.
  • With FED minutes having a reference of tapering at some point, caution is advised. Pulling out capital at higher levels has been a trend for FII and I still do not somehow, feel that they have turned bullish.

1. FII were net buyers for 510 Cr today, while DII were buyers for 649 Cr. A net buying of 1159 Cr from the institutional side.

2. FII's created 4951 longs and unwound 8739 shorts on the indices

3. On the option front FII  sold 53659 calls and   sold 38204 puts. They also bought 67296 calls and  bought 15265 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14000 followed by 15000 and highest OI for CE is at 15500 followed by 16000. Highest Put writing was seen at 15000 and highest call writing was seen at 15700 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 33000 followed by 34000 and highest OI for CE is at 35000 followed by 36000. Highest Put writing was seen at 34000 and highest call writing was seen at 35000 levels. 

6. Asian markets closed mixed and european markets closed mixed as well.

7. US markets closed mixed with Dow in green and Nasdaq in red

8. The breadth of the market was strong today.

9. Nifty opened at 14987 and made an intra day high of 15190 and a low of 14985 before closing at 15175 .The range of Nifty for the day was 205 points.

10. Bank Nifty opened at 33559 and made an intra day high of 34694 and a low of 33559 before closing at 34606 .The range of Nifty for the day was 1135 points.

11. US Dollar Index is trading at 90.015

12. All sectors closedin green with Bank Nifty and PSU Banks leading the pack

13. India VIX reduced to 19.08

14. US 10Y yields are at 1.623

15. Nifty futures saw short covering

16. Bank Nifty saw long buildup


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