4th May' 2021 (Evening)

4th May' 2021 (Evening)

  • As mentioned yesterday, Markets opened strong today. Driven by Covid optimism of reduction in cases, here was a serious attempt by the bulls to breach the resistance, but it fell short of success. Nifty touched a high of 14723 and BankNifty rejected 33000.
  • Some serious selling was seen subsequently and Nifty saw a fall of 260 points, while Bank Nifty saw a fall of 820 points. 
  • The supports, i mentioned were protected today. The support of 14450 was protected on Nifty and 32154 was protected on BankNifty.
  • The indices have closed weak today and hence this pessimism may get carried into the morning tomorrow. These levels if breached, look for support at the next level of 14275 on Nifty and 31552 on BankNifty. 
  • I feel that the market is range bound and buying at these lower levels and selling at resistance levels could work in short term. Exercising caution is important though as the markets are sensitive and any negative news could trigger a knee jerk reaction.
  • Keep positions light and avoid leveraged positions.
  • 14625 on Nifty and 32660 could be immediate resistance levels, if the markets head north.
  • Other Levels remain same as yesterday. 

    • Nifty supports at 14450, 14275 and 14155 and resistance at 14625, 14850, 15000
    • BankNifty supports at 32154, 31552 and 30584 and resistance at 32660, 33450 and 34300

1. FII were net sellers for 1772 Cr today, while DII were buyers for 987 Cr. A net selling of 785 Cr from the institutional side.

2. FII's unwound 4163 longs and unwound 1704 shorts on the indices

3. On the option front FII  sold 10317 calls and   unwound 1972 puts. They also bought 20862 calls and  bought 5303 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 14000 followed by 14500 and highest OI for CE is at 15000 followed by 15300. Highest Put writing was seen at 14000 and highest call writing was seen at 15000 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 30000 followed by 31000 and highest OI for CE is at 33000 followed by 36000. Highest Put writing was seen at 30000 and highest call writing was seen at 33000 levels. 

6. Asian markets closed mixed today and Europe also closed mixed

7. US markets trading in red as of now

8. The breadth of the market was weak today

9. Nifty opened at 14687 and made an intra day high of 14723 and a low of 14461 before closing at 14496 .The range of Nifty for the day was 262 points.

10. Bank Nifty opened at 32610 and made an intra day high of 33011 and a low of 32191 before closing at 32270 .The range of Nifty for the day was 820 points.

11. US Dollar Index is trading at 91.240

12. Except for PSU banks, all other sectors closed in red.

13. India VIX reduced to 23.01

14. US 10Y yields are at 1.584

15. Nifty futures saw short buildup

16. Bank Nifty saw a short buildup


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