17th Jun' 2021 (Evening)

17th Jun' 2021 (Evening)

  • Responding to weak global cues driven from the FED outcome yesterday, our markets also opened lower and continued to slide. Nifty made a low of 15616 and BankNifty made a low of 34458 before closing after a nominal recovery.
  • These levels are the precise levels mentioned yesterday, Nifty support of 15606 and BankNifty support of 34374. I feel that todays movements would have some expiry related trades. It would be important to see the direction tomorrow.
  • For the last two days now, FII have sold in cash and created bearish positions in FnO. A real weakness is only if this trend continues tomorrow and yesterdays levels are breached. These levels as mentioned above are only symptoms. I feel Nifty should not break until we see it below 15500 and BankNifty below 34000. 
  • Though I feel a consolidation at these levels would be healthy for Nifty to make a fresh breakout and an attempt to breach 16000.
  • I feel IT stocks should perform better tomorrow and Banking stocks may continue to underperform. 
  • Picking up from charts, Nifty made a small bullish candle on the daily chart and indicates some strength ahead. BankNifty on the other hand made a bearish candle with a long upper shadow, indicating resistance ahead.
  • 15800 continues to be a resistance for Nifty and 35100 now for BankNifty. These levels have to be breached for further movement.
  • Dollar Index has risen to 91.5 now and the US 10Y yields have shown a mild increase. Oil prices have been around 73Dollar. All these are negatives for our markets in short term.
  • I would watch the movements tomorrow, before taking fresh positions.

1. FII were net sellers for 879 Cr today, while DII were buyers for 45 Cr. A net selling of 834 Cr from the institutional side.

2. FII's unwound 1095 longs and created 1289 shorts on the indices

3. On the option front FII  sold 138123 calls and   sold 68112 puts. They also bought 127386 calls and  bought 66453 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15000 followed by 15500 and highest OI for CE is at 16500 followed by 15800. 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 34000 followed by 34500 and highest OI for CE is at 35000 followed by 36000. Highest Put writing was seen at 34500 and highest call writing was seen at 35000 levels. 

6. Asian markets closed mixed and Europe closed mixed

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

8. The breadth of the market was extremely weak

9. Nifty opened at 15648 and made an intra day high of 15769 and a low of 15616 before closing at 15691 .The range of Nifty for the day was 153 points.

10. Bank Nifty opened at 34619 and made an intra day high of 34882 and a low of 34458 before closing at 34605 .The range of Nifty for the day was 424 points.

11. US Dollar Index is trading at 91.882

12. Except FMCG and IT all sectors closed in red

13. India VIX increased to 15.29

14. US 10Y yields are at 1.507

15. Nifty futures saw long unwinding

16. Bank Nifty saw short buildup


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