21st Jun' 2021 (Evening)

21st Jun' 2021 (Evening)

  • The markets opened today exposed to weak global cues, with US down on Friday and Asian markets trading with deep cuts. 
  • Nifty opened at 15525, 160 points gap down and BankNifty opened at 34109, 440 points down. 
  • This opening was very close to the critical levels indicated yesterday. Nifty bounced from 15505 and BankNifty from 33937. The critical levels I mentioned yesterday were 15450 and 33900 for Nifty and BankNifty respectively.
  • US futures also started trading in green and helped maintain the sentiment on our market.
  • Todays trading range was between yesterdays range. On a daily chart both Nifty and BankNifty made bullish candles but were inside candles. Friday's low or high were not breached.
  • Fridays low continue to be immediate supports and have to be watched on the downside. On the upper side, we need to also watch the Friday high. Coincidentally, Nifty made a high of 15769 on Thursday and has been kind of hitting the same high on Friday and today. Would be interesting to watch this tomorrow.
  • Nifty seems to be eager to touch 16000, however had a spoil sport from US on Friday night.
  • Today, FII sold for 1200Cr and DII bought marginally for 140Cr. Inspite of a net selling of 1100Cr from the institutional side, Indices made a fantastic recovery today, indicating a strong retail participation.
  • FII were more or less neutral on the options side and created some shorts in futures. They are now net long in the ratio 65:35. This has come down substantially from a month start number of almost 88:12. Well, indicating an exhaustion on the higher side.
  • US is now recovered from Friday losses and is actually trading higher from its opening on Friday. Statements of President Bullard changed the sentiment on Friday and again reversed it today. Europe also closed in green today. So our markets would open tomorrow to strong global cues (Hopefully). 
  • Dollar Index is still closed to 92 and Fuel prices at Brent are above 74USD. Yields are stable. A higher Dollar Index is a risk though. Yields are as of now at manageable levels.
  • Indices are again at a level which have proved shaky recently. Nifty would be strong above 15800 and may make a fresh attempt to all time high. BankNifty has to breach 35000 for a move upto 35500. though they both have the congestion zones at those levels.
  • Options OI indicates a wide range of 15000 - 16000 on Nifty with a closer band of 15600 - 16000 and BankNifty indicates a range of 33000 -36000 with a closer range of 34000-35000.
  • As mentioned earlier, this is the last week of the expiry, and also the global markets have seen some shake up, so we may see some volatility.

1. FII were net sellers for 1244 Cr today, while DII were buyers for 138 Cr. A net selling of 1106 Cr from the institutional side.

2. FII's created 468 longs and created 4734 shorts on the indices

3. On the option front FII  sold 41755 calls and   sold 40363 puts. They also bought 53426 calls and  bought 45863 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 16000 followed by 15800. Highest Put writing was seen at 15600 and highest call writing was seen at 16000 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 33000 and highest call writing was seen at no reasonable levels. 

6. Asian markets closed mostly in red and Europe closed in green today

7. US markets are trading in green today

8. The breadth of the market was extremely strong today

9. Nifty opened at 15525 and made an intra day high of 15765 and a low of 15505 before closing at 15746 .The range of Nifty for the day was 260 points.

10. Bank Nifty opened at 34109 and made an intra day high of 34927 and a low of 33937 before closing at 34871 .The range of Nifty for the day was 990 points.

11. US Dollar Index is trading at 91.873

12. Except auto and IT most of the sectors closed in green

13. India VIX increased to 15.06

14. US 10Y yields are at 1.475

15. Nifty futures saw long buildup

16. Bank Nifty saw long buildup


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