25th Jun'2021 (Evening)

25th Jun'2021 (Evening)

  • After closing the Jun series on a slightly bearish note, making a bearish candle on the Monthly chart (tweaked for the expiry dates), Indices on Friday, picked up strong momentum and closed strong. It made a strong bullish candle both on the daily as well as the weekly chart.
  • Both Nifty and BankNifty also saw some short covering on the futures side. This could be a result of some buying by the DII in the cash market. FII sold for 678 Cr and DII bought for 1154Cr. 
  • Nifty was particularly very strong. In spite of a negative contribution from Index heavy weight Reliance, it made a decent gain. So now if reliance supports, Nifty could make a breakthrough.
  • IT sector seems to be specially bullish. I have been pointing out this sector for some time now and hope it helped readers of my notes.
  • BankNifty and Auto are at important levels after recent move. The key to Nifty's move further is now, BankNifty. I mentioned earlier also, without BankNifty support, Nifty would struggle to breakout.
  • For now, the options data and recent moves suggest, Nifty has a ctirical resistance at 15900 and BankNifty has a strong congestion in 35500-35700 zone. It would be important to see if this is taken out.
  • VIX, DII buying, are indicative of support at lower levels. Charts are also showing the same. 
  • Dow closed strong on Friday and Dollar Index is at a manageable level. Though the US 10Y yield is again above 1.5, i do not see that as an immediate threat.
  • An increase in the Brent oil above 75USD is a concern for us, however, again i do not see that getting over our nerves in immediate short term.
  • On the Covid front, Maharashtra tightened some curbs and some states extended their restrictions to July. This needs to be watched closely for any untoward turn.
  • For BankNifty to breakout, KotakBank has to support the moves by SBIN, HDFCBank and ICICIBank. Keep a watch on this.
  • Important events to be watched next week are US Consumer confidence and Chine PMI on Tuesday. British GDP on Wednesday. German and British PMI on Thursday. US Non farm payrolls on Friday and Speech of ECB president on Friday.

1. FII were net sellers for 678 Cr today, while DII were buyers for 1832 Cr. A net buying of 1154 Cr from the institutional side.

2. FII's Unwound 9216 longs and created 1495 shorts on the indices

3. On the option front FII  sold 30975 calls and   sold 40759 puts. They also bought 44886 calls and  bought 61054 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15000 followed by 15800 and highest OI for CE is at 16000 followed by 16500. Highest Put writing was seen at 15800 and highest call writing was seen at 16400 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 35000 followed by 34500 and highest OI for CE is at 36000 followed by 35500. Highest Put writing was seen at 35000 and highest call writing was seen at 36000 levels. 

6. Asian markets closed mostly in green and Europe closed mixed

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

8. The breadth of the market was strong today

9. Nifty opened at 15840 and made an intra day high of 15895 and a low of 15752 before closing at 15772 .The range of Nifty for the day was 143 points.

10. Bank Nifty opened at 35084 and made an intra day high of 35281 and a low of 34664 before closing at 34745 .The range of Nifty for the day was 617 points.

11. US Dollar Index is trading at 91.797

12. Except for Energy and FMCG, all indices closed in green.

13. India VIX reduced to 13.37

14. US 10Y yields are at 1.524

15. Nifty futures saw short covering

16. Bank Nifty saw short covering


Comments

Post a Comment

Popular posts from this blog

4th November' 2022 (Evening)

Image
4th November' 2022 (Evening)   --  | Written at 8.00 PM on 6th November' 2022  | Publishing the notes after a gap today. So first sorry for that. Having a full time day job, brings its own set of challenges and sometimes, the work pressure makes it extremely difficult to squeeze time to analyze and publish the analysis. I mentioned in the previous notes that a major resistance at 17900 will be breached and advised to watch the price action. The indices pleasantly obliged and have been holding strong at these levels. On Friday also, #Nifty made a strong bullish candle on the daily chart. It has also ended the weekly candle strong on a bullish note. #BankNifty is showing some exhaustion and is witnessing a brutal tug off war between bulls and bears. We will discuss all this, but before that, levels... From the levels above, 18200 seems to be a resistance level for #Nifty and 41550 the resistance for #BankNifty. However, if we compare the range of first support to first...
Read more

28th October' 2022 (Evening)

Image
28th October' 2022 (Evening)   --   |  Written at 9.30 PM on 30th October' 2022   | The last month closed on a high note. Starting weak, the month of October saw decent gains and closed almost at month highs. Market was still strong and on the first day of the current series also, the indices were relatively strong.  #Nifty made 4 consecutive bullish candles on the daily chart. #BankNifty made a bearish candle after 3 bullish candles, however still made a higher high and a higher low. Levels : Both #Nifty and #BankNifty are in a range of 17650 to 17900 and 39825 to 41550 respectively. In this range #BankNifty saw some profit booking on Friday, while #Nifty is yet to test the upper level. I expected #Nifty to test 17900 on Friday, however this did not happen. This may probably get breached in the opening tomorrow. Important to see is that will this trigger a profit booking and a rejection of the level or will the level hold. On Friday, the first tr...
Read more

25th October' 2022 (Evening)

25th October' 2022 (Evening)   --   |  Written at 11.00 PM on 26th October' 2022  | 1. FII were net selling for 247 Cr today, while DII were buyers for 872 Cr. A net buying of 625 Cr from the institutional side. 2. FII's created 1390 longs and unwound 17862 shorts on the index futures 3. On the option front FII  unwound 7656 short calls and   unwound 28440 short puts. They also closed 34543 long calls and  closed 96232 long Puts. 4. For next week expiry, Nifty has the highest OI for PE at 17500 followed by 17600 and highest OI for CE is at 18000 followed by 17800. Highest Put writing was seen at 17700 and highest call writing was seen at 17800 levels. 5. For the next week expiry, Bank Nifty has the highest OI for PE at 40000 followed by 40500 and highest OI for CE is at 42000 followed by 41500. Highest Put writing was seen at 41100 and highest call writing was seen at 41500 levels.  6. Asian markets closed mostly in green today and ...
Read more