28th Jun'2021 (Evening)

28th Jun'2021 (Evening)

  • Markets opened gap up today(Nifty at a new all time high), but immediately started seeing profit booking. The slide down was slow but continuous. Nifty Closed almost at the lows and BankNifty made a slight recovery from its lows before closing.
  • While the movements have been indicative of support and expectations of a break out were high among traders, they were shattered at least for today, as once again market rejected 15900 level for Nifty.
  • As mentioned earlier, BankNifty has to support for a market expansion above 15900/16000. While BankNifty was seemingly stronger than Nifty today, it could not break out as well.
  • Then comes Reliance and it also disappointed today. So all in all nothing great happened.
  • FII sold again today both in cash as well as they also unwound some long in futures and created some shorts. They also sold three times more calls than puts. So kind of bearish both in cash and futures.
  • Indices have been sold off at highs by FII and bought at lows by DII for some time now. This trend has resulted in a range bound market and a low VIX. The key to a breakout on one side would be a change in the behavior of one of these institutions.
  • FII inflows are vital for an expansion. FII buying or DII selling would give a short term breakout to the markets.
  • The options data created today indicates a cap at 15900 though and 35500 for BankNifty. Both have been strong resistance zones for these indices lately.
  • Europe today closed in red and US is trading mixed with Nasdaq and S&P making highs and Dow in red.
  • US 10 Y yields and Dollar index is within a good range. Brent Oil is eased out to below 74USD levels now.
  • Covid restrictions need to be kept an eye on. Though the number of cases are still on a decline.
  • Watch for China PMI and US Consumer confidence tomorrow.

1. FII were net sellers for 1658 Cr today, while DII were buyers for 1277 Cr. A net selling of 381 Cr from the institutional side.

2. FII's Unwound 7096 longs and created 1575 shorts on the indices

3. On the option front FII  sold 57130 calls and   sold 18567 puts. They also bought 54443 calls and  bought 36516 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15800 followed by 15500 and highest OI for CE is at 16000 followed by 15900. Highest Put writing was seen at 15800 and highest call writing was seen at 15900 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 35500 followed by 36000. Highest Put writing was seen at 35000 and highest call writing was seen at 35500 levels. 

6. Asian markets closed mixed and Europe closed in red

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

8. The breadth of the market was weak today

9. Nifty opened at 15915 and made an intra day high of 15915 and a low of 15792 before closing at 15814 .The range of Nifty for the day was 123 points.

10. Bank Nifty opened at 35488 and made an intra day high of 35576 and a low of 35236 before closing at 35359 .The range of Nifty for the day was 340 points.

11. US Dollar Index is trading at 91.882

12. Sectors were mixed. Pharma, Metals and PSU banks closed in green and IT, Enerygy were major laggards

13. India VIX increased to 13.40

14. US 10Y yields are at 1.473

15. Nifty futures saw long unwinding

16. Bank Nifty saw long buildup


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