4th Jun' 2021 (Evening)

4th Jun' 2021 (Evening)

  • Markets opened higher on Friday and then saw some quick selling, falling sharply, but also some support coming in at lower levels. Made an attempt to recover, however, this attempt was capped again.
  • Nifty saw a high of 15733 and fell to 15622, though intraday could not cross 15700 again and closed at 15670. This led to some good amount of call writing at 15700.
  • BankNifty saw a high of 35810 and fell to 35176. It actually could not make any decent attempt to cover losses. BankNifty made a big bearish engulfing candle on the daily chart. Also leading to good amount of call writing at 35500.
  • On the cash side FII made a good amount of buying for 1499 Cr, but almost negated by DII selling for 1175Cr.
  • On the FnO front, FII cut some longs and created shorts. Also they sold good amount of calls compared to puts, Though a decent hedging was created on the options side. Their position on FnO seems bearish.
  • Looking at the high valuations, Nifty now needs a good support from major indices like Bank Nifty, IT, Auto and Pharma to make fresh highs. 
  • Midcap rally continues unabated.
  • Money has to move back from Midcaps to large caps to see marked moves from here. However, the indices seems to be getting exhausted now. A small correction seen on Friday and some more consolidation at these levels would be healthy. 
  • However, a sharp profit booking may derail the current rally. Any trigger could prove dangerous to this effect.
  • US closed strong on Friday, this could be a good boost for our markets opening tomorrow, lets see how Asia reacts to it tomorrow.
  • Some important data is set to release this week. Markets would show some reaction towards these.
  • Nifty support at 

1. FII were net buyers for 1499 Cr today, while DII were sellers for 1175 Cr. A net buying of 324 Cr from the institutional side.

2. FII's unwound 1218 longs and created 4680 shorts on the indices

3. On the option front FII  sold 75121 calls and   sold 26718 puts. They also bought 70689 calls and  bought 57611 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15500 followed by 15600 and highest OI for CE is at 15700 followed by 16000. Highest Put writing was seen at 15700 and highest call writing was seen at 15500 levels.

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

6. Most of the Asian markets closed in red and Europe in green

7. US markets closed strong on Friday

8. The breadth of the market was strong today

9. Nifty opened at 15712 and made an intra day high of 15733 and a low of 15622 before closing at 15670 .The range of Nifty for the day was 111 points.

10. Bank Nifty opened at 35657 and made an intra day high of 35810 and a low of 35176 before closing at 35291 .The range of Nifty for the day was 634 points.

11. US Dollar Index is trading at 90.127

12. Except Pharma and FMCG, almost all indices closed in green

13. India VIX increased to 15.94

14. US 10Y yields are at 1.557

15. Nifty futures saw short buildup

16. Bank Nifty saw short buildup


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