8th Jun' 2021 (Evening)

8th Jun' 2021 (Evening)

  • Nifty opened gap up again today but started seeing profit booking and saw an intraday low of 15680 before closing at 15740, making a small bearish candle on the daily chart.
  • BankNifty though opened lower and continuously, almost closing at the lows of the day. 
  • BankNifty made an intraday swing high of 35200 leading to a some call writing at this level. It however, could not maintain this level and slid back to close at 35085 making a bearish candle on a daily chart.
  • BankNifty is currently seeing a support at 34950 and a resistance at 35550 and continues to be rangebound.
  • Markets are failing to take any strong global cues as the US markets are trading subtle on inflation concerns.
  • FII again bought today in cash and sold more calls than puts. Unwound some longs and created some shorts. DII on the other hand sold more than FII.
  • On the options front Nifty shows heavy call writing at 15800 and 16000, indicating a congestion in this range. On the other hand, it is also indicating support at 15600 and 15700 levels.
  • BankNifty shows heavy call writing at 35200 and put writing at 35000. So lets see the direction tomorrow.
  • VIX has fallen further indicating a bullish sentiment.
  • Frankly speaking, difficult to say for short term, though long term i am bullish.
  • As mentioned yesterday, keep the positions hedged.

1. FII were net buyers for 1422 Cr today, while DII were sellers for 1626 Cr. A net selling of 204 Cr from the institutional side.

2. FII's unwound 225 longs and created 726 shorts on the indices

3. On the option front FII  sold 30887 calls and   sold 365 puts. They also bought 26961 calls and  bought 13200 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15000 followed by 15700 and highest OI for CE is at 16000 followed by 15800. Highest Put writing was seen at 15800 and highest call writing was seen at 15100 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 35000 followed by 35500 and highest OI for CE is at 37000 followed by 35500. Highest Put writing was seen at 35000 and highest call writing was seen at 35200 levels. 

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

7. US markets trading flat

8. The breadth of the market was positive

9. Nifty opened at 15773 and made an intra day high of 15778 and a low of 15680 before closing at 15740 .The range of Nifty for the day was 98 points.

10. Bank Nifty opened at 35433 and made an intra day high of 35449 and a low of 34962 before closing at 35085 .The range of Nifty for the day was 487 points.

11. US Dollar Index is trading at 90.060

12. Except Banking and Metals, all sectors closed in green

13. India VIX reduced to 15.23

14. US 10Y yields are at 1.530

15. Nifty futures saw minor short buildup

16. Bank Nifty saw short buildup


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