9th Jun' 2021 (Evening)

9th Jun' 2021 (Evening)

  • Nifty opened higher today and made a fresh all time high of 15800 before seeing profit booking and a sharp intraday fall of approximately 230 points. It did recover some 70 points from its lows and closed at 15635. Thus making a decent size bearish candle on the daily chart.
  • BankNifty opened flat, made a high of 35402 and could not pbreak out the previous range, seeing a heavy selling and breached its support at 34950 and made an intraday low of 34641 before closing just below its support at 34950.
  • FII sold in the cash market and were neutral in the options front. They did cut a decent amount of long positions in options. If i look at these in conjunction with a low VIX, this is an indication that a large movement from this level may not be expected, atleast for tomorrow's expiry.
  • At the risk of going wrong, i would say, this could mean an eventless expiry tomorrow. 
  • US markets are trading flat from the start of this week. This is due to the caution driven from the inflation numbers tomorrow.
  • There is a slight increase in the Dollar index and its close today would be important, though the real revelation will come tomorrow. 
  • Eyes are again at 10Y yields in US and it would be important to note the levels and track them.
  • Surprisingly, the VIX is just sliding every day. I sometimes wonder that this is due to lower volatility (fear) or due to reduction in the margins.
  • Some IT stocks did well today inspite of a weak sentiment. I had been mentioning this for some time. Keep watching closely.
  • Bank Nifty as mentioned for some time, seems to be weak and is not able to hold the banner high for Nifty. Without BankNifty supporting, Nifty may be capped, currently visible in the data.
  • BankNifty now has support at 34522 and this support has become relevant again. See resistance at 35400. Watch these levels.
  • Nifty lost at 15800 (a new all time high) and made a low of 15566. Watch these levels tomorrow, a breach from these levels would give further direction to the markets.
  • Todays correction was a healthy one and an opportunity. Though for short term traders, caution is advisable.

1. FII were net sellers for 846 Cr today, while DII were sellers for 271 Cr. A net selling of 1117 Cr from the institutional side.

2. FII's created 2552 longs and unwound 2120 shorts on the indices

3. On the option front FII  sold 4611 calls and   sold 1302 puts. They also unwound 30086 calls and  unwound 42608 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15500 followed by 15000 and highest OI for CE is at 15800 followed by 16000. Highest Put writing was seen at 15500 and highest call writing was seen at 15700 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 34000 followed by 34500 and highest OI for CE is at 35500 followed by 36500. Highest Put writing was seen at 34000 and highest call writing was seen at 35000 levels. 

6. Asian markets closed mixed and Europe also closed mixed as well.

7. US markets trading flat

8. The breadth of the market was weak

9. Nifty opened at 15766 and made an intra day high of 15800 and a low of 15566 before closing at 15635 .The range of Nifty for the day was 234 points.

10. Bank Nifty opened at 35114 and made an intra day high of 35402 and a low of 34641 before closing at 34800 .The range of Nifty for the day was 761 points.

11. US Dollar Index is trading at 90.127

12. Almost all sectors closed in red today.

13. India VIX reduced to 14.75

14. US 10Y yields are at 1.492

15. Nifty futures saw long unwinding

16. Bank Nifty saw minor long unwinding


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