12th July'2021 (Evening)

12th July'2021 (Evening)

  • As expected and mentioned yesterday, the Indian markets opened gap up. Responding to strong global cues coming in from US close on Friday and strong Asian markets, the gap opening level was maintained for quite some time.
  • Though the markets were more or less flat for a major part of the day, there was a bit of selling in the last two hours. However, the support came in quickly near yesterday's lows and markets recovered a bit.
  • Both indices made bearish candles on the daily chart. BankNifty made a Doji, while Nifty made a long bearish candle with short upper and lower shadows. Market seemed to be uncertain and lacked a direction.
  • The Cues coming in from US futures turned slightly negative intraday, but quickly recovered and our markets were more or less playing to their tune.
  • The FII and DII Ballet continued today with FII selling on higher levels and DII buying in at lower levels.
  • The FII though created some longs today and unwound some shorts. These shorts, I suspect are  only covered to reduce risk generated due to some aggressive shorts created over the past days.
  • The positions in the options segment by FII are also kind of bearish, though this may not be aggressive. Indices are not out of woods, though a deep selling cannot be expected as of now.
  • The US yields and Dollar index is supportive of EM as of now.
  • Covid overhang remains in the emerging markets and this is keeping some pressure on our indices.
  • A strong trigger is now expected to break out from the current range market is operating in. Till then the range bound game keeps playing.
  • The range for the market remains as 15650 to 15800 for Nifty and 34800-35800 for BankNifty.

1. FII were net sellers for 745 Cr today, while DII were buyers for 447 Cr. A net selling of 298 Cr from the institutional side.

2. FII's created 3092 longs and unwound 5963 shorts on the indices

3. On the option front FII  sold 21382 calls and   sold 14086 puts. They also bought 8617 calls and  bought 4062 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15700 followed by 15600 and highest OI for CE is at 15800 followed by 15700. Highest Put writing was seen at 15450 and highest call writing was seen at 15800 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 35000 followed by 34000 and highest OI for CE is at 36000 followed by 35500. Highest Put writing was seen at 35200 and highest call writing was seen at 35300 levels. 

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

7. US markets trading in green as of now.

8. The breadth of the market was strong today.

9. Nifty opened at 15766 and made an intra day high of 15789 and a low of 15644 before closing at 15692 .The range of Nifty for the day was 145 points.

10. Bank Nifty opened at 35285 and made an intra day high of 35394 and a low of 35060 before closing at 35198 .The range of Nifty for the day was 334 points.

11. US Dollar Index is trading at 92.263

12. Realty stocks made some good gains, while most of the other stocks were more or less flat.

13. India VIX reduced to 12.94

14. US 10Y yields are at 1.365

15. Nifty futures saw long unwinding

16. Bank Nifty saw short covering

 

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