26th Jul'2021 (Evening)

26th Jul'2021 (Evening) -- | Written at 11.00 PM |

  • Indices opened flat today. Inspite of a strong handover from US on Friday, and some strong results over the weekend, the indices remained under pressure. The global cues were weak and both Asian Markets and the European markets were weak, leading to a subdued sentiment through out the day.
  • Bank Nifty made a Doji candle on the daily chart and Nifty made a bearish candle. Indices lacked direction through the day and indicated weakness.
  • FII sold heavily again in cash markets to the tune of 2376Cr and DII bought for 1500Cr. On the FnO side, FII were neutral.
  • The options OI indicate a support at 15800 and resistance at 16000 levels for Nifty and for BankNifty support comsin at 34800 and resistance still stays at 35200 levels. The trading today was an inside candle to the previous day, hence does not indicate a clear direction.
  • The wider range to be watched is 15769 - 15960 for Nifty and 34406 to 35150 for Bank Nifty. A breach of this range is important to set a short term direction. Todays range is also extremely difficult to trade for intraday traders.
  • Most of the options traders seem to be writing straddles today. 15800 for Nifty and 35000 for Bank Nifty.
  • The US markets lack a direction as well today. The global markets today were all mixed.
  • The Dollar index eased today and the US yields are stable. 
  • The Euro Business climate index was bearish and the US home sales data was also bearish.
  • The Global markets seem to be also watching FED meeting minutes expected this Wednesday and hence lack a direction.
  • So honestly, over all a confusing day. :-)
  • I am bullish based on the earnings coming in. Kotak results were ok today and L&T, though strong was marginally below street expectations. However, global cues are important for next moves.
  • So lets watch tomorrow.

1. FII were net sellers for 2376 Cr today, while DII were buyers for 1551 Cr. A net selling of 825 Cr from the institutional side.

2. FII's unwound 1335 longs and unwound 1737 shorts on the index futures

3. On the option front FII  sold 40996 calls and   sold 37953 puts. They also bought 20705 calls and  bought 16673 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 15800 followed by 15700 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 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 35000 followed by 36000. Highest Put writing was seen at 35000 and highest call writing was seen at 35000 levels. 

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

7. US markets trading flat

8. The breadth of the market was weak today

9. Nifty opened at 15849 and made an intra day high of 15893 and a low of 15797 before closing at 15824 .The range of Nifty for the day was 96 points.

10. Bank Nifty opened at 34947 and made an intra day high of 35138 and a low of 34669 before closing at 34949 .The range of Nifty for the day was 469 points.

11. US Dollar Index is trading at 92.588

12. Mixed day. Metal IT and Pharmawere positive and Auto, Banking, realty and energy were laggards.

13. India VIX increased to 12.45

14. US 10Y yields are at 1.278

15. Nifty futures saw short buildup

16. Bank Nifty saw short buildup


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