24th Sep' 2021 (Evening)

24th Sep' 2021 (Evening)  --  | Written on 26th Sep at 11.00 PM |

  • Continuing the momentum generated on Thursday, The markets on Friday opened higher but could not build further and sold off a bit, only to pick support and recover slightly.
  • Nifty
    • Nifty opened 75 points higher, made a high of 17947, got sold off and picked support at 17819 and recovered 40 points to close at 17853.
    • Nifty made a bearish candle on a daily chart, it has small upper and lower shadows indicating it is still in a bullish range.
    • Support 
      • First support at 17740
      • Second support at 17650
    • Resistance 
      • First resistance at 17900
      • Second resistance at 17950
    • Nifty continues to be in a bullish zone. Only below 17650 we could see a drift towards 17325. Till then dips towards the support are good opportunities to buy.
  • Bank Nifty
    • Bank Nifty opened 180 points higher and continued to rise till its resistance of 38100. Got sold off from there and picked support at 37680 to close at 37830, approx 150 points from the low.
    • Bank Nifty also made a bearish candle on the daily chart with slightly longer upper and lower shadows, indicating a range bound movement.
    • Support
      • First support at 37680
      • Second support at 37530
    • Resistance 
      • First resistance at 37980
      • Second resistance at 38125
    • Bank Nifty as of now indicates a range bound movement. The range could be from 37500 to 38100. Watch for a breach of this range on either side. A strong support sits at 37800 for Bank Nifty as of now. I still feel that Bank Nifty is waiting to unleash. Let's see...
    • However, a dip below 37500 could lead to 37250 and 37000 levels
  • FII bought for 400Cr on Friday and DII sold for 500Cr. The institutions are creating the range on the indices as of now. One selling and other buying. The range is currently 17650-18000 on Nifty and 37500-38100 on Bank Nifty. 
  • On the FnO side FII unwound some longs and created some shorts, also while Nifty saw long buildup, Bank Nifty saw long unwinding. After some shorting on Bank Nifty this only weakens the index. So nifty seems stronger than Bank Nifty as of now.
  • The market breadth was negative on Friday.
  • The options OI indicate a support at 17800 for Nifty and 37000 for Bank Nifty.
  • Dollar Index and US yields are in control. 
  • The economic dat released last week was mostly bearish except the home sales data in US.
  • Watch for these events this week. ECB president talk on Monday., Consumer confidence and FED chair testimony on Tue, Chinese mfg PMI, British and US GDP on Thu, German and British mfg PMI on Fri, Eur CPI. Keep a strict eye on statements coning from heads of various central banks this week.
  • Wish you a happy trading week ahead....

1. FII were net buyers for 442 Cr today, while DII were sellers for 515 Cr. A net selling of 957 Cr from the institutional side.

2. FII's unwound 2236 longs and created 1297 shorts on the index futures

3. On the option front FII  sold 59383 calls and   sold 39641 puts. They also bought 47514 calls and  bought 47956 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 17000 followed by 17700 and highest OI for CE is at 18500 followed by 18000. Highest Put writing was seen at 17900 and highest call writing was seen at 17900-18400 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 37000 followed by 37500 and highest OI for CE is at 38000 followed by 39000. Highest Put writing was seen at 37000 and highest call writing was seen at 38000 levels. 

6. Asian markets closed mixed and Europe closed in red

7. US markets closed mixed with Dow in green and Nasdaq in red.

8. The breadth of the market was negative today

9. Nifty opened at 17897 and made an intra day high of 17947 and a low of 17819 before closing at 17853 .The range of Nifty for the day was 128 points.

10. Bank Nifty opened at 37954 and made an intra day high of 38112 and a low of 37680 before closing at 37830 .The range of Nifty for the day was 432 points.

11. US Dollar Index is trading at 93.270

12. Realty, IT and auto stocks led the market

13. India VIX increased to 16.92

14. US 10Y yields are at 1.453

15. Nifty futures saw long buildup

16. Bank Nifty saw long unwinding


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