22nd Nov' 2021 (Evening)

22nd Nov' 2021 (Evening)  --  | Written at 11.40 PM  |

  • Markets opened in positive today but then got on a steep slide. Both Nifty and Bank Nifty faced a steep fall. While Nifty suffered an intraday dip of 525 points, Bank Nifty suffered an intraday dip of 1586 points.
  • Both the indices did recover close to 30% of the losses, the close was still deep in red.
  • Nifty
    • Nifty made a strong bearish candle on the daily chart. Touched and picked support from an important level of 17250
    • Support
      • First support at 17250
      • Second support at 17075
    • Resistance
      • First resistance at 17525
      • Second resistance at 17700
    • Nifty now in a week phase and has to cross two important levels for strength. First level is 17700 and second at 18025. For any sustainable move upwards, close above these levels is required. 
    • Technically Nifty has completed its move towards its 20W DEMA, plus it has taken support from an important support of 17250, I would expect consolidation from here. Any cut from this level could push the indices in a deeper trouble. 
  • Bank Nifty
    • Bank Nifty also made a strong bearish candle and bounced a very important support of 36550. 
    • Support
      • First support at 36675
      • Second support at 36500
    • Resistance 
      • First resistance at 37425
      • Second support at 37800
    • The levels I mentioned as strong demand zones (37400-37800) stand valid. Bank Nifty could further weaken if it dips below 36500. Above 37800, I would expect it to pick strength.
  • FII sold for 3000Cr plus again in cash today. Though they mildly bought in Index futures and were a bit bullish in Stock futures. They unwound good shorts and created longs in Stock futures.
  • Dollar Index is now at 96.4. I mentioned yesterday, Dollar Index to complete its journey till 97, FII outflow to continue till then, VIX to rise and Volatility to be seen. So Enjoy the HELL. 
  • US yields are in control and that is good news. Fuel is easing and US markets are rising from its support. So hope for the best. 
  • The US home sales were bullish today.
  • It is too late and day was hectic, cannot write more as of now.
  • I am optimistic for tomorrow. Keep smiling....
  • NOTE : May not be able to write detailed notes for this week. 

1. FII were net sellers for 3438 Cr today, while DII were buyers for 2051 Cr. A net selling of 1387 Cr from the institutional side.

2. FII's created 2075 longs and created 670 shorts on the index futures

3. On the option front FII  sold 130070 calls and   sold 58246 puts. They also bought 155288 calls and  bought 81060 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 17000 followed by 17400 and highest OI for CE is at 18000 followed by 17800. Highest Put writing was seen at 17000-17200 and highest call writing was seen at 17600-17800 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 37000 followed by 36500 and highest OI for CE is at 38000 followed by 38500. Highest Put writing was seen at 36500-37000 and highest call writing was seen at 37500 levels. 

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

7. US markets trading in green as of now.

8. The breadth of the market was extremely negative today

9. Nifty opened at 17796 and made an intra day high of 17805 and a low of 17280 before closing at 17416 .The range of Nifty for the day was 525 points.

10. Bank Nifty opened at 38232 and made an intra day high of 38241 and a low of 36655 before closing at 37128 .The range of Nifty for the day was 1586 points.

11. US Dollar Index is trading at 96.338

12. All sectors closed in red

13. India VIX increased to 17.52

14. US 10Y yields are at 1.598

15. Nifty futures saw short buildup

16. Bank Nifty futures saw short buildup


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