14th Dec' 2021 (Evening)

14th Dec' 2021 (Evening)  --  | Written at 9.00 PM  |

  • Markets opened gap down to weak Global cues today and though there was some effort by the bulls to support and push it up, the indices could not build on it and stayed kind of rangebound through the day.
  • Nifty 
    • Nifty opened gap down and stayed rangebound to make a bullish candle with a reasonable upper and lower shadow, and closed in red.
    • Support 
      • First Support at 17250
      • Second support at 17150
    • Resistance 
      • First resistance at 17375
      • Second resistance at 17450
    • After the sell off yesterday, Nifty today fell in the lower band, it has to now close above 17340 to make some move again. A fall below 17250 could lead the index down towards 17050 levels.
  • Bank Nifty
    • Bank Nifty also opened gap down and made an attempt to cover some ground. It did turn green for some time, however, the over all movement was rangebound and it made a bullish candle with a reasonable upper and lower shadow.
    • Support
      • First support at 36750
      • Second support at 36500
    • Resistance 
      • First resistance at 37050
      • Second resistance at 37275
    • A close above 36800, keeps the strength on for Bank Nifty. So it stays in the zone of 36800-37500. Lets see if the strength is built upon tomorrow.
  • FII again sold today, though a bit lower than the daily norm these days. They however, unwound longs and created fresh shorts on Index futures. While, their call writing was matched by put writing on Index options. A consistent creation of Shorts on Index futures is not a good sign. A little more weakness could remain.
  • The options OI indicate support at 17300 and 36500 for Nifty and Bank Nifty respectively. While Nifty saw heavy call writing today, Bank Nifty saw some put writing near the spot price, indicating a built up of small support zone.
  • Dollar Index and Us yields remain almost at the same level as yesterday. So nothing of interest / concern there.
  • The PPI from US was very strong against expectations. With a 0.8% MoM in Nov against a forecast of 0.5%, it is positive.
  • Tech stocks are too much under pressure in US, with Nasdaq trading 1.8% down as of now. Dow has also slipped down as i am writing these notes. Need to watch the handover from US in the morning. Keep an aye...
  • As mentioned yesterday, this week is a week loaded with commentary from many central banks, so a cautious stance from traders is expected. Most important one is FED outcome tomorrow.

1. FII were net sellers for 763 Cr today, while DII were buyers for 425 Cr. A net selling of 338 Cr from the institutional side.

2. FII's unwound 3630 longs and created 15488 shorts on the index futures

3. On the option front FII  sold 32002 calls and   sold 29240 puts. They also unwound longs 8585 calls and  bought 33515 Puts.

4. For next week expiry, Nifty has the highest OI for PE at 17000 followed by 17300 and highest OI for CE is at 17600 followed by 17500. Highest Put writing was seen at 17300 and highest call writing was seen at 17400 levels.

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

6. Asian markets closed mostly in red today and Europe closed mixed

7. US markets trading mixed as of now with Dow mildly in green and Nasdaq in red

8. The breadth of the market was weak today

9. Nifty opened at 17283 and made an intra day high of 17376 and a low of 17225 before closing at 17324 .The range of Nifty for the day was 151 points.

10. Bank Nifty opened at 36778 and made an intra day high of 37039 and a low of 36545 before closing at 36893 .The range of Nifty for the day was 494 points.

11. US Dollar Index is trading at 96.260

12. Indices were mixed today, Auto, FMCG and PSU Banks were weak today

13. India VIX increased to 16.95

14. US 10Y yields are at 1.460

15. Nifty futures saw short buildup

16. Bank Nifty futures saw short buildup


Comments

Post a Comment

Popular posts from this blog

4th November' 2022 (Evening)

Image
4th November' 2022 (Evening)   --  | Written at 8.00 PM on 6th November' 2022  | Publishing the notes after a gap today. So first sorry for that. Having a full time day job, brings its own set of challenges and sometimes, the work pressure makes it extremely difficult to squeeze time to analyze and publish the analysis. I mentioned in the previous notes that a major resistance at 17900 will be breached and advised to watch the price action. The indices pleasantly obliged and have been holding strong at these levels. On Friday also, #Nifty made a strong bullish candle on the daily chart. It has also ended the weekly candle strong on a bullish note. #BankNifty is showing some exhaustion and is witnessing a brutal tug off war between bulls and bears. We will discuss all this, but before that, levels... From the levels above, 18200 seems to be a resistance level for #Nifty and 41550 the resistance for #BankNifty. However, if we compare the range of first support to first...
Read more

28th October' 2022 (Evening)

Image
28th October' 2022 (Evening)   --   |  Written at 9.30 PM on 30th October' 2022   | The last month closed on a high note. Starting weak, the month of October saw decent gains and closed almost at month highs. Market was still strong and on the first day of the current series also, the indices were relatively strong.  #Nifty made 4 consecutive bullish candles on the daily chart. #BankNifty made a bearish candle after 3 bullish candles, however still made a higher high and a higher low. Levels : Both #Nifty and #BankNifty are in a range of 17650 to 17900 and 39825 to 41550 respectively. In this range #BankNifty saw some profit booking on Friday, while #Nifty is yet to test the upper level. I expected #Nifty to test 17900 on Friday, however this did not happen. This may probably get breached in the opening tomorrow. Important to see is that will this trigger a profit booking and a rejection of the level or will the level hold. On Friday, the first tr...
Read more

25th October' 2022 (Evening)

25th October' 2022 (Evening)   --   |  Written at 11.00 PM on 26th October' 2022  | 1. FII were net selling for 247 Cr today, while DII were buyers for 872 Cr. A net buying of 625 Cr from the institutional side. 2. FII's created 1390 longs and unwound 17862 shorts on the index futures 3. On the option front FII  unwound 7656 short calls and   unwound 28440 short puts. They also closed 34543 long calls and  closed 96232 long Puts. 4. For next week expiry, Nifty has the highest OI for PE at 17500 followed by 17600 and highest OI for CE is at 18000 followed by 17800. Highest Put writing was seen at 17700 and highest call writing was seen at 17800 levels. 5. For the next week expiry, Bank Nifty has the highest OI for PE at 40000 followed by 40500 and highest OI for CE is at 42000 followed by 41500. Highest Put writing was seen at 41100 and highest call writing was seen at 41500 levels.  6. Asian markets closed mostly in green today and ...
Read more