1st Feb' 2022 (Evening)

1st Feb' 2022 (Evening)   --  | Written at 9.00 PM |

  • Our Indices opened to strong global cues today, with US closing in green yesterday and our markets reacting to it today. Added action was delivered by the Budget and as expected the markets were extremely volatile today.
  • Nifty exhibited an intraday trading range of close to 400 points and Bank Nifty traded in a 1100 point range.
  • Both Nifty and Bank Nifty made bullish candles with a large lower shadow, indicating a strong support near todays lows.
  • Nifty 
    • Support
      • First support at 17525
      • Second support at 17250
    • Resistance 
      • First resistance at 17650
      • Second resistance at 17800
  • Bank Nifty
    • Support
      • First support at 38325
      • Second support at 37700
    • Resistance 
      • First resistance at 38800
      • Second resistance at 39200
  • Markets were not driven only on technical basis today, the swings were news driven as well. Hence, while i have better confidence than yesterday, levels may have been confounded partially. 
  • I feel the price action today indicates some temporary base coming in due to DII buying. This may get breached and markets may behave as usual. I personally feel, atleast as of today, the Budget was a non event. Though the price action seems bullish. The Budget activity would be filtered probably only after this Thursday expiry. 
  • Market still seems to be volatile and would try and cool off over the next days.
  • FII sold for just 21Cr today, a very small number compared to the selling seen over the past few days. DII buying of 1500Cr made the market bounce back from its lows. Important to see from here is, does the Foreign money return?
  • The position of FII on the F&O side was not synergetic. They shorted the Index futures and were bullish on the options side.
  • Dollar Index has eased and the US yields have inched slightly higher. Important would be to see the Dollar falling below 95.5 Lets see...
  • The options OI indicate a support at 17500 and 37500 for Nifty and Bank Nifty respectively. 
  • The German jobs data and US jobs data today was bullish and the British and US mfg PMI was also bullish. German mfg PMI was bearish. 

1. FII were net sellers for 21 Cr today, while DII were buyers for 1597 Cr. A net buying of 1576 Cr from the institutional side.

2. FII's created 3144 longs and created 7929 shorts on the index futures

3. On the option front FII  created 11803 short calls and   created 36423 short puts. They also bought 47202 long calls and  bought 36215 long Puts.

4. For next week expiry, Nifty has the highest OI for PE at 16500 followed by 17000 and highest OI for CE is at 18000 followed by 18500. Highest Put writing was seen at 17500 and highest call writing was seen at 18200 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 36000 followed by 38000 and highest OI for CE is at 40000 followed by 39500. Highest Put writing was seen at 37500 and highest call writing was seen at 40000 levels. 

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

7. US markets trading in red as of now

8. The breadth of the market was extremely strong today

9. Nifty opened at 17529 and made an intra day high of 17622 and a low of 17244 before closing at 17576 .The range of Nifty for the day was 378 points.

10. Bank Nifty opened at 38460 and made an intra day high of 38802 and a low of 37690 before closing at 38505 .The range of Nifty for the day was 1112 points.

11. US Dollar Index is trading at 96.395

12. Led by Metals, except Auto, PSUBank, Pharma and Energy all sectors closed in green.

13. India VIX eased to 19.9775

14. US 10Y yields are at 1.814

15. Nifty futures saw long buildup

16. Bank Nifty futures saw long buildup

17. US Brent oil eased to 89.00

18. USD / INR eased to 74.800

 

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