22nd Mar' 2022 (Evening)

22nd Mar' 2022 (Evening)  --  | Written at 11.00 PM |

  • Indices today gave a surprise in the second half. As mentioned yesterday, after some profit booking in the first half, a sudden buying came in the second half and gave the indices a solid boost. 
  • Both Nifty and Bank Nifty covered all there initial losses and ended up approx 1% higher. Nifty made a gain of 198 points and Bank Nifty made a gain of 330 points before closing.
  • The trading range today was wider than yesterday, with Nifty trading in a range of 328 points and Bank Nifty trading in a range of 1084 points.
  • The sharp rally today has placed both the indices very close to its resistance and a gap up opening tomorrow could position above this level. For Nifty this level was 17350 and for Bank Nifty this level is 36475.


  • Now important is to watch how the first hour trades tomorrow. If the opening and trade above the first resistance mentioned above is sustained, then the nest targets would be 17800 on Nifty and 37700 on Bank Nifty.
  • FII were net buyers today (surprisingly). The DII sold in cash. FII also created longs on Index futures and unwound shorts.
  • I feel the FII activity today was suspicious and I would be carefully watching the price action tomorrow.
  • Dollar Index continues to be strong and the US Yields have inched higher. Some concerns raised by FED yesterday on rate hikes have been put aside by the markets at least for today. Lets see how it goes tomorrow.
  • All other risks remain. Viz Oil price, Inflation and Covid. Keep watching.
  • Options activity today was a bit confusing with FII unwinding their longs and shorts on both sides. Probably the surprising price action was the reason.
  • Be careful....

1. FII were net Buyers for 384 Cr today, while DII were sellers for 602 Cr. A net selling of 218 Cr from the institutional side.

2. FII's created 7585 longs and unwound 2844 shorts on the index futures

3. On the option front FII  unwound 9180 short calls and   unwound 12895 short puts. They also unwound 23384 long calls and  bought 11662 long Puts.

4. For next week expiry, Nifty has the highest OI for PE at 16300 followed by 17000 and highest OI for CE is at 18000 followed by 17800. Highest Put writing was seen at 17000 and highest call writing was seen at 17800 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 36000 followed by 35000 and highest OI for CE is at 37000 followed by 36500. Highest Put writing was seen at 35500 and highest call writing was seen at 38000 levels. 

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

7. US markets trading in green as of now.

8. The breadth of the market was strong today

9. Nifty opened at 17120 and made an intra day high of 17334 and a low of 17006 before closing at 17315 .The range of Nifty for the day was 328 points.

10. Bank Nifty opened at 35975 and made an intra day high of 36468 and a low of 35384 before closing at 36368 .The range of Nifty for the day was 1084 points.

11. US Dollar Index is trading at 98.498

12. Except Realty, Pharma and  FMCG, all sectors closed in green

13. India VIX eased to 24.07

14. US 10Y yields are at 2.373

15. Nifty futures saw long buildup

16. Bank Nifty futures saw long buildup

17. US Brent oil increased to 116.35

18. USD / INR increased to 76.145


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