10th Aug' 2022 (Evening)

10th Aug' 2022 (Evening)  --  |  Written at 11.00 PM  |

  • An exciting day today, the indices were kind of weak through the day and witnessed some selling, though the indices held ground and did not drop much. Rather, most of the loss was recovered through the day.
  • #Nifty and #BankNifty both made bearish candles on the daily chart. Though they both made higher highs and higher lows, indicating support. #BankNifty however, made a Doji candle and indicates some uncertainty ahead.
  • Lets look at the levels and then we discuss :
  • The trading range for both #Nifty and #BankNifty were narrow today and hence the first supports and resistance both are very close. This could be tricky for tomorrow as we have the weekly expiry tomorrow and the US market have taken an interesting turn today.
  • With a slightly lower Inflation and an announcement of a package for the Semi conductor Industry, both #DowJones and #Nasdaq have fired and are extremely positive. This would probably lead to a gap up opening for us tomorrow and the Indices may open right in the resistance zone, we are seeing. 
  • Now from these levels do we see a profit booking or we see a jump up, is difficult to predict. #FII today created shorts and unwound longs on Index futures, they also unwound short puts and unwound Short calls on Index options. Creating a bearish position on the futures and options side.
  • If we see a strong buying from the #DII, the #FII may have to cover shorts and the index may see a strong up move, else if the #FII selling takes upper hand, we may see a strong dip. Well, I may not predict anything yet, lets watch the action tomorrow.
  • Dollar Index has taken a dip and the yields have also eased a bit. However, as i mentioned earlier also, the Dollar Index has support at 103.42 and i would keep a watch at this level. Crude has eased and would also support our markets.
  • Not writing much for today, lets watch the actions tomorrow. All the best....

1. FII were net buyers for 1061 Cr today, while DII were sellers for 768 Cr. A net  buying of 293 Cr from the institutional side.

2. FII's unwound 8816 longs and created 1006 shorts on the index futures

3. On the option front FII  created 24227 short calls and   unwound 23565 short puts. They also unwound 10534 long calls and  bought 21964 long Puts.

4. For next week expiry, Nifty has the highest OI for PE at 17500 followed by 17400 and highest OI for CE is at 18000 followed by 17750. Highest Put writing was seen at 17500 and highest call writing was seen at 17500-17800 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 38000 followed by 37500 and highest OI for CE is at 39000 followed by 38500. Highest Put writing was seen at 38300 and highest call writing was seen at 38300-39000 levels. 

6. Asian markets closed mostly in red today. Europe trading mostly in green as of now.

7. US markets trading in green as of now

8. The breadth of the market was weak today

9. Nifty opened at 17566 and made an intra day high of 17566 and a low of 17442 before closing at 17534 .The range of Nifty for the day was 124 points.

10. Bank Nifty opened at 38298 and made an intra day high of 38402 and a low of 38155 before closing at 38287 .The range of Bank Nifty for the day was 247 points.

11. US Dollar Index is at 104.875

12. Except Metals and Auto most of the sectors closed in red today

13. India VIX increased to 19.5875

14. US 10Y yields are at 2.766

15. Nifty futures saw short buildup

16. Bank Nifty futures saw long buildup

17. US Brent oil eased to 97.42

18. USD / INR is at 79.057


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