17th Aug' 2022 (Evening)

17th Aug' 2022 (Evening)  --  |  Written at 9.30 PM  |

  • #Nifty again posed a very strong stance today. Making a bullish candle on the daily chart, #Nifty closed above a strong resistance. #BankNifty also displayed strength, though it is still in a critical zone. 
  • From now on, both #Nifty and #BankNifty are at a stone throw's distance from its all time highs. #Nifty all time high was 18604 and #BankNifty all time high was 41829. Both #Nifty and #BankNifty have now shown a breakout from the falling channel generated from its all time highs.
  • Levels :
  • As mentioned yesterday, while the charts suggest a breakout from here, i still feel that the strength is only in select Index stocks. While #BankNIfty and #NiftyFMCG seems extremely strong, #NiftyIT is still not in consensus. Also the #NiftyMidcap is also not showing stealth.
  • Actually this may cause some capital movement from the large stocks to Midcaps. However we need to wait and see if the interest of smart money remains in the Indices or shifts to smaller stocks. 
  • Options writing on #BankNIfty suggests a wild move from here. We may see it on either side, so some volatility may be on the cards. On the upper side, #BankNIfty may be looking to attempt all time high, on the flip side, we may see a dip maybe 300-400 points down.
  • #Nifty on the other hand, seems all set to attempt 18100. This could be driven by #NiftyFMCG and #Reliance. Lets see what happens first, #BankNifty sharp move or #Nifty to 18100.
  • An increase in the #DollarIndex is also a concern. US markets are a bit nervous as of now, probably due to FOMC minutes today. The close in US today would be crucial for our markets tomorrow. Keep watching.
  • Options OI indicate a support at 17900 for #Nifty and a struggle between bulls and bears at 39500 for #BankNifty. 
  • US yields are inching higher as of now and the USD / INR is in a range.
  • A higher CPI in Britain and a strong retails sales data is again a concern from Inflation standpoint, leading to concerns of traders in US and European markets.

1. FII were net buyers for 2347 Cr today, while DII were sellers for 510 Cr. A net  buying of 1837 Cr from the institutional side.

2. FII's created 8296 longs and created 8384 shorts on the index futures

3. On the option front FII  created 30602 short calls and   created 27025 short puts. They also bought 49947 long calls and  bought 69851 long Puts.

4. For next week expiry, Nifty has the highest OI for PE at 17800 followed by 17900 and highest OI for CE is at 18000 followed by 18200. Highest Put writing was seen at 17900 and highest call writing was seen at 17900-18200 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 39000 followed by 38800 and highest OI for CE is at 40000 followed by 39500. Highest Put writing was seen at 38800-39500 and highest call writing was seen at 39600-40500 levels. 

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

7. US markets trading in red as of now.

8. The breadth of the market was positive today

9. Nifty opened at 17868 and made an intra day high of 17965 and a low of 17833 before closing at 17944 .The range of Nifty for the day was 132 points.

10. Bank Nifty opened at 39351 and made an intra day high of 39504 and a low of 39202 before closing at 39461 .The range of Bank Nifty for the day was 302 points.

11. US Dollar Index is at 106.700

12. Except Auto, almost all sectors closed in green. PsU Banks were the stars today

13. India VIX increased to 17.6775

14. US 10Y yields are at 2.893

15. Nifty futures saw long buildup

16. Bank Nifty futures saw long buildup

17. US Brent oil eased to 93.07

18. USD / INR is at 79.421


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