24th Aug' 2022 (Evening)

24th Aug' 2022 (Evening)    --   |  Written at 9.00 PM  |

  • Markets opened gap down today as well. The intraday pattern was a bit similar to yesterday, with some quick buying, then selling and the dip getting bought again to close at the day highs. 
  • Both #Nifty and #BankNifty made strong bullish candles on the daily chart. #BankNifty though seems to be relatively stronger than #Nifty. The price action in the second half of the day convincingly took off the first resistance mentioned yesterday. #Nifty on the other hand is still battling the same.
  • However, both #Nifty and #BankNifty are staring at this level as the barrier between the recent high and the current level. The demand that comes in at the opening levels has been pretty strong. 
  • Levels :
  • Analyzing the charts and the price action today, I get the feeling that both the Indices made an attempt to take down the resistance mentioned yesterday. First attempt failed and the second attempt of #BankNifty thrashed it down. #Nifty is still holding the same. I feel this could be taken down tomorrow and the Indices may be staring at the recent highs.
  • #FII today bought for a paltry 23Cr and also unwound longs on #Index futures. So they seem to be bit skeptical at these levels. This may lead to a bit of volatility tomorrow. However, there participation would be important if the recent highs have to be taken down. 
  • While I am hopeful of a positive move till the recent highs, a move beyond that level could be difficult. If these levels of 18000 on #Nifty and 39800 on #BankNIfty fails again, we may see a sharper profit booking. Well lets go one step at a time.
  • Dollar Index is stable at 108.5 levels and the oil is also stable. The US yields though have been inching higher gradually. This could keep the lid on equity steaming up. 
  • The economic data coming in lately is confusing market players and a tight rope walk between Inflation and a slow down is on. People are anxiously watching #FED on this path. Lets see...
  • Options OI indicate a trading range of 17500-17800 on #Nifty and 39000-39500 on #BankNifty, we may see an expiry between these levels. As always, I advise expiry traders to be careful on a monthly expiry day. The lst hour action is capable of giving surprises.
  • I would specially mention the IT stocks Viz #TCS and #Infy. They are trading in a tight range. Keep a watch on the levels mentioned above. A breach of these on either side could give a strong momentum in that direction.

1. FII were net buyers for 23 Cr today, while DII were sellers for 322 Cr. A net selling of 299 Cr from the institutional side.

2. FII's unwound 13376 longs and created 1164 shorts on the index futures

3. On the option front FII  unwound 16676 short calls and   created 48758 short puts. They also bought 15303 long calls and  bought 43160 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 17800 followed by 17600. Highest Put writing was seen at 17500 and highest call writing was seen at 17700 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 38500 followed by 39000 and highest OI for CE is at 39500 followed by 39000. Highest Put writing was seen at 39000 and highest call writing was seen at 39200 levels. 

6. Asian markets closed mostly in red and Europe is tradin mixed as of now

7. US markets trading Flattish as of now

8. The breadth of the market was positive today

9. Nifty opened at 17525 and made an intra day high of 17623 and a low of 17499 before closing at 17604 .The range of Nifty for the day was 124 points.

10. Bank Nifty opened at 38552 and made an intra day high of 39120 and a low of 38552 before closing at 39038 .The range of Bank Nifty for the day was 568 points.

11. US Dollar Index is at 108.660

12. Led by Realty, Media except IT, Auto and Pharma, all sectors closed in green

13. India VIX is at  18.4300

14. US 10Y yields are at 3.111

15. Nifty futures saw long buildup

16. Bank Nifty futures saw long buildup

17. US Brent oil is at 100.68

18. USD / INR is at 79.760


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