19th September' 2022 (Evening)

19th September' 2022 (Evening)  --  | Written at 6.00 AM on 20th September' 2022 |

  • Indian markets yesterday opened flat and faced some selling pressure initially. The dip though got quickly bought and markets stabilized to rise through the day.
  • Both #Nifty and #BanNifty made decent intraday highs before #BankNifty cooling off a bit, while #Nifty was still standing strong.
  • #Nifty particularly got the strength from FMCG, Auto and some financial stocks like #BajFinance and #BajajFinSrv.
  • Let us look at the levels
  • While on Medium time frame #BankNIfty is strong, in extreme short term #Nifty may outperform #BankNifty. However, #NIfty is a mixed bag at the moment and would need #Reliance and #NiftyIT to contribute for this.
  • #FII action yesterday was strong. They bought for 300Cr in cash and were forced to unwind a ot of shorts on Index futures. Repeated shorting from their side and failing to get a follow through indicates a a strong resilience of our markets from domestic participants and is also a reason for the outperformance.
  • The domestic Institutions on the other hand are not extremely strong at the current levels. This could keep the market  in a range and continue to consolidate. The levels for this range currently seem to be 17425 to 18100 on #Nifty and 40275 to 41850 on #BankNifty.
  • The options OI indicate strength as well. Both Indices witnessed a good amount of put writing yesterday and seem to be building support at the first support levels indicated above.
  • The #DollarIndex seems to have eased a bit, though is not an indicator of any short term direction. Driven from a green close in US yesterday, Global markets seem to be in good mood today. This is indicated by a strong SGX for us. Will wait and see the opening action in our markets for further direction. 
  • In general I feel that Auto, FMCG are strong, IT is yet to pick strength, Reliance seems to be consolidating in a range and is yet to pick reasonable strength.
  • I am keeping special eye on #Maruti as a stock, may give a strong move above the breakout of 9345. 
  • Keeping short for today, more tomorrow. Trying to get back in form. :-) 

1. FII were net buyers for 312 Cr today, while DII were sellers for 94 Cr. A net selling of 218 Cr from the institutional side.

2. FII's created 2475 longs and unwound 10466 shorts on the index futures

3. On the option front FII  unwound 60546 short calls and   created 33528 short puts. They also unwound 65174 long calls and  unwound 1932 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 17900. Highest Put writing was seen at 17500 and highest call writing was seen at 18350 levels.

5. For the next week expiry, Bank Nifty has the highest OI for PE at 40000 followed by 39500 and highest OI for CE is at 42000 followed by 41500. Highest Put writing was seen at 40800 and highest call writing was seen at 41000 levels. 

6. Asian markets closed mixed and Europe also closed mixed

7. US markets closed in green yesterday

8. The breadth of the market was negative today

9. Nifty opened at 17540 and made an intra day high of 17667 and a low of 17429 before closing at 17622 .The range of Nifty for the day was 238 points.

10. Bank Nifty opened at 40685 and made an intra day high of 41184 and a low of 40509 before closing at 40904 .The range of Bank Nifty for the day was 675 points.

11. US Dollar Index is at 109.108

12. Except for Energy, Metals and Realty other sectors closed in green today

13. India VIX is at  19.94

14. US 10Y yields are at 3.467

15. Nifty futures saw short covering

16. Bank Nifty futures saw long buildup

17. US Brent oil is at 91.75

18. USD / INR is at 79.697


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