14th October' 2022 (Evening)

14th October' 2022 (Evening)  --  |  Written on 16th October' 2022 at 9.30 PM  |

  • Last week was an interesting one. US saw a new #Inflation level. Both #DowJones and #Nasdaq saw interestingly low levels. We will discuss this below...
  • On Friday, both #Nifty and #BankNifty made strong bullish candles on the daily chart. However, the levels would be interesting to see :
  • Following the move on #DowJones and #Nasdaq on Thursday night, Our Indices made a strong rebound on Friday. The Indices opened with a huge bang, However, #Nifty could not hold these levels. #BankNifty though could hold ground and kept its lows.
  • The Index futures positions also show a short covering on #Nifty and long buildup on #BankNifty. This is good as #BankNifty is pulling some support. 
  • As mentioned on my earlier notes, our Indices in near term are trying to take some cues from the US markets. So we may do this tomorrow as well. #Nasdaq and #DowJones both fell on Friday. However, I feel that in the current markets situation, some profit booking after a strong move on Thursday was very much probable.
  • Both #Nasdaq and #DowJones are at make break levels. A retracement of the move on Thursday is done and the Indices are close to important support. #DOwJones does seem to be pulling support, while #Nasdaq seems to be a bit weak. #DowJones if holds this level may make a double bottom and give some relief.
  • Opening of US futures tomorrow is crucial to watch. I would keep an eye especially on #DowJones. 29600 is crucial level for it. #Nasdaq has to respect its low on Friday, else the tech stocks could see a lot of pain.
  • #FII continue to sell and #DII have no hesitation buying. #FII however, covered a lot of shorts on Index futures and stock futures. From the levels i see there is some scope for consolidation. The first supports are crucial and we may see some consolidation between the first support and first resistance for #Nifty. 
  • On the Options side the OI indicates support at 17200 and 39500 for #Nifty and #BankNifty respectively.
  • #DollarIndex stays where it was, however, the US 10 Year yields have inched higher. Oil stays close to 90 and all these do not seem to be influencing markets as of now.
  • Global economic indicators next week :
    • Tue - Chinese GDP and Industrial production. German economic sentiment.
    • Wed - British CPI, Euro CPI, US building permits, 
    • Thu - Chinese PLR, US jobless claims and Housing sales
    • Fri - British retail sales
  • Wish you all a happy trading week ahead.

1. FII were net selling for 1011 Cr today, while DII were buyers for 1624 Cr. A net buying of 613 Cr from the institutional side.

2. FII's created 4568 longs and unwound 18582 shorts on the index futures

3. On the option front FII  created 19432 short calls and   created 10441 short puts. They also bought 44580 long calls and  bought 7943 long Puts.

4. For next week expiry, Nifty has the highest OI for PE at 17000 followed by 17200 and highest OI for CE is at 17500 followed by 17300. Highest Put writing was seen at 17200 and highest call writing was seen at 17500 levels.

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

6. Asian markets closed mixed and Europe closed in green

7. US markets closed in red on Friday

8. The breadth of the market was neutral on Friday

9. Nifty opened at 17322 and made an intra day high of 17348 and a low of 17169 before closing at 17185 .The range of Nifty for the day was 179 points.

10. Bank Nifty opened at 39446 and made an intra day high of 39570 and a low of 39196 before closing at 39305 .The range of Bank Nifty for the day was 374 points.

11. US Dollar Index is at 113.17

12. Markets were a mixed bag on Friday. BankNifty, IT and Pharma led the gains while Energy, Metals and Auto closed in red

13. India VIX is at  18.2575

14. US 10Y yields are at 4.023

15. Nifty futures saw hort covering

16. Bank Nifty futures saw long buildup

17. US Brent oil is at 91.46

18. USD / INR is at 82.367


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