Dalal St DAILY 24th SEPTEMBER

 GLOBAL MARKETS

  • US markets ended lower.
  • DOW closed more than 500 points lower.
  • NASDAQ was down by 3%. Selling pressure was seen in TECH stocks and index heavy weights.
  • uncertainty in the markets and fear of getting the economy locked down again due to increase in covid cases.
  • SGX Nifty was trading 100 points lower@11,032. 
  • Asian markets are down.
  • Our markets will open significantly lower due to the weak global cues.
  • Crude oil Inventories data was good and Crude is trading up by 1%.
Stocks and Indices

  • Today being the monthly expiry day, volatility is expected but today the volatility gets its another face on the table. Trade cautiously.
  • Selling Pressure was seen in Financials, FMCG, Banking stocks.
  • Once again IT stocks outperformed INFY closed green for 4th straight session.
  • Yesterday in morning session though HDFC Bank and Axis Bank so some rise and adding some support to the Banknifty still the banknifty some negative movements in the morning session and saw some pretty decent recovery of 400 points from the intraday low and closed green.
  • Yesterday some short covering was seen in Banknifty.
  • As told in the previous pre market blogs today being thursday montly and weekly expiry banknifty may see some short covering and volatile moves because of rollover phenomenon and market bias.
  • Some short covering is seen in KOTAK, AXIS, RBL Bank.
Trading Range for NIFTY

  • Nifty futures may trade between 10900-11400.
  • BankNifty may trade  between 20500-21800.

OI analysis

  • NIFTY highest CALL OI stands @11300 with 45 lakh contracts and fresh 10 lakh contracts have been added.
  • Nifty highest PUT OI stands @11000 with 45 lakh contracts and fresh 11 lakh contracts have been added.
  • Max Pain is @ 11200 
  • Executing a butterfly trade is better.
EVENTS

  • US initial job claim data will be coming today.



Thank You
SHARATH R









Disclaimer :- All the views given here are completely in my view and it need to be yours, I'm not responsible for any trades taken on the information given above. Investing is subjected to market risk please consult your financial advisor before taking any position or trades.

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