Dalal Street Daily 18-Sep-2020

  •  U.S. markets closed red.
  • European markets ended up in negative zone.
  • Asian markets opened in positive bias on central bank support.
  • crude oil was up after U.S. production return after storm.
  • Brent crude was risen sharply this week.
  • Yesterday Gold prices ended up red and down by 300 points.
  • SGX Nifty is flat. 
  • Nifty after the strong rally this week, Bulls turned weak due to news impact of interest rate. Still Nifty is just 300 points away from monthly highs.
  • Bank Nifty is weak and over sold. Bank Nifty is still weak even though short covering came in the HDFC Bank. Once short covering starts in Bank Nifty it can easily contribute 150-200 points to Nifty. 
  • This week expiry was volatile. Nifty touched the low of 11,498. 
  • OI in the coming weekly and monthly expiry. For Nifty 12000 has the highest OI in the CALL side and 10500 has the highest OI on PUT side.
  • LONG UNWINDING in Nifty and Banking stocks.
  • yesterday Reliance HDFC twins and ICICI Bank are the major contributor to which pulled  Nifty by 50 points.
  •  Bank Nifty Index heavy weights HDFC bank, kotak and ICICI are weak.
  • There are some events coming for European markets ( Retail sales ).
  • For coming week case on interest on interest rate hearing will be on Thursday. As short covering in Bank Nifty has not yet come we may see some after this.
  • We may see some consolidation in Nifty coming week until the hearing.
  • Reliance after touching all time highs, Huge resistance was seen @2350. if this breaks and banknifty turns expect nifty to breach 11800 easily.
  • If nifty futures breaks 11480 short term bearishness may seen.
  • Nifty futures may trade between 11600-11440. we may see some volatile moves 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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