Dalal Street Daily 23rd September

  • US markets ended up in positive territory.
  • After "Quadruple Witching Day" US markets saw some cooldown in volatility. 
  • Brent Crude is up by 1%
  • Dollar Index hit 94.
  • SGX Nifty opened flat.
  • Asian markets are mixed.
  •  India VIX is not rising but decreasing which shows panic in the market is not much strong. That doesn't mean market will rise, but the fall from here is less.
  • The correction in the market is healthy and this correction may end any moment.
  • Being the monthly and weekly expiry week the markets are too volatile.
  • FII's become net sellers for two straight sessions, and DII's after selling for 10 consecutive sessions yesterday they have become net buyers.
  • FII have sold shares worth 2000 Cr and DII have bought shares worth 800 Cr.
  • Broader market closed in red.
  • Yesterday's nifty open & high was same which showed some weakness in the market. some institutional activity was seen in 2nd half of the market.
  • Nifty has closed below its 50 D EMA which shows some negative bias in the market and consolidation period in coming sessions.
  • Nifty is facing some resistance near its 50D EMA level @11200.
  • Banknifty is seeing some support at 21000 level.
  • Banknifty is at its crucial level. if it breaks down further down side is guaranteed in upcoming sessions.
  • We saw some volatile moves in BankNifty post noon. It is facing some huge resistance near 21500 level.
  • We may expect some volatile moves today.
Trading Range :-

  • For today's session Nifty may trade between 10950-11400.
  • For today's session BankNifty may trade between 20900-21500
  • For this week Nifty may trade between 10850-11500.
OI Data For Nifty
  • Maximum OI of 49.5 lakh contracts on the call side lies @11500 strike which may act as resistance.
  • Maximum OI of 37 lakh contracts on the put side lies @11000 strike which may act as support.
  • Call writing was seen @11200 strike by 19 lakh fresh contracts.
  • Call unwinding was seen 11600 & 11700 strikes.
  • Put writing was seen @11100 strike by adding up fresh 6 lakh contracts.
  • put unwinding was seen @11300 level.
Stocks
  • Some Short covering was seen in banking stocks ( SBI and ICICI Bank)
  • HDFC Twins are weak, multiple negative news are impacting the stock very badly.
  • IT stocks outperformed for one more session. INFY and HCL Tech are the leaders among all the losers from past 3 trading sessions.
  • Index heavy weights such as Reliance, HDFC twins, Kotak Bank are weak.
  • AUTO, FINANCIALS, BANKING stocks pulled NIFTY to the negative territory for another session.
NEWS
  • US stimulus is getting delayed.
  • Interest on Interest rate hearing from Supreme Court is on Monday.
  • After military talks INDIA-CHINA  slew of decisions to bring down tensions in eastern Ladakh.
  • India trials for Sputnik-V vaccine could start in few weeks.
  • Bernstein Liebhard, a nationally acclaimed investors law firm, announced that a securities class action has been filed on behalf of investors that purchased or acquired the securities of HDFC BANK Ltd the defendants made materially false and misleading statements and/or failed to disclose that.
Important Events coming today
       • US manufacturing PMI data.
       • Crude oil inventories data.

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