Dalal St Daily 22nd September

  • Dow fell over 500 points. US markets closed red.

  • Dollar Index is weakening day by day which is not supportive for Indian markets.
  • Crude oil is trading lower.
  • European markets are weak and ended up in negative territory.
  • Markets are filled with uncertainty amid growing fears of another virus lock down.
  • As reported in the previous premarket blog on yesterday. Nifty range was between 11200-11800
  • For tomorrow Nifty may trade between 11000-11500
  • For this expiry Nifty may expire between the range of 10800-11600. So one can sell call above 11600 and put below 10800.
OI analysis stands as follows:- 

  • Highest OI on CALL side stands @11500 CE shifted from the strike 12000 CE. 
  • Highest OI on PUT side stands    @11000 PE
  • Fresh 25 lakh contracts has been added to 11500 CE yesterday. and long unwinding is seen @ 11900 & 12000 levels.
  • Huge short covering is seen @ 11500 Put during 11-12 am yesterday.
  • So as per this OI data, market is expecting some more negative movements in coming sessions. And Nifty may find support near 10850-11000 range and find some resistance near 11500-11800.
Stocks

  • Tech stocks are outperforming among all the stocks INFY and TCS the two IT stocks outperformed where as NBFC, Financial and Banking stocks underperformed.
  • Reliance broke down from the range, and it was the major contributor for Nifty's fall joining hands with ICICI and HDFC bank. Reliance may take support @ 2050-2100 range.
  • Bank Nifty broke out of it's range and finding a new resistance @22000
  • Bank Nifty is extremely bearish, finger crossed for the short covering to come.

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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