Dalal St daily 15th October

 GLOBAL MARKETS

  • US markets ended closed above session lows Wednesday
  • The Dow Jones Industrial Average fell 0.58%, or 165 points. The S&P 500 was down 0.66%, while the Nasdaq Composite slipped 0.80% after falling more than 2% intraday.
  • Stimulus hopes suffered a blow as Mnuchin said it would be "would be difficult" to reach a deal on the next round of coronavirus stimulus with House Speaker Nancy Pelosi before the Nov. 3rd election.
  • European markets ended up flat and in closed in the negative territory.
  • Asian markets are mixed.
  • Crude oil inventories data was good and Crude is up by $1 and is trading @  $41 per barrel.
  • Dollar index is once again gaining pace above 93 and is now 93.445
  • Rupee is appreciating. 
  • Dollar/ Rupee is trading@93.30

DOMESTIC MARKETS
  • Asian markets are mixed.
  • SGX Nifty is trading @11976 up by 17 points.
  • But SGX Nifty had already crossed 12000 and was trading near12020.
  • Yesterday the markets were too volatile as mentioned in my blogs.
  • Nifty managed to close higher for 11th straight session and still Nifty has not broken its lows and closed lower after this strong rally.
  • The rally in last hour of trade helped the market close higher on October 14, driven by banking & financials anticipating a favourable outcome in the interest waiver case.
  • The Midcap and Smallcap indices ended mixed, consistently underperforming the benchmarks.
  • The Bank Nifty outperformed frontline indices, rising 382.50 points or 1.63 percent.
  • Infosys came up with outstanding results.
  • Infosys ADR is up by 4% but yesterday infosys closed in the negative territory which means Infosys will open higher and this can take Nifty back to 12000 level.
  • Banking stocks suddenly turned bullish in the last one hour due the waiver of interest on interest case.
  • There was a unusual activities going on @11200 - 11400 strikes. But the markets started to rise there was a huge long unwinding @ 11400 level and suddenly from no where put writers came @ 11900 level with huge OI sprouting up.
  • And this shows that the bullishness of the market.
  • Today being the weekly expiry we may see some volatily in the market so trade cautiuosly.
OI ANALYSIS

CALLS

  • The highest call option open interest was seen at 12,500 strike.
  • Call writing was seen at 11,900 strike.
  • Call unwinding was seen at 12,200 strike.
PUTS
  • The highest put option open interest was seen at 11,500 strike.
  • Put writing was seen at 11,700 strike.
  • Put unwinding was witnessed at 11,400 strike.

TRADING RANGE
  • Nifty may trade between 11750-12100
  • Bank Nifty may trade between 22800-24800



THANK YOU

Sharath

Location: Bengaluru, Karnataka, India

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