Dalal St Daily 7th October

 GLOBAL MARKETS

  • US markets ended up in negative territory loosing all its gains as President Trump move to end on Stimulus Talks.
  • Dow fell about 400 points. airline stocks took a worst hit yesterday.
  • Tech Stocks pulled the indices down, NASDAQ is down by 1.5%.
  • Federal Reserve Chairman Jeorome Powell warned that the world's largest economy was in for a weak recovery without more fiscal support.
  • The dollar index rose 0.04% (93.912) and it's near to cross 94 which was not a good sign.
  •  US crude inventories data was good compared to the estimate, US bench mark for oil rose 1.7% settling 3.7% higher @ $40.67 on Tuesday.
  • Asian markets are set to dip after US halts stimulus talks.
DOMESTIC MARKETS
  • yesterday Asian markets closed green but we may see a dip today due to the stimulus update the market took.
  • Asian markets have opened lower and and are down.
  • SGX Nifty is down boy 17 points.
  • NIKKEI is down 0.45%.
  • Our markets are set to open lower due to the weak global cues.
  • Yesterday Nifty was trading with in a range of 30 points till 2:30 in the afternoon and broke the resistance 11600 level with good momentum which came from the rally in HDFC twins. Bank Nifty shot up nearly 200 points with in 5 minutes. As said yesterday in my blog that ADX is all set to shoot above 20 and the positive DMI cross over in NIFTY. 
  • The next resistance for Nifty is at 11700 levels followed by 11800 levels.
  • 11500 & 11600 levels may act as support for Nifty.
  • NIFTY sustained the Gap up for the fourth straight session and managed closed higher.
  • Nifty shot up nearly 881 points with in 12 days.
  • Broader market also came along with the benchmark indices. Nifty Mid Cap Index managed to close 0.4% higher.
  • but Reliance is weak it continued to close low despite the market was moving higher.
  • TCS IV has shot up significantly as its earnings releases will be out today on Wednesday.
  • and IndusInd Bank is coming out with results on Thursday.
TRADING RANGE
  • Today Nifty may trade between the range 11435-11896.
  • and Bank Nifty may trade between the 22300-23400 and the trading range is wide due to the expected volatility in the market.

OI ANALYSIS


CALLS
  • Maximum CALL OI was seen @ 12000 strike with 19.67 lakh contracts.
  • Call Writing was seen @12000 strike
  • Call Unwinding was seen @11500 strikes.
PUTS
  • Maximum PUT OI was seen @10500 strike with 35 lakh contracts.
  • Put writing was seen @11600 levels.
  • Put unwinding was witnessed @ 11100 levels.

BUILT UP
  • Long Unwinding was seen in Metal and Capital Goods stocks.
  • Short Covering was seen in PSU banks and Cement stocks.
  • Short sellers was seen in Pharma stocks.
  • HDFC, SBIN, INDUSIND BANK, TECH-M, BAJAJ stocks saw short covering.
  • where as CIPLA, IOC and BPCL saw some long unwinding.








Thanks

SHARATH

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