Dalal St Daily 21st Jan

GLOBAL MARKETS

• US markets closed higher.
• Dow closed 257 points higher.
• NASDAQ outperformed due to Netflix with good results.
• Global cues are strong and positive.
• Asian markets have opened on a positive note following the mother market.
• In U.S. markets S&P 500 VIX crushed 7.5%, now the VIX is below 22.
• KOSPI is up about 0.5%.
• The rally was spurred by the inauguration of the 46th President of U.S.
• One major event risk was over, which kept the markets with fear.
• Now the markets are expecting more Fed spending for Covid - 19 relief on Beiden administration.


ASIAN MARKETS

• SGX NIFTY touched it's all time high and trading above 14700.
• KOSPI  is also up by 0.5%.
• We can expect some gap up opening on a positive note over global cues.
• Yesterday Nifty closed at its highest zone of the day breaking the all time high.
• Bank Nifty was volatile but underperformed Nifty.
• We can see SENSEX touching 50,000 mark today. This day will be obviously special for traders to celebrate the milestone.
• VIX continued to fall for second session from the mark of 25. INDIA VIX is @21
• Today being the expiry day with all positive global cues. We may expect some rally in the early session and the afternoon sessions will be consolidated.



EARNINGS 

• As this was a week of earnings all the companies are coming out with excellent results. But here and there the profit bookings are coming.
• Bajaj twins came out with results which were not tooo bad and tooo good. So we have to see how these twins react today.
• Bajaj Finance Q3 results: Profit falls 29% on slow loan growth.
• Baj Finserv Q3 results : net profit up by 15%.
• Reliance will be focus for this week as Reliance is coming out with results on tomorrow.
• KOTAK MAHINDRA & ICICI BANK are coming out with results next week.


• The sleeping gaint Reliance started to perform. Yesterday the option writers are shifting there strikes their higher.
• There are many shorts on Reliance, due to the earnings tomorrow on Friday short covering alone pushed Reliance by 100-120 points.

TRADING RANGE FOR NIFTY AND BANK NIFTY

• NIFTY futures may trade between 
14450-14850.
• Bank Nifty Futures may trade between
32100-33000.

Important levels to remember for today


NIFTY

• If Nifty wants to move higher the resistance is @ 
14645-14670-14702-14759-14850

• If Nifty starts to move lower the support lies @ 
14613-14555-14525-14468-14400


BANK NIFTY

• If Bank Nifty wants to move higher the resistance is @
32586-32666-32714-32850-33025

• If Bank nifty starts to move lower the support is @
32500-32400-32351-32226-32091.


OI ANALYSIS

CALLS

• Maximum Call open interest of 34.14 lakh contracts was seen at 15,000 strike
• Call writing was seen at 15,000 strike.
• Call unwinding was seen at 14,500 strike.

PUTS

• Maximum Put open interest of 27.92 lakh contracts was seen at 14,000 strike.
• Put writing was seen at 14,600 strike.
• Put unwinding was seen at 14,100 strike.


MAX PAIN ( This week )

• Nifty - 14600
• Fin Nifty - 15600
• Bank Nifty - 32400.


OI BUILT UP

• PHARMA under short
• NBFC and OIL under short covering.
• BANKS and other sectors are long.
• No long Unwinding.




Thank you

- Sharath




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