- Yesterday
our markets were highly volatile due to Indo China border issue., Open interest
consistently increasing at level of 10000,10100,10200,since its around
eight lacs and above hence safely we can conclude that its call writers positions
- During the
market hours, 3 deaths were reported.
- But later
it reported that 20 soldiers died.
- It seems
that China side also had casualties.
- Let me
talk about Indo China problem separately.
- Now Asian
markets are consolidating yesterday's huge gains.
- Some
markets shot up 5% yesterday.
- But we
have under performed due to border issue.
- HDFC Bank
and HDFC supported the market.
- After a
long time I see HDFC Bank as Number 1 among the gainers.
- Generally
Housing Finance companies have done well yesterday. Both HDFC and LIC
Housing did well.
- Reliance
is also showing Resilience.
- FIIs
continue to sell.
- They have
sold for about Rs 1500 crores.
- So far in
the last one week, they have sold for Rs 7500 crores or US$ 1 billion.
- So today,
due to continued selling by FIIs and local cues like Indo China border
issue, it is going to be difficult to predict the market movement.
- Only
consolation is that we have only 6 more trading sessions and theta decay
will favour the option writers.
- Reliance
1720CE, 1740CEs are trading actively with good premium.
- Since I am
not expecting Reliance to cross 1700 in this expiry, I am looking to sell
these Options.
- Bank Nifty
was very volatile as usual, yesterday 19000PE shot up from Rs 40 to Rs 340
and then came to Rs 75.
- Now there
is no hope for SBI. Though smaller PSU Banks did well, SBI has been doing
very badly.
- Before the
results, it was trading around 175, after good results, now it is trading
below Rs 175.
- Nifty
future should take support at 9780.
- Resistance
will be at 10000.
- Need to
watch Dow Futures, which is down right now.
CURTAIN RAISER for 9th JUNE NIFTY S&P 500 wiped out all the losses of 2020. Nasdaq is at all time high.US market closed higher Asian markets are mixed. SGX Nifty is up by about 50 points. Yesterday morning I said, markets are opening gap up but Nifty future likely to break 10200, at least once. But it broke 10200 and traded below that level and closed "Doji" pattern. That shows indecisiveness. We are struggling between positive Global and negative Local cues. We are struggling between FIIs who are buying and DIIs who are booking profits. OI at level of 10500 and 9500 is still very high Hence markets are highly volatile. Yesterday Nifty future fell more than 200 points from intraday high to intraday low. Bank Nifty was going all over the places. Bank Nifty future fell 900 points from intraday high to intraday low and recovered about 300 points. We are under performing world markets and that may
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