protrader1969

Nifty for 17th September

NSE:NIFTY   Nifty 50 Index
This current geo-political development (or crisis) will definitely make us look at our markets with different perspective. Till yesterday, we were assured that crude was in check (i.e. less than $60/barrel), rupee was recovering, FIIs might be now buying and even though fundamentals were not good, those were discounted in prices. And suddenly due to ARAMCO bombing, everything is thrown in disarray. So now crude is at around $67 per barrel, rupee has gone down by 69.5 paise and FIIs today are net sellers! On top of it, RBI governer says that growth figures look worse than predicted! Who will think of buying now?
1) FII & DII data-Provisional data shows that FIIs wer net sellers by 751 Crs and DIIs were net buyers by 309 Crs . Final data for 13th September showed that FIIs were net sellers in Equity but net buyers in index and stock futures . With this act of bombing, FIIs now look to be on uncertain ground.
2) Option Chain data: On PUT side, supports are crumbling. The highest total OI (19.52 lakhs) is at 11000 but there is massive unwinding too on this strike (7.34 lakhs). Some noteworthy (2.88 lakhs, and this is highest) Put addition is on 10800 strike, otherwise there is unwinding on all higher strikes above 10950. On CALL side however, understandably, there is handsome OI and Call writing at strikes of 11000, 11050, 11100. Highest build up and Call writing is at 11100 and 2nd highest total OI and writing is at 11000. So for tomorrow, 11000 looks OK resistance but support is not clear.
3) Charts - Nifty finished as a doji candle with lower high and higher low. Higher low suggests that buying did emerge at 10970 levels and 10950 looked as OK support at least for today. For tomorrow, we don't know. I have marked buying and selling areas on 15 min chart as per move executed today. All the best. Happy trading.
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