Market Analysis of 14th September 2021 and Trade Recommendations

Views On Nifty & Bank Nifty: Nifty and Bank Nifty both opened with a gap up on the back of positive global sentiments. But they could not sustain on the positive sentiments and the resistance created at 17400 ( Nifty ) and 36500(Bank Nifty ) held true. The movement in the market was sideways for remaining part of the day.
Data Analysis: In the cash market trading data, we find that while FIIs were net buyers, DIIs were net sellers. We can observe that FIIs have reduced their positions in Index Futures and Index Calls. FIIs have increased the positions in Index Puts. This is overall a bullish sentiment.
Looking at the Option Chain we find heavy Call Writing @ 17400 and @ 36500 in Nifty and Bank Nifty . These stand as current resistance in the above indices.

Trade Recommendations for 13th -17th Sep. 2021:
1. Adani Transmission (1942.70): Bullish . RSI >80.This is overbought condition. Full profits can be booked. The Price action suggests reversal coming in this stock.
2. ICICI PRU LIFE INSURANCE (689.90): Bullish . Currently no trade suggested. Fresh Long can be taken if RSI> 60 on daily charts .

All Calls are for Short Term Trading and valid between 06th – 10th September 2021.