Market Analysis of 22nd September 2021 and Trade Recommendations
Views On Nifty & Bank Nifty: Markets were very volatile today. Nifty closed marginally up and Bank Nifty in negative. Private Banks and NBFC sectors were the biggest losers today.
Data Analysis: In the cash market trading data, we find that while FIIs were net sellers, DIIs were net buyers. In the derivatives participants data , taking an average of past 3 business days, we find that Prop desks have become bullish . We can observe that FIIs have reduced their positions in Index Futures and added their positions in Index Calls and Puts.
Looking at the today’s Participant Data Only Clients have net bullish positions and FIIs ,DIIs and Pros have bearish positions. India VIX is at 16.4925.US markets have opened in the green.
Trade Recommendations for 20th - 24th Sep. 2021:
1. Adani Transmission (1560.80): Bullish reversal expected. Currently hitting Lower circuits on daily basis. Presence of buyers at each level. Heavy buying expected @ 1817+
2. Bajaj Holding (4719.20): Up by 0.80%. Overbought conditions can trigger reversal.
3. BPCL (420.15): Price reversal can be due to profit booking. Hold on to short positions
4. Indusbank (1141.40): Price rise by 0.34%
5. Industower (273.35): Price rise by 0.92%
6. ITC (243.50): No Reversal has happened yet. The price rise continues. Heavy Overbought conditions. Doji on daily charts.23rd Sep could see heavy fall in this stock.
7. Indigo (2188.30): Heavy Overbought conditions has triggered bearish reversal.
8. SBIlife (1191.30): Bullish View. Can be bought above 1200.Long positions can be kept if RSI > 60.(+0.57%)
a) As calls are valid for the period 22nd September to 24th September 2021
b) Any stocks added should be assumed to be included in the watchlist of that current week and those removed should excluded from it.
Data Analysis: In the cash market trading data, we find that while FIIs were net sellers, DIIs were net buyers. In the derivatives participants data , taking an average of past 3 business days, we find that Prop desks have become bullish . We can observe that FIIs have reduced their positions in Index Futures and added their positions in Index Calls and Puts.
Looking at the today’s Participant Data Only Clients have net bullish positions and FIIs ,DIIs and Pros have bearish positions. India VIX is at 16.4925.US markets have opened in the green.
Trade Recommendations for 20th - 24th Sep. 2021:
1. Adani Transmission (1560.80): Bullish reversal expected. Currently hitting Lower circuits on daily basis. Presence of buyers at each level. Heavy buying expected @ 1817+
2. Bajaj Holding (4719.20): Up by 0.80%. Overbought conditions can trigger reversal.
3. BPCL (420.15): Price reversal can be due to profit booking. Hold on to short positions
4. Indusbank (1141.40): Price rise by 0.34%
5. Industower (273.35): Price rise by 0.92%
6. ITC (243.50): No Reversal has happened yet. The price rise continues. Heavy Overbought conditions. Doji on daily charts.23rd Sep could see heavy fall in this stock.
7. Indigo (2188.30): Heavy Overbought conditions has triggered bearish reversal.
8. SBIlife (1191.30): Bullish View. Can be bought above 1200.Long positions can be kept if RSI > 60.(+0.57%)
a) As calls are valid for the period 22nd September to 24th September 2021
b) Any stocks added should be assumed to be included in the watchlist of that current week and those removed should excluded from it.