March 09, 2021
Time: 8 am
Pre Market Report:
- US markets opened very much in positive territory but Nasdaq sold off aggressively.
- Nasdaq down more than 300 points while DOW up more than 300 points.
- Asian markets are mostly down.
- SGX Nifty is higher, trading around 15080.
- Yesterday Nifty did not break previous days low.
- Bank Nifty also took support around 35100.
- In the previous sessions, Bnak Nifty recovered only after breaking 35000.
- But FIIs keep selling.
- They have sold for Rs 1500 crores yesterday in Cash market.
- In F&O also, they have added short positions while unwinding long positions.
- DIIs turning net buyers when Nifty is trading above 15000 is really very good.
- Put Option premiums are still high, even Nifty 14000PE (Expiring on March 25) is still trading around Rs 70, there are about 12 more trading days.
- This week, Thursday is a holiday.
- So today's trade will be highly volatile, just like Wednesday trades.
- Yesterday's low is very important level to watch in Nifty.
- Bank Nifty, again and again, breaking 35000.
- So Bank Nifty 35000 is an important level to watch.
- Markets are consolidating with huge volatility.
- Reliance opened with so much Optimism, but sold off later.
- Reliance was consolidating around 2000 last time and now consolidating around 2200.
- Banking stocks look weaker, that is normal when FIIs are in sell mode.
- People have done short straddle at Nifty 15000.
- In Bank Nifty surprisingly, short straddles are created at 35500.
- This means, people are slightly bullish about Bank Nifty.
- But at the same time, people are not too bullish about Bank Nifty.
- Bank Nifty 36000CE has huge Open Interest.
- Looking at all these, consolidation may continue for next two days.
- Asian markets are even more volatile, while writing the blog, there is some recovery.
- Even SGX Nifty recovered about 80 points in last 15 minutes.
- Nifty future may trade between 14900 and 15150.
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