10 things that you must know before market opens on Wednesday
1. US markets recovered yesterday on hopes of Corona vaccine. Dow Jones closed up by 2.17 percent and S&P 500 up by 1.23 percent yesterday.
2. SGX nifty is trading at 9070 up by 0.54 percent today morning
3. Nifty went down by 0.11 percent and closed at 9029 and bank nifty out performed nifty yesterday and closed positive up by 0.93 percent.
4. India VIX fell by 2.8 percent and closed at 31.47 yesterday. VIX has fallen more than 30 percent in the last 6 trading session.
5. FIIs have bought for 4716 crore and DII have also bought for 2841 crore in cash market.
6. FIIs are net short by just 21591 contracts. Index options they have more than 1 lakh long puts contracts as compared to 17000 long call contracts.
7. We could see the trading range for the month getting narrower. Any breakout on either side could be powerful.
8. Monthly highest open interest on call – 9200 and on puts – 9000 followed by 8500. There is huge Call addition at 9100 and 9200 and there is some put unwinding at 9000 levels. There is no huge puts added below 9000.
9. Sun pharma – Nifty 50 stocks is expected to declare the results today.
10. My view – Global cues are positive. FII have turned buyers in cash market. But they are still net short position in futures and holding huge long puts. Open interest data is indiacating bearish view for the day. 9000 which was a good support for the month if broken could lead to more pain and one can expect to see 8800 levels.
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