10 things you must know before market opens on Wednesday
1. US markets gave up their gains yesterday and Dow Jones and S&P 500 went down by 1.59 and 1.05 percent respectively.
2. SGX nifty is down by 0.11 percent and trading at 8891 levels today morning.
3. Nifty went up by 0.63 percent and closed at 8819 and bank nifty went down by 0.49 percent and closed at 18486 yesterday.
4. India VIX cooled by 3.59 percent and closed at 39.45 levels. Vix has been oscillating in the range of 35 to 40 levels for the past 2 weeks.
5. FIIs have sold for 1300 crore and DII have bought for 1659 crore in cash market.
6. FIIs have covered their short positions yesterday and have added long contracts. They are net short by just 5000 contracts compared to 45000 yesterday. Index options they have added long calls and they have net long puts of 76000 contracts.
7. Weekly highest open interest on call(resistance) – 9000 and on put(support)- 8800. Most of the open interest build up have shifted to monthly as we have just 2 days for weekly expiry.
8. Monthly open interest on call – 10000 and put – 9000. There was good call addition seen at 9300 and 9400 levels indicating a resistance on the higher side for the coming week.
9. Ultra cements, Bajaj auto and Dr Reddy all Nifty 50 stocks are expected to declare their results today.
10. My view for the coming days would be neutral to mildly bullish with possible resistance at 9300 and 9400 levels if we close above 9000. 8800 is still a good support for coming week. FIIs holding huge number of long puts is still a worry.
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