- US markets gave up early gains and closed lower as new CPI data raising concerns
- Bond yields rose following a surprise inflation jump that triggers the debate on how long low rates can stay
- Dow, S&P500 & Nasdaq closed almost 0.3% lower
- Asian markets trading negative
- SGX Nifty indicating a negative opening with 40 point cut
- Global markets going through extreme volatility
- Extrapolating any day’s move is dangerous for trading
- Massive short covering by FIIs yesterday in F&O market
- Index futures: FIIs unwind 18,000 shorts, add 13,000 longs
- Index Puts: FIIs unwind 27,000 longs and add 43,000 shorts
- Index Calls: FIIs unwind 25,000 short contracts
- Nifty back in the congestion zone of 15,800-15,900
- Bank Nifty sitting on gains, first hour low will be crucial
- Normally on weak global days, there are more than 1 dips
Nifty/Banknifty for 14 July 21
Nifty : 15812
Rest : 15855 & 15870
Supt : 15730 & 15690
PCR : 1.33
Banknifty : 35673
Rest: 35730 & 35830
Supt: 35400 & 34250
PCR: 1.04