Dear market participants , today as usual on union budget market would be very volatile, so nifty was very volatile. Now budget got over uncertainty about taxations and all clear now. So, now we have to consider few points for next trading day.
- FII’s bought 2.83 lakhs index future and in options they sold 89,287 so they are bearish l in derivatives. In stock they sold 2975cr so indicating bearish.
- DII’s sold 78,322 index future and in options they sold 3.83L. in stock they bought 1419cr.
- Clients are bullish in future and in options too.
- If we look at Global markets, US markets are medium bullish, Europe markets are negative and Asian markets are mixed
- Volatility index fell 43%, that closed at 12.75. because big event got over so it fell most today.
- As per open interest nifty has 24100 followed by 24000 has highest put writer, there is call writer at 24600.
On today’s budget long term and short term capital gain tax increased and STT for F&O segment also hiked. so this is negative for market but it nifty recovered from day low that is 24091. so, 24100 will act as strong support and 24666 will be resistance. for next trading session probability of consolidation between these two level is high. If any of this level breaks. There is chance of trend continuation on same side.
-By
A Ganesh R Bhat
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