MARKET OUTLOOK FOR 21TH JUNE 2021

TODAY’S MARKET SNAPSHOT:

	NIFTY	BANKNIFTY
OPEN	15756.50	34735.15
HIGH	15761.50	34787.40
LOW	15450.90	33908.95
CLOSE	15683.35	34558
PREVIOUS CLOSE	15691.40	34605.40
SUPPORT	15590	33880
RESISTANCE	15800	35000
VIEW	NEGATIVE	NEGATIVE

Today nifty as well as bank nifty opened higher and then witnessed weakness for majority of the trading session. However, during last one hour of trading, heavy buying by FIIs & DIIs pared almost all losses by virtue of which nifty as well as bank nifty closed flat in today’s trading session. Nifty closed below 15700 for the second consecutive session. Bank nifty on the other hand closed well below the important resistance level of 34650. Heavy selling was witnessed in PSE, energy, PSU banks, commodities and metals while FMCG attracted marginal buying interest.

The weakness is likely to continue in the next trading session on both nifty as well as bank nifty. If nifty spot fails to hold today’s swing low of 15450.90 in next 1-2 trading sessions, then short nifty futures for a possible target of 15200 in next few trading sessions. On the other hand, bank nifty spot must respect today’s swing low of 33908.95 in next 1-2 trading sessions, otherwise decks will be cleared for a target of 33300 in next few trading sessions. Traders should Avoid long positions on both nifty as well as bank nifty. Sell on Rise should be strategy for next few sessions or till nifty doesn’t close above 15800 & bank nifty 35000.

Today the advance-decline ratio was favoring bears in the ratio of 1:3.

FII & DII TRADING ACTIVITY (IN Rs CRORES)

	FII	DII
CM	+2680.57	+446.20
IDXFUT	-101.42
IDXOPT	-425.49
STKFUT	-221.27
STKOPT	+386.17

TODAY’S TOP FIVE GAINERS AND LOSERS (NIFTY)

GAINERS/LOSERSMOST ACTIVE

SYMBOL	LTP	%CHNG	VOLUME
SYMBOL	LTP	%CHNG	VOLUME
ADANIPORTS	693.15	7.15	7,62,66,975
BAJAJ-AUTO	4,177.10	3.04	7,01,993
HINDUNILVR	2,490.25	3.00	39,37,751
BHARTIARTL	540.55	2.25	1,47,23,907
GRASIM	1,487.05	1.98	14,85,497
ONGC	120.75	-3.48	8,79,12,730
COALINDIA	147.00	-3.38	2,48,23,176
JSWSTEEL	673.40	-3.30	1,35,05,600
NTPC	113.70	-3.15	4,39,27,941
UPL	810.65	-2.92	81,45,772

ANALYSIS OF TODAY’S DERIVATIVE DATA for 24^th June Expiry

1. NIFTY

CALL OPTION			PUT OPTION
IO	CHANGE IN IO	STRIKE PRICE	CHANGE IN IO	IO
22,095	6,272	15600	12,125	38,087
8,941	4,756	15650	3,182	9,709
48,958	9,121	15700	3,090	32,687
17,539	6,537	15750	774	5,219
52,399	3,974	15800	-1,957	17,456

As is evident from the option chain data, strong resistance for nifty exists at 15700followed by 15800 levels while as strong support exists at 15650 followed by 15600 level. Heavy call writing was seen at 15700 followed by 15800 and 16000 while as put writing was seen at 15500 and 15600 levels. There has been no major addition of contracts on both call and put side and hence one can assume that today’s derivative data is mixed, however the bears have an edge over the bulls at this point of time.

2.Bank Nifty

CALL OPTION			PUT OPTION
OI	CHANGE IN OI	STRIKE PRICE	CHANGE IN OI	OI
30,688	13,684	34500	5,909	30,435
12,159	6,584	34600	2,053	8,338
16,719	6,049	34700	1,670	5,908
16,123	6,459	34800	836	5,440
9,151	2,120	34900	-149	1,838
48,963	6,257	35000	1,718	15,527

As is evident from option chain data, 35000 is a strong resistance&34500is a make or break zone. Call writing seen at 35000 while as put writing visible at 34500. No major change in open interest and as such derivative data on bank nifty is mixed, however favoring bulls at this juncture of time.

MAXIMUM PAIN OPTIONS FOR 24^TH JUNE EXPIRY

NIFTY	16000
BANK NIFTY	35000

Sectors to watch out for tomorrow

1. Nifty BANK (UP)
2. Nifty IT (UP)
3. Nifty FMCG (UP)

Stocks to watch out for tomorrow:

1. JK BANK (BUY)
2. RENUKA SUGAR (BUY)

For exact entry and exit levels, you can mail me at investor0007@hotmail.com

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