*Morning Snippet for 9th March*
*Global Update:*
Saudi Arabia's announcement of slashing its Official Selling Price and threat to increase oil production by 2mbpd has reignited sense of panic accross the equity markets as well as crude oil traders.
Gold prices hace risen to 8 yr high, US VIX have surged and dow futures are down more than 1000 points.
WTI crude oil price , as mentioned in chartwatchers, is trading much below $38 is in a strong grip of bear market.
*Price has come down to levels of 2016 and it seems it is heading towards $20 in medium term*
*Nifty observation*
Nifty witnessed second week of fall closing below 11000 on the weekly basis.
11000 mark was crucial as far as uptrend was concerned as it was the trendline support connecting lows from 2018.
*Now since price is below the key level, looking at the intensity of fall it puts the bullcase off the cards for now in the medium term*
On the upside, gap areas as well key averages comes in the range of 11650-11700.
Thus only above 11650 we will reconsider the bullish scenario for index.
Coming to the daily chart fridays doji pattern with huge volume and momentum indicator failing to make new low does indicate pause in the recent downtrend.
Thus, price might consolidate from hereon or will see some pullback in this week.
Immediate pullback in price could be towards 11250-11400 zone.
However, as sgx nifty is indicating an opening below 10650 a break below 11600 will create more sense of panic in market.
Thus avoid taking any fresh long position.
*On friday we had initiated Bear put steategy and week earlier we initiated hedge strategy recommend to hold this till further update*
*Derivatives*
*FII & DII activity in Cash Segment* :
•FII Cash: -3594 Crs.
•DII Cash: +2543 Crs.
*F&O Cues*
* FIIs were net sellers of index futures on Monday as they have added 36,370 short contracts. Now net position on index futures stand at 1,73,133 short contracts.
*Option chain data analysis* The maximum put open interest is at 11,000 strike with 9 lakh contracts whereas maximum call open interest is at 11,200 strike with 18 lakh contracts.
STOCKYARD
*Global Update:*
Saudi Arabia's announcement of slashing its Official Selling Price and threat to increase oil production by 2mbpd has reignited sense of panic accross the equity markets as well as crude oil traders.
Gold prices hace risen to 8 yr high, US VIX have surged and dow futures are down more than 1000 points.
WTI crude oil price , as mentioned in chartwatchers, is trading much below $38 is in a strong grip of bear market.
*Price has come down to levels of 2016 and it seems it is heading towards $20 in medium term*
*Nifty observation*
Nifty witnessed second week of fall closing below 11000 on the weekly basis.
11000 mark was crucial as far as uptrend was concerned as it was the trendline support connecting lows from 2018.
*Now since price is below the key level, looking at the intensity of fall it puts the bullcase off the cards for now in the medium term*
On the upside, gap areas as well key averages comes in the range of 11650-11700.
Thus only above 11650 we will reconsider the bullish scenario for index.
Coming to the daily chart fridays doji pattern with huge volume and momentum indicator failing to make new low does indicate pause in the recent downtrend.
Thus, price might consolidate from hereon or will see some pullback in this week.
Immediate pullback in price could be towards 11250-11400 zone.
However, as sgx nifty is indicating an opening below 10650 a break below 11600 will create more sense of panic in market.
Thus avoid taking any fresh long position.
*On friday we had initiated Bear put steategy and week earlier we initiated hedge strategy recommend to hold this till further update*
*Derivatives*
*FII & DII activity in Cash Segment* :
•FII Cash: -3594 Crs.
•DII Cash: +2543 Crs.
*F&O Cues*
* FIIs were net sellers of index futures on Monday as they have added 36,370 short contracts. Now net position on index futures stand at 1,73,133 short contracts.
*Option chain data analysis* The maximum put open interest is at 11,000 strike with 9 lakh contracts whereas maximum call open interest is at 11,200 strike with 18 lakh contracts.
STOCKYARD