Lower Opening On D-Street Today, Hints GIFT Nifty: Anuj Singhal With The Trade Set-Up | CNBC TV18

But Anuj is here with a quick look at the trade setup. Anuj, good morning. What do you have? Morning, Prashan. Well, the markets been quite strong and today could be a bit of a test because it looks like for some odd reasons that the gift Nifty is showing a bit of a downtake. But anyway, the Nifty has been making higher lows and not just the fact that it's been making higher lows, but the fact that those lows are coming in the first hour itself in most cases in the 1st 15 minutes. We look at the last three days, for example, on June 24th, the lowest 23350, we closed at 23537, almost 200 points higher. Next day, the lowest 2562, we closed at 23721 and then yesterday's lowest 23670 and we closed at 23868. So in that sense, it's a market in which almost every day is giving you an opportunity in the 1st 15 minutes and then the markets ending at days high. Could today be a fourth day in a row, who knows? There's also leadership from big stocks. We spoke about HDFC Bank earlier yesterday, there was 1700 crores of delivery bank in the alliance and that hit a fresh all time high. If you look at the long shot exposure of the FIS, what's interesting is now that the Bank Nifty is expired is out of the way, it will be interesting to see how many of these two lakh contracts get rolled over on the long side on the on the Nifty. I mean the back of the roller was done. Now we started with 3,00,000 shots, we are at 2,00,000 longs. What you don't want as a bull is that you start the series with say 1,00,000 long contracts because that can be a bit of a problem. But then we'll find out once the expiry is done. One good thing which happened in yesterday's trade was the put call ratio cooled off a bit from the highs of 1.38 to 1.31 coming to levels. Then on the Nifty, the first support that I am watching out for is 23750 to 23800 based on the options. And then of course yesterday's low around 23670. There about on the upside 23850 to 23900, yesterday's high zone and then on the option side 23950 to 24,027. And my gut feel is that if you start to cross 24,027, you could see another up move perhaps in the market on the Bank Nifty. It's very extremely overstretched now and perhaps need some consolidation. Just to give you a perspective, the five day exponential moving average is 50 to 110 days at 51,400, which is I mean, which means that the Bank Nifty could fall 1200 points and still be in an uptrend. That's the kind of move that we have seen. The Bank Nifty. I have converted my charts to hourly charts to look at the support levels on the bank. The first support is 50 to 650 to 50 to 700, the 10 period moving average and then 50 to 400 to 50 to 450, the 20 period moving average. On hourly charts, the resistance comes in 50 to 950 to 53,000, the all time high and then 53 one 100 to 53300 based on the pivots. As always, I leave you with the quote of the day and this one comes from Stephen Covey. The key is not to prioritise what's on your schedule, but to schedule your priority, OK? So schedule your priorities guys. Schedule your vacation, schedule your holidays. Don't don't miss out on any of that. OK, Anuj, thanks a lot. Thanks a lot for joining in talking about the markets and some life lessons in our parlance, not Stephen Coveys, but our parlance called Rumal Dalna.