- Yesterday we had the FOMC meet and the fed has decided to keep the rate at 0 until employment improves in the country and has pledged that FED will take all measures to bring the economy on track.
- Yesterday, Gilead announced that it has found a lot of improvement in the drug remdesvir and can be a possible solution for COVID-19
- Dow shot 500 points as soon as this news broke. This news gave wonderful confidence among the trader's community.
- Coming to our markets, we had a very volatile day yesterday. The movement was like an expiry day movement. Banknifty went up to 21300 and lost around 300+ points in the last hour.
- Nifty is up for 5 consecutive days. It looks like we may close in the green today as well.
- Nifty closed above 9500 and the momentum was very good. Financials contributed and pharma took a back seat. The most beaten HDFC twins, bajaj twins came with a bang.
- The last hour was very critical as people did not want to carry positions for today as we had FOMC meet.
- Today we have Reliance results, rights issue. But this may happen after the market.
- We also have HUL and techm result announcement as well.
- Today is monthly expiry and usually, it is expected to be volatile. But since we had a volatile session yesterday, I am not expecting huge volatility like yesterday. But the volumes are going to be low than.
- Crude is recovering and is now almost at $25.
- Trump has told that he will allow las vegas casinos to operate on the memorial day which is few weeks away.
- Now all countries are planning to open the economy as there is a silver line on the drug and world markets are surging.
- VIX is falling and is 33 now. For now, it looks like carona seems to be over and is behind us.
MY TRADES
- I closed all my Reliance positions yesterday as we had many news day today + expiry + result. Closed it in wonderful profit which I did not expect in such small time.
- I am slowly closing all my equity positions as some are in good profit. Closed Reddy lab, maruti also.
- For today's expiry, I had executed some strangles yesterday but volatile day made them look critical now. Had to do some adjustments for these. Let's see how it behaves today.
INTERNATIONAL MARKET
- Gilead news and FED outcome took US markets higher.
- Europe also gained more than 2%
- Hongkong is in red.
- Today morning Asia is also in the green and SGX suggests that we may open with a gap up. Let's see if we can have follow-through.
CRUDE AND $
- Crude is now at $23.42. The opening of economy has given a boost to the consumption and surge in oil.
- $ is at Rs75.6
FII AND DII
- The FII are net buyers yesterday. FII bought 722 cr and DII bought for 78 cr.
- FII have sold heavily in last 2 months. Lets see if they continue to buy.
EXPIRY SETUP
- Nifty has the highest OI at 9000pe and 10000pe
- Banknifty has highest OI at 20000pe and 22000pe
- nifty may range from 9500 to 9800 and banknifty from 21000 to 22000
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