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The Indian markets snapped their three-day gains to end in the red on Friday’s session. The Sensex closed around 200 points lower while the broader market Nifty50 held on to the sentimental level of 17000 at the close. The 50 share index settled 0.4 per cent or 68 points lower from the Thursday closing at 17,003.  

Sectorally, buying was visible only in Nifty IT while Nifty Bank, Nifty FMCG, Nifty Financial Services, Nifty Auto and Nifty Realty stocks witnessed selling pressure on the last trading day of the week. 

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In a worst-case scenario, we expect the index to settle down somewhere near to 16100 which is the placement of 200 DSMA, Mehul Kothari, AVP – Technical Research at AnandRathi has told Zee Business web team.

In an interview with Zee Businesss’ Editor Kshitij Anand, Kothari said, “The closing for the last session of the week was a bit muted but the price action was quiet loud. We witnessed too many swings during the session. In fact, the week went by was quiet exhilarating as it began with a crack of around 600 point in Nifty on Monday’s session. This was followed by a recovery in the next four sessions.” 

“For the coming week; we don’t not expect any major fireworks on the street since the overall sentiment has been dented. We expect NIFTY to remain in a range of 17500 – 16500 and a prudent strategy to trade this market can be buy near support sell near resistance,” Kothari added 

Also Read This: Dalal Street Voice: Amid uncertainty on D-Street, buying interest seen to shift to IT, pharma & FMCG: Mehul Kothari of AnandRathi

Listing out the factors that have disrupted the domestic markets over the last few sessions, this analyst said, “Many factors affected our domestic markets and that lead to such kind of nervousness on the street since last one month. First and most obvious reason was resurgence of COVID with its new variant Omicron.” 

Continuous outflow of Foreign Institutional Investors (FIIs) fund from the Indian cash market irked the investors, AVP – Technical Research at AnandRathi in an exclusive chat. 

“In addition, the Federal Open Market Committee (FOMC) announced that it will ramp up the speed at which it pares its bond purchases, putting the nation’s central bank on course to eliminate the emergency quantitative easing (QE) program a few months earlier than expected, Kothari also said while mentioning that this added further panic in the markets. 

Here is a list of 12 data points that will help you in making a profitable trade 

Key support and resistance levels for Nifty50:  

The Nifty50 closed 0.4 per cent lower at 17,003. Key Pivot points (Fibonacci) support for the index is placed at 16929, 16870, 16777, and while resistance is placed at 17116, 17175, and 17269. 

Key support & resistance levels for Nifty Bank:  

The NiftyBank closed 0.95 per cent lower at 34,857. Key Pivot points (Fibonacci) support for the index is placed at 34638, 34462, 34178 while resistance is placed at 35207, 35382, and 35667. 

Gross Open Interest:  

Open Interest means the number of contracts open or outstanding in futures trading in NSE at any one time. One seller and one buyer together create one contract.  

Here the gross values of Open Interest Positions taken by the four participants namely Client are the retail individual investors who invest in the derivatives instruments, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the proprietors and brokerage firms who trade on their own behalf.  

Options Data:  

On Option front, Maximum Call OI is at 18000 then 17000 strike while Maximum Put OI is at 16500 then 16000 strike. Call writing is seen at 17200 then 17900 strike while Put writing is seen at 16500 then 16300 strike.  

“Option data suggests a wider trading range in between 16700 to 17300 zones,” Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.  

19 Stock seeing new Long Positions:  

If price increases and open interest increases, then participants are having more of long positions.  

72 stock witnessing Long Cover, below are top 20:  

If the price decreases and open interest decreases, then participants are long covering their contracts.  

14 stocks witnessing short positions:  

If price decreases and open interest increases, then participants are having more of short positions.  

62 stock witnessing short covering, below are top 20:  

If the price increases and open interest decreases, then Participants are short covering their contracts.  

FII Activity:  

Foreign portfolio investors (FPIs) remained net sellers for Rs 715 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 43.24 crore, provisional data showed on the NSE.

Bulk Deals:  

Vedanta Limited: Vedanta Holdings Mauritius II Limited bought 4,43,43,139 equity shares in the company at the weighted average price Rs 340.4 per share on the NSE, the bulk deals data showed.  

Swan Energy Limited: Dovetail India Fund bought 24,74,000 equity shares in the company at the weighted average price Rs 148.5 per share on the NSE, the bulk deals data showed.  

Bright Solar Limited: Kalita Dilip Kumar sold 1,71,000 equity shares in the company at the weighted average price Rs 7.41 per share on the NSE, the bulk deals data showed.  

Alankit Limited: Shree Gajraj Finlease Private Limited sold 9,00,000 equity shares in the company at the weighted average price Rs 14.2 per share on the NSE, the bulk deals data showed.  

Stocks under F&O ban on NSE  

Three stocks: Indiabulls Housing, Escorts, and Idea are placed under the F&O ban on Monday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.  

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)  



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