Zee Business Stock, Trading Guide: The Indian markets on Friday witnessed massive sell-off to end nearly 2 per cent lower. The S&P BSE Sensex fell 1093 points to end at the 58,840 level, while the Nifty50 fell by 346 points to close at the 17,530 level.
The benchmark showed resilience in the initial sessions however the fear of aggressive rate hikes and selling by the foreign investors dented sentiments in final trades, Ajit Mishra, VP – Research, Religare Broking said in his note on market last week.
Most sectoral witnessed pressure wherein IT index plunged sharply lower and shed nearly 7 per cent, the market analyst said, adding that the broader indices also lost in the range of 1-1.5 per cent.
Mishra feels that the participants should stay light and maintain positions on both sides and reiterated preference for private banking counters and suggest using correction to accumulate them in a staggered manner.
Conversely, IT and pharma look weak to us and can be considered for short trades, Mishra added.
Here is a list of things to watch out for on 15 September 2022
Technical View on Nifty
A breakdown below 17,500 in Nifty could push the index to the 17,150 zone. In case of any rebound, the 17,800-18,100 zone would act as a hurdle.
The 14-day RSI, however, has developed a lower top. This suggests that momentum is slowing down. It seems that the Nifty may face strong headwinds near its previous highs now. The degree of immediate support is set at about 17,000 levels.
Key support & resistance levels for Nifty50:
The Nifty50 closed 1.94 per cent lower at 17,530.85. Key Pivot points (Fibonacci) support for the index is placed at 17492, 17416, and 17293 while resistance is placed at 17739, 17815, and 17938.
Key support & resistance levels for Nifty Bank:
The Nifty Bank closed 1.05 per cent lower at 40,776.80. Key Pivot points (Fibonacci) support for the index is placed at 40561, 40405 and 40153 while resistance is placed at 41066, 41221, and 41474.
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 Clients 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.
Image Source – Stockedge
Stocks in News
Mahindra Group & Ontario Teachers’ enter into a strategic pact for renewable energy.
Logistics stocks in focus: PM Modi unveils National Logistics Policy says it will enable timely last-mile delivery, save time and costs of manufacturers.
Adani Power withdraws its delisting offer.
Oil & Gas stocks: Government reduces windfall tax on Crude to Rs 10,500/Tonne.
SAL Steel enters into a supply agreement for 3 years with AIA Engineering.
Granules India proposed share buyback offer will open on Sep 27 and close on Oct 11.
Shree Renuka Sugars: Expanded capacity for ethanol production, from 720 KLPD to 1250 KLPD, is expected to go on stream by Dec.
NCLT approves the scheme of amalgamation between Exide Life Insurance Company and HDFC Life Insurance Company.
Maruti to recall 5,002 super carry vehicles manufactured between May 4-July 30, 2022.
Ambuja Cement appointments: Ajay Kapur is CEO; Gautam Adani is Chairman and Karan Adani appointed Non-Executive and Non-Independent Director.
Harsha Engineers IPO subscribed 74.7x by last day.
Aviation Stocks: DGCA says domestic airline passenger traffic rose 51% YoY in August, mainly due to a low base.
Strides Pharma allots approximately 1.51 lakh shares of face value of Rs 10 each to Karuna Business Solutions
FII Activity on Friday:
Foreign portfolio investors (FPIs) remained net sellers for Rs 3260.05 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 36.57 crore, provisional data showed on the NSE.
FII Index and Stock F&O:
Image Source – Stockedge
Ansal Housing and Construction: Housing Development Finance Corporation Limited sold 6,31,059 equity shares in the company at the weighted average price Rs 6.73 per share on the NSE, the bulk deals data showed.
Coastal Corp Limited-RE: Achanta Satyasree sold 14,043 equity shares in the company at the weighted average price Rs 110.38 per share on the NSE, the bulk deals data showed.
Embassy Office Parks REIT: New World Fund Inc bought 54,87,000 equity shares in the company at the weighted average price Rs 351 per share on the NSE, the bulk deals data showed.
Empyrean Cashews Limited: Prismx Global Ventures Limited sold 1,32,000 equity shares in the company at the weighted average price Rs 270.1 per share on the NSE, the bulk deals data showed.
Stocks under F&O ban on NSE
RBL Bank, IndiaBulls Housing Finance, India Cement and PVR 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.