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Zee Business Stock, Trading Guide: The Indian markets managed to end marginally higher in a volatile trading session on Friday, in continuation of the prevailing consolidation phase. After the initial uptick, the benchmark inched gradually lower as the session progressed.
On Friday, the Nifty50 index closed at 17,558.9, up 36.5 points or 0.21 per cent higher, similarly, BSE Sensex too closed higher by over 59 points and 0.1 per cent to 58,833.87.
The market next week is expected to be jam-packed with activities, to begin with, India’s GDP growth rate and Global Manufacturing PMI will become key indicators to assess the state of the domestic economy, Apurva Sheth, Head of Market Perspectives, Samco Securities said.
From a global standpoint, markets can experience whipsaw movements as investors will be closely watching the US initial jobless claims and unemployment rate, Sheth further added.
Sheth believes that the levels around 17400 on the Nifty are likely to serve as make or break levels. A break below this level may result in a retest of the 17100 level. Until then, traders should have a mildly bullish outlook, analyst advised.
The uptrend will be continued as the return of FIIs amid the festive season comes in and the demand is expected to remain elevated, which could work in favour of the Indian markets, Sunil Damania, Chief Investment Officer, MarketsMojo said in his next week expectations.
PSE stocks have been amongst the top picks in the last week, while sentiments towards the IT sector remain feeble. Investors moved away from IT stocks as major players delayed/trimmed the variable pay component, hinting toward pressure margins that clouded the sector’s outlook, analyst said.
Here is a list of things to watch out for on 29th August 2022
Nifty Technical Outlook
Nifty50 index closed on a negative note following the formation of a bearish evening star candlestick pattern on a weekly timeframe. The short-term trend is still optimistic, but the markets still remain elevated from the means at the same time, so the upside is likely to be limited and the candlestick pattern indicates a minor profit booking fall.
Key support & resistance levels for Nifty50:
The Nifty50 closed 0.21 per cent higher at 17,558.90. Key Pivot points (Fibonacci) support for the index is placed at 17524.4, 17485.1, and 17421.5 while resistance is placed at 17651.6, 17690.9, and 17754.5.
Key support & resistance levels for Nifty Bank:
The Nifty Bank closed 0.09 per cent higher at 38,987.15. Key Pivot points (Fibonacci) support for the index is placed at 38869.71, 38754.0and 38566.7 while resistance is placed at 39244.3, 39360.01, and 39547.3.
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
Karnataka Bank’s 99.2% shareholders approve fundraise via debt issue
IRCTC withdraws E-tender for appointment of Consultant for Data Monetisation
RITES joint venture gets order worth Rs 361 cr from SouthernRailway
Laxmi Organic Industries – NCLT sanctions scheme of #merger by absorption of Acetyls Holdings & Yellowstone Chem
Canara Bank – Raises Basel III Compliant; issues Rs 2,000 crore Tier II bonds on Aug 25, 2022.
UltraTech Cement: Commissions #cement capacity of 1.3 mtpa at Dalla Cement Works, Uttar Pradesh.
FII Activity on Friday:
Foreign portfolio investors (FPIs) remained net sellers for Rs 51.12 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 453.59 crore, provisional data showed on the NSE.
FII Index and Stock F&O:
Image Source – Stockedge
Bulk Deals:
Astra Microwave Products: Gee Bee Securities Private Limited sold 4,36,616 equity shares in the company at the weighted average price Rs 356.52 per share on the NSE, the bulk deals data showed.
Orient Electric Limited: PGIM India Mutual Fund sold 13,08,014 equity shares in the company at the weighted average price Rs 261.79 per share on the NSE, the bulk deals data showed.
Party Cruisers Limited: Sahni Balvinder Singh bought 2,32,000 equity shares in the company at the weighted average price Rs 238.1 per share on the NSE, the bulk deals data showed.
Rolex Rings Limited: Kotak Funds – India Midcap Fund bought 4,31,679 equity shares in the company at the weighted average price Rs 1700 per share on the NSE, the bulk deals data showed.
Stocks under F&O ban on NSE
No stock is 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.
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