Consolidation was seen in the whole day of trading yesterday i.e. March 24 and the market closed with a slight decline at the end of trading. But small-medium stocks appeared to outperform the giants. In yesterday’s trade, Nifty Midcap closed with a gain of 0.6 per cent and Smallcap by 0.4 per cent. Banks and financials and auto stocks put pressure on the market. In yesterday’s trade, Sensex closed 89 points down at 57,596 level. At the same time, Nifty50 fell 23 points to close at 17,223 level. But it closed above the opening level and formed a bullish candle on the daily chart.
Nagraj Shetty of HDFC Securities Says that a long positive candle is forming with light upper shadow at lower levels on the daily chart. Technically this pattern means that Nifty can be seen trading in a broad range of 17400-17100. Being around the lower levels, the possibility of a bounceback in the coming trading sessions cannot be ruled out.
Nagraj Shetty also says that broader uptrend status for Nifty is maintained. We are seeing positive sequences like higher top and higher bottom on the daily chart. If there is any downside in Nifty, then there is a strong support for it at 17,000-16,900. But there is a strong possibility that the market may move higher towards 17,400-17,500 levels in the near term.
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Here we are giving you some such data, on the basis of which it will be easy for you to catch profitable deals. Please note here that the Open Interest (OI) and Volume of Stocks figures in this story are the sum total of three months’ data, not just the current month.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17112 and after that the second support is located at 17001. If the index moves upwards then it may face resistance at 17313 then 17402.
The first support for Nifty Bank is located at 35313 and after that the second support is located at 35,099. If the index moves upwards then it may face resistance at 35849 then 36171.
Better signals from global markets
Global cues are looking better on the last trading day of the week. Most of the Asian markets are trading higher. SGX Nifty is seeing gains. There was a good rally in the US markets yesterday. The Nasdaq was up nearly 2%. Indian markets are getting support due to the softening of crude. Yesterday the US markets closed with gains. The Dow had seen a rise of about 350 points. The S&P 500 was up 1.43% and the Nasdaq 1.93%. At the same time, almost flat trading is being seen in US futures. There are also better signals from Asian markets. On the other hand, the prospects of Iran deal have softened crude oil. Brent has slipped below $118. At the same time, gold on Comex is at a 1-week high. The price of gold has crossed $1963. 10Yr US bond yield nears 3-year high. The yield on the 10Yr US bond stands at 2.36%.
NATO again assured help to Ukraine
NATO again assured aid to Ukraine yesterday. The US President said that if Russia used CHEMICAL and BIOLOGICAL weapons, we would respond. Russo-Ukraine fighting continues today for the thirtieth day.
Petrol, diesel costlier by 80 paise/litre
Petroleum companies have made petrol and diesel costlier by 80 paise. Due to the third increase in 4 days, their prices have increased by two rupees and 40 paise. Rating agency MOODYS has said that there has been a loss of revenue of about 19000 crores due to not raising the price between November and March.
Big block deal in MTAR TECH today
There will be a big block deal in MTAR TECH today. Deals can be done at 3 to 5% discount. A PE investor is selling shares up to Rs 300 crore.
Strategy of Manas Jaiswal Nifty and Bank Nifty of manasjaiswal.com
strategy on nifty
Sell Under 17140, SL-17215 TGT 17000
Buy above 17300, SL 17200 TGT 17500
Strategy on Bank Nifty
Sell Bank Nifty below 35375, SL 35700 TGT 34800
Buy Bank Nifty above 36000, SL 35700 TGT 36600
call option data
The maximum call open interest of 56.28 lakh contracts has been seen at the 18000 strike, which will act as an important resistance level in the March series. After this, the highest call open interest of 41.99 lakh contracts is being seen at 17,500. At the same time, there is a call open interest of 31.04 lakh contracts at the strike of 17200.
Call writing was seen on the strike of 18300. 29.53 lakh contracts were added to this strike. After that 20.11 lakh contracts have been seen getting added even at 17200. At the same time, 19.98 lakh contracts were added even at 17,500.
The maximum call unwinding was seen at the strike of 16300. This was followed by the highest call unwinding at the strike of 17000 and then 116400.
put option data
The maximum put open interest of 54.98 lakh contracts has been seen at the strike of 16000, which will act as an important support level in the March series. After this, the highest put open interest of 40.94 lakh contracts is being seen at 16500. At the same time, there is a Put Open Interest of 37.83 lakh contracts at the strike of 17000.
Put writing was seen on the strike of 17200. 15.41 lakh contracts were added to this strike. After that 8.41 lakh contracts have been seen getting added even at 16,800. While there are 5.71 lakh contracts attached at 16,700.
The maximum put unwinding was seen at the strike of 17000. This was followed by the highest put unwinding at the strike of 17400 and then 18000.
Stocks with High Delivery Percentage
These include the names of ICICIGI, Kotak Bank, Crompton, GMR Infra, HUL. A high delivery percentage is an indication that investors are showing interest in those stocks.
58 stocks showed long build-up
A rise in open interest as well as a rise in prices usually leads to the formation of a long position. On the basis of open interest futures percentage, 58 stocks saw long build-up in yesterday’s trade. These include the names of LTTS, Oberoi Realty, Persistent and NTPC.
Long unwinding seen in 19 stocks
Long unwinding is usually predicted by a fall in open interest as well as a fall in prices. On the basis of open interest futures percentage, the 19 stocks which saw the maximum long unwinding in yesterday’s trade include the names of M&M, Balrampur Chini, Balkrishna Industries, Ramco Cement and Nifty.
72 stocks showed short build-up
A rise in open interest as well as a fall in prices usually indicates a short build-up. Kotak Bank, Finn Nifty, Crompton, L&TFH are among the 72 stocks that saw the maximum short build-up in yesterday’s trade on the basis of open interest futures percentage.
Short covering seen in 51 stocks
A fall in open interest along with an increase in prices usually indicates short covering. Zee Entertainment, UltraTech Cement, TCS and SAIL are among the 51 stocks that saw the highest short covering in yesterday’s trade on the basis of open interest futures percentage.
FII and DII figures
Foreign institutional investors sold Rs 1740.71 crore in Indian markets on March 24. On the other hand, domestic institutional investors bought Rs 2,091.07 crore on this day.
Stocks coming under F&O ban on NSE
On March 25, 7 stocks are under F&O ban on NSE. These include the names of Balrampur Chini Mills, Delta Corp, Indiabulls Housing Finance, Vodafone Idea, L&T Finance Holdings, SAIL and Sun TV Network. It is to be noted that the stocks included in the F&O segment are put in the ban category if the positions of the securities exceed their market wide position limits.
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