On March 3, selling pressure was seen in the market for the second consecutive day. Due to the ongoing Russia-Ukraine war in Eastern Europe, crude oil prices have reached nearly 10-year highs, which is having an impact on the market. Banking, financial, auto and FMCG stocks put the biggest pressure on the market in yesterday’s trade.
BSE Sensex closed at 55,103 with a fall of 366 points yesterday. At the same time, Nifty fell 108 points and closed at 16,498 level. Nifty formed a bearish engulfing or inside bar-like pattern on the daily chart after the doji pattern formation of the previous trading session, indicating a continuation of negative sentiment in the market.
Nagraj Shetty of HDFC Securities Lets say that a long bear candle has formed on the daily chart which has covered the small range candle of the previous trading session. Technically, this situation is indicating a wide range of trades in the range of 16,750-16,450 in the market. The market is currently looking at the lower end of this range. This is a negative sign. In such a situation, if Nifty slips below 16,400, then it can go towards 16000.
Nagraj Shetty further said that the short term movement of Nifty looks quite volatile. In the short term, the market may see further downside. Nifty is likely to touch the recent swing lows around 16,200 in the next few trading sessions.
In yesterday’s trade, the broader market showed some better trading than the giants. The Nifty Midcap 100 index was down 0.4 per cent. At the same time, the Nifty Smallcap 100 index was down 0.35 per cent.
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 16371 and after that the second support is located at 16244. If the index moves upwards then it may face resistance at 16697 then 16896.
The first support for Nifty Bank is located at 34509 and after that the second support is located at 34073. If the index moves upwards, then it may face resistance at 35592 then 36239.
strategy on nifty
Talking about what is the strategy for today on Nifty, Virendra Kumar of CNBC-Awaaz said that its first resistance zone is 16560-16623 and the bigger resistance zone is 16666-16709. Its first base zone is 16448-16408 and the larger base zone is 16357-16318. FIIs Sold Heavy, Cash, F&O All Sold. Call writers now come up to 16500, OI is being added to 16000 puts. Said earlier also sell below 16550-490. Do not short after a heavy gap down.
strategy on nifty bank
Talking about the strategy for today on Bank Nifty, Virendra Kumar of CNBC-Awaaz said that its first resistance zone is 35260-35470 and the big resistance zone is 35677-35840. Its first base zone is 34668-34470 and the larger base zone is 34357-34201. Said both yesterday morning and evening that this is a market to sell. Call writers of 36000 have now come up to 35500-35000. Do not short after a heavy gap down. Had given targets below 34000-33800 yesterday.
call option data
The maximum call open interest of 24.27 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 20.76 lakh contracts is being seen at 17000. At the same time, at the strike of 17500, there is a call open interest of 20.17 lakh contracts.
Call writing was seen on the strike of 16500. 1.4 lakh contracts were added to this strike. After that 1.36 lakh contracts have been seen getting added even at 18,000.
The maximum call unwinding was seen at the strike of 17000. This was followed by the highest call unwinding at the strike of 16000 and then 17900.
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put option data
The maximum put open interest of 5 million contracts has been seen at the 16,500 strike, which will act as an important support level for the March series. After this, the highest put open interest of 44.4 lakh contracts is being seen at 16,000. At the same time, there is a Put Open Interest of 33.56 lakh contracts at a strike of 15,500.
Put writing was seen on the strike of 16600. 4.08 lakh contracts were added to this strike. After that 2.15 lakh contracts have been seen adding even at 15,000. Whereas 1.97 lakh contracts are connected at 17,500.
The maximum put unwinding was witnessed at the 15,500 strike. This was followed by the highest put unwinding at 16500 and then 16700 strike.
Stocks with High Delivery Percentage
These include the names of HDFC, McDowell N, Dabur, UltraTech Cement and LT. A high delivery percentage is an indication that investors are showing interest in those stocks.
FII and DII figures
On March 3, foreign institutional investors sold Rs 6,644.65 crore in the Indian markets. On the other hand, domestic institutional investors bought Rs 4,799.24 crore on this day.
Stocks coming under F&O ban on NSE
No stock is under F&O ban on NSE as on 4th March. 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.
28 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, 28 stocks saw long build-up in yesterday’s trade. These include the names of ONGC, Power Grid, VEDL and Intellect.
Long unwinding seen in 40 stocks
Long unwinding is usually predicted by a fall in open interest as well as a fall in prices. Mactowell-N, NBCC, MCX, Alkem and BEL are among the 40 stocks that saw the maximum long unwinding in yesterday’s trade on the basis of open interest futures percentage.
95 stocks showed short build-up
A rise in open interest as well as a fall in prices usually indicates a short build-up. Ultrasemco, Bank Nifty, Gujarat Gas and Escorts are among the 95 stocks that saw the highest short build-up in yesterday’s trade on the basis of open interest futures percentage.
Short covering seen in 36 stocks
A fall in open interest along with an increase in prices usually indicates short covering. GNFC, GAIL, Coal India, ITC and Wipro are among the 36 stocks that saw the highest short covering in yesterday’s trade on the basis of open interest futures percentage.
selling in global markets
Global markets are seeing a sharp decline due to the news of the attack on Ukraine’s nuclear plant. There is also selling in Asian markets. SGX NIFTY has slipped more than 400 points. DOW FUTURES has also slipped about 400 points. There was weakness in the US markets yesterday as well. US markets closed with a fall. The Dow was down 0.29% and the S&P 500 was down 0.53%. Nasdaq closed down 1.56%. There is news of a fire at a nuclear plant in Ukraine. Today the GDP figures of China will come.
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Crude oil softens, gold shines
Crude oil has cooled slightly from a 14-year high. Brent has slipped from $120 to $114. Prices softened on expectations of further supply support from Iran. But gold is showing strength. COMEX GOLD is looking near 1950 Dollar. Meanwhile, JP Morgan has said that the price of crude will remain at $112.
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