On March 4 i.e. on Friday, for the third consecutive day, there was a decline in the market and the Sensex-Nifty closed with a weakness of about 1.5 percent. The worsening situation of Ukraine-Russia war and rising crude oil prices are keeping the market under pressure. Selling was seen in all sectors except IT in the market on the last trading day. The biggest selling was seen in Bank Auto, Financial Services, FMCG and Metal.
The BSE Sensex had closed 769 points down at 54,334 on the last trading day. At the same time, Nifty closed at the level of 16,245 with a fall of 253 points. Nifty has shown a spinning top pattern indicating uncertainty in the market. Last week Nifty fell 2.5 per cent and it has formed a bearish candle on the weekly scale.
Mazhar Mohammad of Chartviewindia Says Nifty50 has made a spinning top formation with a huge trading range of 336 points. This is an indication of the volatility in the market. It seems that at the low level of 16,133 Nifty has touched the important support located at 16,130 on the medium term chart. If Nifty slips below 16,130, then the next support for it is seen at 15,850. The possibility of a pull back rally in the zone of 16100 – 15800 cannot be ruled out.
Mazhar Mohammad further says that in the short term, the Indian market will be seen in sync with the ups and downs of the global market. Any further downside in the market will be a good opportunity for long term investors to find good stocks. At the same time, it would be advisable for traders not to trade aggressively and keep themselves safe.
Like the giants, selling was seen in small and medium stocks on the previous trading day. Nifty Midcap 100 index closed with a weakness of 2 per cent. At the same time, the Smallcap 100 index closed with a fall of 1.8 percent.
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 16,101 and after that the second support is located at 15,956. If the index turns upwards, then it may face resistance at 16,423 then 16,601.
The first support for Nifty Bank is located at 33,969 and after that the second support is located at 33,529. If the index turns upwards, then it may face resistance at 34,972 then 35,537.
call option data
The maximum call open interest of 20.14 lakh contracts has been seen at the strike of 17000, which will act as an important resistance level in the March series. After this, the highest call open interest of 18.36 lakh contracts is being seen at 17500. At the same time, there is a call open interest of 15.58 lakh contracts at a strike of 16,500.
Call writing was seen on the strike of 16300. 5.34 lakh contracts were added to this strike. After that 2.91 lakh contracts have been seen to be added even at 16200.
The maximum call unwinding was seen on the strike of 16800. This was followed by the highest call unwinding at the strike of 17500 and then 16600.
put option data
The maximum put open interest of 42.96 lakh contracts has been seen at the 16500 strike, which will act as an important support level in the March series. After this, the highest put open interest of 42.52 lakh contracts is being seen at 16000. At the same time, there is a Put Open Interest of 34.71 lakh contracts at a strike of 15,500.
Put writing was seen at the strike of 16,200. This strike added 2.1 lakh contracts. After that 1.71 lakh contracts have been seen getting added even at 15,300. Whereas 1.54 lakh contracts are connected on 16300.
Maximum put unwinding was seen at 16500 strike. This was followed by the maximum unwinding of put at 16,600 and then 16,000 strike.
Stocks with High Delivery Percentage
These include the names of Marico, ICICIGI and HUL. A high delivery percentage is an indication that investors are showing interest in those stocks.
FII and DII figures
On March 4, foreign institutional investors sold Rs 7,631.02 crore in the Indian markets. At the same time, domestic institutional investors bought Rs 4,738.99 crore on this day.
Stocks coming under F&O ban on NSE
Not a single stock is under F&O ban on NSE as on March 7. 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.
Crude at 13-year high
There is a strong jump in crude prices due to fears of US sanctions on Russia’s oil and gas. Crude prices are looking at 13-year highs and Brent is looking near $126.
Bleeding markets around the world
The fire in crude has stirred the markets around the world. DOW FURUTES has rolled over 300 points. At the same time, SGX Nifty is down 2%. The Asian market is also bleeding. Meanwhile, the conflict between Russia and Ukraine has intensified. Heavy shelling continues even on the 12th day of the battle. The Russian military has warned neighboring countries that a country that has declared Ukraine a ‘no-fly zone’ will be considered involved in the war. Today will be the third dialogue between the two countries.
Axis, ICICI and HDFC Bank’s ADRs broke down
The huge volatility in the bond market across the world can also have an impact on Indian banks. ADRs of Axis Bank, HDFC Bank and ICICI Bank are down up to 7 per cent.
Gold shines in the fire of war
Gold has flourished in the fire of Russia-Ukraine war. In the international market, the price of gold is seen around $2000. Experts say that the price of gold in the domestic market can reach Rs 55000 per 10 grams.
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