Due to selling pressure in the second half of the trading session, the market lost some of the gains of the previous trading day in yesterday’s trade and closed with a fall of about half a per cent. Yesterday i.e. 23 March trading saw selling in banking, auto, select FMCG and IT stocks. At the end of trading, Sensex closed at the level of 57,685, breaking more than 300 points. At the same time, Nifty closed 70 points down at 17,246 level and it formed a bearish candle on the daily chart.
Nagraj Shetty of HDFC Securities Says that after the higher opening, a long negative candle was seen forming on the daily chart. Technically this is a sign that there is a strong resistance near 17,500. However, the pattern of the last 4 trading sessions indicates that an alternate candle pattern of positive and negative has formed. Which is indicating towards the movement of Nifty in a wide range of 17,400-17,000. He further says that the short term uptrend status of Nifty is maintained. On the daily time frame chart, positive chart patterns like higher highs and lows are active.
Nagraj Shetty says that if the Nifty declines from here, then in the short term it is showing support at 17,100-17,000. On the other hand, if it shows an upward trend by breaking the first resistance of 17,500, then it can see the level of 17,650 and then 17,800.
Here we are giving you some statistics on the basis of which it will be easy for you to catch profitable deals. It should be noted 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.
Weak cues from global markets
Global markets are showing weak signals. There is a slowdown in Asia. SGX NIFTY is trading lower. There was a sharp fall in the US markets yesterday due to the rise in crude. DOW JONES had slipped about 450 points. The S&P 500 lost 55 and the Nasdaq lost 186 points. However, there is a slight increase in US futures.
Crude crosses 122/dollar
There has been a strong jump in crude due to supply disruption from the Caspian Pipeline. Its price has crossed $122. On the other hand, the prices of petrol and diesel have not increased in the country today. But in Delhi NCR, the prices of PNG and CNG have been increased by Re 1 per unit.
Impact of inflation and Ukraine crisis on gold prices
The impact of inflation and Ukraine crisis is being seen on gold prices. Gold price on NYMEX is showing above $1948. Bond yields have slipped from 3-year highs. The 10-year US bond yield is seen at 2.32%.
Analyst expects 14-39% return in these 5 stocks with buy rating, do you also have these stocks
Important meeting of NATO, G7 on Ukraine issue today
Important meeting of NATO and G7 on Ukraine issue is going to be held today. US President Joe Biden has arrived in Europe to attend the meeting. Ukraine’s President Zelensky will also attend the NATO meeting, in which a decision may be taken on imposing new sanctions on Russia.
Relief to ZEEL, INVESCO will not call EGM
There has been a big reversal in the Zee-Invesco case. INVESCO has decided not to convene the EGM and said that the Sony deal served a lot of purposes. But it also said that if the merger is not done under the current proposal, then there is a right to call the EGM again.
BIG BLOCK DEAL IN KOTAK MAHINDRA BANK today
There will be a big block deal in KOTAK MAHINDRA BANK today. Canadian Pension Fund will sell 4 crore shares. These deals can be had at a discount of up to 5%. The fund is selling 32% of its holdings.
FPO of RUCHI SOYA open from today
Ruchi Soya’s Rs 4300 crore FPO is opening from today. Its price band is Rs 615 to 650 per share. Thereafter, the promoter’s share will come down from about 99% to 81%. The company has raised Rs 1290 crore from anchor investors.
Strategy of Manas Jaiswal of manasjaiswal.com on Nifty and Bank Nifty
Sell below 17190 in Nifty, SL – 17300, Target – 17000
Buy above 17350, SL- 17264, Target- 17500
Sell below 36000 in Nifty Bank, SL- 36300, Target- 35400
Buy Above 36500, SL- 36274, TGT- 36900
Strategy of Virendra Kumar of CNBC-Awaaz on Nifty and Bank Nifty
NIFTY The first register is at 17333-17376 and the second largest is at 17431-17474. For this the first base is at 17210-17165 and the second base is at 17051-16985. Nifty could not get out above 17500 yesterday due to sluggish buying. Indications for global markets and crude were not good. Short down to base 17177-132 first. Pullback is possible if Nifty slips to 17051-16985 and Nifty stays above the second base. If second base is broken, the fall will deepen. Signs of strength will come only above 17200-210.
There itself, NIFTY BANK The first resistance is showing at 36429-36610 and the second at 36840-36966. For this, the first base is visible at 35890-35710 and the second base is seen at 35470-35330. Banks remain under pressure when crude is bullish. There will be strength on exit above 36200. Sellers below 36200 will dominate. If first base is broken then 35470-35330 is also possible. If it goes below 35500 then 35000 is also possible.
Key support and resistance levels for Nifty
The first support for Nifty is located at 17,149 and after that the second support is located at 17,053. If the index turns upwards, then it may face resistance at 17,392 then 17,539.
The first support for Nifty Bank is located at 35,866 and after that the second support is located at 35,584. If the index moves upwards, then it may face resistance at 36,628 then 37,109.
call option data
The strike of 18000 has seen the maximum call open interest of 3.7 million contracts, which will act as a key resistance level in the March series. After this, the highest call open interest of 22.01 lakh contracts is being seen at 17500. At the same time, there is a call open interest of 15.57 lakh contracts at the strike of 17300.
Call writing was seen on the strike of 18,000. 6.65 lakh contracts were added to this strike. After that 3.87 lakh contracts have been seen getting added even at 17700.
The maximum call unwinding was seen at the strike of 17,000. This was followed by the highest call unwinding at the strike of 17,200 and then 17,100.
put option data
The maximum put open interest of 50.56 lakh contracts has been seen at the strike of 16,000, which will act as an important support level in the March series. After this, the highest put open interest of 38.76 lakh contracts is being seen at 17,000. At the same time, there is a Put Open Interest of 37.55 lakh contracts at a strike of 16,500.
Put writing was seen on the strike of 17300. 3.34 lakh contracts were added to this strike. After that 3.17 lakh contracts have been seen getting added even at 16,000. While 2.54 lakh contracts are attached at 16,200.
The maximum put unwinding was witnessed at the strike of 17,400. This was followed by the highest put unwinding at 17800 and then 18000 strike.
Stocks with High Delivery Percentage
These include the names of HDFC Bank, Godrej CP, Coromandel, Marico and Power Grid. A high delivery percentage is an indication that investors are showing interest in those stocks.
FII and DII figures
On March 23, foreign institutional investors bought Rs 481.33 crore in the Indian markets. On the other hand, domestic institutional investors sold Rs 294.23 crore on this day.
Stocks coming under F&O ban on NSE
On March 24, 6 stocks are under F&O ban on NSE. These include the names of Balrampur Chini Mills, Delta Corp, GNFC, Indiabulls Housing Finance, 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.
41 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, 41 stocks saw long build-up in yesterday’s trade. These include L&T FH, IDFC First Bank, Oberoi Realty, Synjin, Nam-India.
Long unwinding seen in 51 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 51 stocks which saw the maximum long unwinding in yesterday’s trade include the names of GNFC, Pfizer, Coromandel, Persistent.
56 stocks showed short build-up
A rise in open interest as well as a fall in prices usually indicates a short build-up. On the basis of Open Interest Futures Percentage, 56 stocks which saw maximum short build-up in yesterday’s trade include the names of Fin Nifty, HONOUT, Kotak Bank, Sun Pharma.
Short covering seen in 54 stocks
A fall in open interest along with an increase in prices usually indicates short covering. Alkem, DeltaCorp, Balrampur Chini, Dr Reddy’s and Tech Mahindra are among the 54 stocks that saw the highest short covering in yesterday’s trade on the basis of open interest futures percentage.
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