Zee Business Stock, Trade Guide: Indian markets witnessed a massive sell-off on Friday, ending nearly 2 percent lower. The S&P BSE Sensex fell 1093 points to close at 58,840 while the Nifty50 fell 346 points to close at 17,530.
The benchmark showed resilience in the early sessions, but fears of aggressive rate hikes and selling by foreign investors weighed on sentiment in recent trades, Ajit Mishra, VP – Research, Religare Broking, said in his note on the market last week.
Most sectors suffered, with the IT index falling sharply, shedding nearly 7 percent, the market analyst said, adding that broader indices also fell in the 1 to 1.5 percent range.
Believing that participants should stay loose and maintain positions on both sides, Mishra reiterated her preference for private banking counters and suggested using a correction to accumulate them in a staggered manner.
Conversely, IT and Pharma look weak to us and could be considered for short trades, Mishra added.
Here is a list of things to look out for on September 15, 2022
Technical view of Nifty
A breakdown of Nifty below 17,500 could push the index into the 17,150 zone. In the event of a recovery, the 17,800-18,100 zone would act as a hurdle.
However, the 14-day RSI has made a lower high. This suggests momentum is slowing. It appears that the Nifty could be facing severe headwinds now near its previous highs. The level of instant support is fixed at around 17,000 levels.
Key support and resistance levels for Nifty50:
The Nifty50 closed 1.94 percent lower at 17,530.85. Key point (Fibonacci) support for the index lies at 17492, 17416 and 17293, while resistance lies at 17739, 17815 and 17938.
Key support and resistance levels for the Nifty Bank:
Nifty Bank closed 1.05 percent lower at 40,776.80. The support of the major pivot points (Fibonacci) for the index lies at 40561, 40405 and 40153, while the resistance lies at 41066, 41221 and 41474.
Gross open interest:
Open Interest means the number of open or outstanding contracts in futures trading in NSE at any given time. A seller and a buyer together create a contract.
Here are the gross values of the open interest positions taken by the four participants, namely Client, Client are the retail investors investing in the derivative instruments, DIIs are domestic retail investors, FIIs are foreign institutional investors and Pro are the owners and Brokerage firms that act on their own behalf.
Image Source – Stockedge
stocks in news
Mahindra Group & Ontario Teachers’ enter into strategic renewable energy pact.
Logistics stocks in focus: PM Modi unveils the national logistics guideline, enabling timely last-mile delivery, saving manufacturers time and costs.
Adani Power withdraws its delisting offer.
Oil & Gas Stocks: Govt cuts windfall tax on crude oil to 10,500 rupees/ton.
SAL Steel concludes a 3-year supply contract with AIA Engineering.
Granules India proposed share buyback offer will open on September 27th and close on October 11th.
Shree Renuka Sugars: The expanded ethanol production capacity from 720 KLPD to 1250 KLPD is expected to be operational by December.
NCLT approves proposed merger between Exide Life Insurance Company and HDFC Life Insurance Company.
Maruti is recalling 5,002 Super Carry vehicles manufactured between May 4th and July 30th, 2022.
Ambuja Cement Appointments: Ajay Kapur as CEO; Gautam Adani is appointed Chairman and Karan Adani non-executive and non-independent director.
The Harsha Engineers IPO has drawn 74.7 times to date.
Aviation stocks: The DGCA says domestic airline passenger traffic rose 51% year over year in August, mainly due to a low baseline.
Strides Pharma is allocating approximately 1.51 lakh shares with a par value of 10 rupees each to Karuna Business Solutions
FII Activity on Friday:
Foreign portfolio investors (FPIs) remained net sellers at Rs 3260.05 crore in Indian markets while domestic institutional investors (DIIs) were net sellers at Rs 36.57 crore, preliminary data on the NSE showed.
FII Index and Stock F&O:
Image Credit – Stockedge
Ansal Housing and Construction: Housing Development Finance Corporation Limited sold 6,31,059 shares of the company at a weighted average price of Rs 6.73 per share on the NSE, bulk deals data showed.
Coastal Corp Limited-RE: Achanta Satyasree sold 14,043 shares of the company at a weighted average price of Rs 110.38 per share on the NSE, bulk deals data showed.
Embassy Office Parks REIT: New World Fund Inc bought 54,87,000 shares of the company at a weighted average price of Rs 351 per share on the NSE, bulk deals data showed.
Empyrean Cashews Limited: Prismx Global Ventures Limited sold 1,32,000 shares of the company at a weighted average price of Rs 270.1 per share on the NSE, bulk deals data showed.
Shares under F&O ban to NSE
RBL Bank, IndiaBulls Housing Finance, India Cement and PVR will be placed under the F&O ban on Monday. Restricted securities in the F&O segment include companies where the security has exceeded 95 percent of the market-wide position limit.