Zee Business Stock, Trading Guide: Indian markets ended Monday in a small gain after a range-bound trading session. The BSE Sensex was up 300 points, or 0.5 percent, to 59,141 and the Nifty50 was up 91 points, or 0.5 percent, to 17,622 today
The Nifty Index staged a quick recovery in the first hour after the initial decline and remained range bound thereafter, said Ajit Mishra, VP – Research, Religare Broking, adding that the sectoral trend was mixed as banks, FMCG and Auto buying interest recorded while real estate, energy and metals declined.
Mishra expects the volatility to continue amid the weak global cues, so taking positions on both sides is prudent. Banks and financials are performing well, as expected, and selective buying is visible in autos and FMCG even on dips, he added. “Those involved should align their positions accordingly.”
From a technical perspective, the Nifty has entered short-term corrective mode over the past week, continuing last week’s bearish momentum, the index slipped in first trade on Sept. 19, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said in his comment.
“It went down to test the 40 DEMA which brought some buying support. As a result, the Nifty jumped toward the 20 DMA, which served as the cap for the day,” Ratnaparkhi added.
Here is a list of things to look out for on September 15, 2022
Technical view of Nifty, Nifty Bank
By Rupak De, Senior Technical Analyst at LKP Securities
Nifty remains range bound as investors await the FOMC result due this week. On the downside, Nifty found support above 17400 while bears protected the 17700 level. The trend should remain sideways in the short term.
Support for Nifty50 stands at 17350-17400, a drop below 17350 could trigger a correction towards 17000. On the upside, 17700 could act as a key resistance. A decisive move above 17700 could trigger a rally towards 17900/18100.
By Kunal Shah, Senior Technical Analyst at LKP Securities
The Bank Nifty index has seen a consolidation in the 40,500-41,500 range and this is likely to continue ahead of the US FOMC meeting due this week.
On the derivatives side, the highest open interest is built on the call side at 41,500 and support is visible at 40,000 where the highest open interest is built on the put side. Traders should brace themselves for the volatility in the coming days and trade on both sides.
Key support and resistance levels for Nifty50:
The Nifty50 closed 0.52 percent higher at 17,622.25. Key pivot points (Fibonacci) support for the index lies at 17482, 17426 and 17335 while resistance lies at 17663, 17719 and 17810.
Key support and resistance levels for the Nifty Bank:
Nifty Bank closed 0.31 percent lower at 40,904.40. Key point (Fibonacci) support for the index lies at 40608, 40449 and 40191, while resistance lies at 41123, 41282 and 41540.
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
Kotak Mahindra Bank is listed as a payment gateway on the recently launched Income Tax Department’s TIN 2.0 platform
SAT Industries reviews and decides to sell the company’s stake on September 23.
Adani Enterprises raises Rs 100 crore through NCDs.
Natco Pharma Receives CTPR Launch Clearance from Delhi High Court. The Company estimates the current market size of CTPR containing products in India to be over Rs 2,000 crore.
The Future Supply Chain Board cancels plan to sell/sell inventory to explore other ways to restore business operations.
The CEAT Board is making NCDs (Non-Convertible Debentures) totaling Rs 150 Cr on a private placement basis.
Mishtann Foods is constructing a 1000 KLPD grain-based ethanol production facility in Gujarat. The estimated cost of the project is Rs 2,250 crore.
Bombay Dyeing’s Board of Directors is considering raising capital via a September 22nd rights issue.
Ircon International bag order worth Rs 256 cr from Mahanadi Coalfields.
Crompton Greaves approves sale of 6% stake in subsidiary Butterfly Gandhimathi Appliances via Offer-For-Sale (OFS).
Hatsun Agro Board of Directors approves raising of up to Rs 400 Cr through rights issue
FII Activity on Monday:
Foreign portfolio investors (FPIs) remained net buyers at Rs 312.31 crore in Indian markets while domestic institutional investors (DIIs) were net sellers at Rs 94.68 crore, preliminary data on the NSE showed.
FII Index and Stock F&O:
Image Credit – Stockedge
Kshitij Polyline Limited: Jaya Jalan sold 52,665 shares of the company at a weighted average price of Rs 106.15 per share on the NSE, bulk deals data showed.
Coastal Corp Limited-RE: Achanta Satyasree sold 25,558 shares of the company at a weighted average price of Rs 101.72 per share on the NSE, bulk deals data showed.
TRF Limited: Mansi Shares & Stock Advisors Pvt Ltd sold 57,546 shares of the company at a weighted average price of Rs 324.35 per share on the NSE, bulk deals data showed.
Ksolves India Limited: Deepali Verma sold 1,86,000 shares of the company at a weighted average price of Rs 400.08 per share on the NSE, bulk deals data showed.
Shares under F&O ban to NSE
Delta Corp, Escorts, RBL Bank, IndiaBulls Housing Finance, India Cement and PVR will be placed under the F&O ban on Tuesday. Restricted securities in the F&O segment include companies where the security has exceeded 95 percent of the market-wide position limit.