Zee Business Stock, Trading Guide: Indian markets extended gains for the second consecutive session on Tuesday with sectoral indices each rising 1% amid positive global cues. Sensex rose 579 points or 0.98 percent to 59,720 and Nifty50 settled 194 points or 1.1 percent higher to 17,816.
Ajit Mishra, vice-president, research, Religare Broking, said the benchmark witnessed an opening gap and continued to trade on a positive bias throughout the day. The rally was largely led by healthy buying across sectoral indices in which pharmaceuticals, real estate, autos and metals were the main gainers, it added.
Mishra believes all eyes will be on the US Fed’s FOMC (Federal Open Market Committee) meeting scheduled for tomorrow in which there are high expectations that the Fed will raise rates by 75 basis points. Therefore, the FED rate decision will dictate the market trend.
Meanwhile, investors will continue to monitor global cues, crude oil and currency movement, the market analyst also advised.
Here is a list of things to consider on September 15, 2022
Technical view of Nifty
By Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan at BNP Paribas
As for the Fibonacci retracement, Nifty bet on the deep retracement of the recent decline. It approached the 78.6% retracement, where it attracted a fresh round of selling. The hourly upper Bollinger Band contract also acted as a barrier near the key Fibonacci level.
Structurally, the Nifty looks poised to form the next downward leg. On the downside, the index is set to retest the 17400-17500 support zone with the potential to breach it and fall towards 17200 thereafter. On the upside, the short-term resistance zone lies between 17920 and 17950
Key support and resistance levels for Nifty50:
The Nifty50 closed 1.1% higher at 17,816.25. Key pivot points (Fibonacci) support for the index is placed at 17759, 17718 and 17651 while resistance is at 17893, 17934 and 18001.
Key support and resistance levels for Nifty Bank:
The Nifty Bank closed 1.38 percent lower at 41,468.30. Key pivot point support (Fibonacci) for the index is placed at 41271, 41160 and 40980 while resistance is at 41630, 41741 and 41921.
Gross open interest:
Open interest means the number of open or pending futures contracts on NSE at one time. A seller and a buyer together create a contract.
Here, the gross values of the open interest positions taken by the four participants, i.e. Clients are Clients are Retail Individual Investors who invest in Derivatives, DIIs are Domestic Individual Investors, FIIs are Institutional Investors foreigners and professionals are the owners and brokerage firms that trade. in own name
Image source – Stockedge
Actions in News
Jindal Stainless’s board will consider raising funds through debt securities on September 23.
M&M proposes to acquire an additional 17.41% stake in Swaraj Engines from Kirloskar Ind; the company’s stake in Swaraj Engines would increase from 34.72% to 52.13%.
The Central Bank of India is outside the ambit of RBI’s Prompt Corrective Action (PCA) framework.
The promoter of the ACC creates a pledge on 56.69% of the capital on September 15.
The promoter of Ambuja Cements creates a pledge on 63.15% of the capital on September 15.
SpiceJet Statement: In a temporary cost rationalization measure, SpiceJet has decided to place certain pilots on leave without pay for a period of three months.
NBCC secures a total business of Rs 274.77 crore during August 2022.
Tata Steel Ltd issues NCDs amounting to Rs 500 cr at a fixed coupon of 7.50% per annum and NCDs amounting to Rs 1,500 cr at a fixed coupon of 7.76% per annum.
Wipro partners with Finastra to provide digital solutions to corporate banks in India.
Hero MotoCorp and HPCL are partnering to set up charging infrastructure for electric vehicles.
FII activity on Tuesday:
Foreign portfolio investors (FPIs) remained net buyers for Rs 1196.19 crore in Indian markets, while domestic institutional investors (DIIs) were net buyers for Rs 131.94 crore, provisional data from the NSE
FII Index and F&O Securities:
Image source – Stockedge
Best Agrolife Limited: Quant Mutual Fund bought 3,22,000 equity shares of the company at the weighted average price of Rs 1,239.04 per share on the NSE, bulk bid data showed.
Veekayem Fash & App Ltd: Jay Chloro Chem Private Limited sold 32,000 equity shares of the company at the weighted average price of Rs 44.03 per share on the NSE, bulk offers data showed.
Kshitij Polyline Limited: Shalabh Jalan HUF sold 1,10,000 equity shares of the company at the weighted average price of Rs 111.45 per share on the NSE, bulk offers data showed.
Art Nirman Limited: Shakkarbhai Desai Amratbhai sold 1,50,000 equity shares of the company at a weighted average price of Rs 106 per share on the NSE, bulk offers data showed.
Shares under F&O ban on NSE
Delta Corp, Escorts, RBL Bank, India Cement and PVR are under F&O ban on Wednesday. F&O segment blackout period securities include companies where the value has exceeded 95 percent of the market-wide position limit.