BackTrade setup for Friday: Key things to know before stock market's Opening Bell today
Trade setup for Friday: 17,696 to 17,345 could be the band for the Nifty in the near term, believe stock market experts
PremiumTrade setup for Friday: After swift rise on previous session, weak global cues pulled down Indian stock market on Thursday. NSE Nifty lost 216 points and closed at 17,542, BSE Sensex ended 770 points lower at 58,766 whereas Nifty Bank index finished at 39,301 levels, 235 points lower from its close on previous session. Volumes on the weekly F&O expiry day were higher than the recent average. Among sectors, telecom, realty and capital goods indices rose the most while oil & gas, metals and IT indices fell the most. Broad market outperformed as mid-cap and small-cap indices rose 0.57 per cent and 0.48 per cent respectively and advance decline ratio was in the positive at 1.08:1.
On last session of this truncated week, here we list out key things that you should know before stock market's opening bell today:
Global markets cues
On Wall Street, Dow Jones finished 0.46 per cent higher, Nasdaq shed 0.26 per cent, S&P 500 added 0.30 per cent whereas Small Cap 2000 crashed 1.61 per cent. Global factory activity slumped in August as Russia's war in Ukraine and China's zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday, although there were indications cost pressures were starting to ease.
Asian markets cues
In early morning session on Friday, Japan's Nikkei went off 0.18 per cent whereas Chinese Shanghai was down 0.15 per cent.
SGX Nifty technical outlook
SGX Nifty is trading flat in early morning deals on Friday. The index is quoting 7 points down at 17,611 in the opening bell.
Nifty technical outlook
"Nifty failed to build on to the large gains made on the previous day. Global sentiments have been able to halt the rallies in India over the past few weeks, though the broader market seems positive. 17696-17345 could be the band for the Nifty in the near term," said Deepak Jasani, Head of Retail Research at HDFC Securities.
Nifty Bank technical outlook
Speaking on Nifty Bank technical outlook, Vaishali Parekh, Vice President - Technical Research at Prabhudas Lilladher said, "Immediate support for Bank Nifty is placed at 38,850 to 38,900 levels whereas the banking index is facing hurdle at 39,800 to 39,850 that means the index is expected to trade in near 1,000 range on Friday session."
Nifty Call Option data
As per data shown by nseindia.com at 3.30 pm on 01 September, major total Call open interest was seen at 17600, 17700 and 17800 strikes with total open interest of 42227, 49973 and 56591 contracts respectively. Major Call open interest addition was seen at 17700 and 17800 strikes which added 35380 and 35781 contracts respectively. No major Call unwinding was seen at strikes ranging from 17300 to 17800.
Nifty Put Option data
Major total Put open interest was seen at 17500 and 17400 strikes with total open interest of 44021 and 28774 contracts respectively. Major Put open interest addition was seen at 17400 and 17200 strikes which added 4338 and 9837 contracts respectively. Major Put unwinding was seen at 17300 strike which shed 27405 contracts.
Nifty Bank Call Option data
Major total Call open interest was seen at 39500 and 39600 strikes with total open interest of 45461 and 20161 contracts respectively. Major Call open interest addition was seen at 39500 strike which added 22094 contracts respectively.
Nifty Bank Put Option data
Major total Put open interest was seen at 39000 and 38500 strikes with total open interest of 33698 and 24604 contracts respectively. Major Put open interest addition was seen at 39000 strike which added 15912 contracts. No major Put unwinding was seen at Strike ranging from 38700 to 39700.
FII DII data
Foreign institutional investors (FIIs) have net sold ₹2290.31 crore worth of shares, whereas domestic institutional investors (DIIs) have net bought ₹951.13 crore worth of shares on August 26, as per provisional data available on the NSE.
NSE F&O ban list
The National Stock Exchange (NSE) has added nil stock under its F&O ban list for trade date 2nd September 2022. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.
US bond yield
US 10 year bond yield is down by 0.30 per cent to 3.255 whereas US 30 year bond yield is down by 0.23 per cent to 3.366.
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