Trade setup for Tuesday, 19th July 2022: Key things to know before Opening Bell today | Mint
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Business News/ Markets / Stock Markets/  Trade setup for Tuesday, 19th July 2022: Key things to know before Opening Bell today
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Trade setup for Tuesday, 19th July 2022: Key things to know before Opening Bell today

Nifty has a strong support placed around 15,950 – 16,000 zones while on the upside resistance is placed around 16,500 – 16,580 zones, as per analysts

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India (REUTERS)Premium
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India (REUTERS)

Sensex, Nifty rose more than 1% to hit their highest in over a month on Monday as investors scooped up beaten-down technology and metal stocks, while the rupee plumbed new lows against the dollar earlier in the session. Sensex rallied 760 points to settle at 54,521. The Nifty advanced 1.4% to 16,278.

Global market cues

Asian shares were subdued Tuesday as Japan’s bourse struggled for traction while South Korea and Australia dipped.  On the other hand, Wall Street stocks fell Monday after an early rally petered out following a report that Apple plans to trim spending and hiring.

SGX Nifty 

SGX Nifty indicates a lower start to the Indian stock market on Tuesday. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.

Nifty Technical Outlook

“Volatility index India VIX lost 2.5% on Monday and ended at 17.16. The BSE Sensex added 760 points and finished Monday’s session at 54521. Nifty has surpassed its crucial resistance zone of 16,200 – 16,250 on Monday and registered its highest closing since 9 June. On the lower side, Nifty has a strong support placed around 15,950 – 16,000 zones while on the upside resistance is placed around 16,500 – 16,580 zones," said Chinmay Barwe, Head - Technical & Derivative Research at Profitmart Securities.

“The Nifty is currently placed at the key overhead resistance of previous opening downside gap of 13 June and also last swing high of around 16,200-16,300 levels. A sustainable move above this area could pull Nifty towards further swing highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

FII DII Data

Foreign institutional investors (FIIs) have net bought 156.08 crore worth of shares, whereas domestic institutional investors (DIIs) have net bought 844.33 crore worth of shares on July 18, as per provisional data available on the NSE.

Nifty Call Option data - Weekly options expiry 21 July 2022

As per data on 18 July, Maximum total Call open interest was seen at 16400, 16500 and 16600 strikes with total open interest of 89804, 105366 and 111459 contracts respectively. Maximum Call open interest addition was seen at 16400 and 16500 strikes which added 23622 and 25642 contracts respectively. Call unwinding was seen at 16100 and 16150 strikes which shed 27921 and 11243 contracts respectively, said Barwe of Profitmart Securities.

Nifty Put Option data - Weekly options expiry 21 July 2022

Maximum total Put open interest was seen at 16000, 16100 and 16200 strikes with total open interest of 128068, 103614 and 121560 contracts respectively. Maximum Put open interest addition was seen at 16100 and 16200 strikes which added 85341 and 113084 contracts respectively. No major Put unwinding was seen at strikes ranging from 15900 to 16500.

 

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Published: 19 Jul 2022, 06:48 AM IST
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