BackTrade setup: SGX Nifty, key things to know before stock market's Opening Bell today
The short-term trend is likely to remain strong as long as Nifty remains above 17,700, as per analysts
PremiumRising for a third straight day, benchmark BSE Sensex rose by about 322 points to close above the 60,000 level on Monday amid positive global equities. Meanwhile, the Nifty spurted by 103 points to settle at 17,936.
Stock market today: Key things to know before Opening Bell
Global Cues
Asian equities extended the global rally in risk assets amid speculation Tuesday’s US consumer price data will support bets that inflation there is near peaking. Stocks rose in Japan, Australia and South Korea.
Wall Street ended with solid gains Monday, continuing the upswing last week that snapped a three-week losing streak ahead to a release Tuesday on US consumer prices.
SGX Nifty
SGX Nifty indicates a gap-up opening for the Indian stock markets on Tuesday. Singapore 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
“On the higher end, Nifty found resistance before ending with a gain of ~0.60%. The daily momentum indicator RSI remains in the green crossover. The short-term trend is likely to remain strong as long as it remains above 17700. On the higher end, Nifty has resistance at 18000-18100 zone. Support is seen at 17880/17770," said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty Call option data
As per data on 12 September, major total Call open interest was seen at 18000, 18100 and 18200 strikes with total open interest of 147632, 84364 and 105729 contracts respectively. Major Call open interest addition was seen at 18200 and 18300 strikes which added 24835 and 23338 contracts respectively. Call unwinding was seen at 17800 and 17900 strikes which shed 18353 and 24065 contracts respectively.
Nifty Put option data
As per data shown by nseindia.com at 3.30 pm on 12 September, Major total Put open interest was seen at 17900 and 17800 strikes with total open interest of 123317 and 112481 contracts respectively. Major Put open interest addition was seen at 17900 and 17800 strikes which added 53446 and 36509 contracts respectively.
FII DII data
Foreign institutional investors (FIIs) net bought ₹2,049 crore worth of shares, whereas domestic institutional investors (DIIs) net sold ₹890 crore worth of shares on September 12, as per provisional data available on the NSE.
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