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Will Nifty start the new F&O series higher?  Discover the main market indices ahead of Friday’s session

Indian stock indexes ended a choppy session with gains in oil and gas, IT and pharmaceutical stocks, although losses in financials and autos limited the rise. Volatility prevailed as traders rushed to settle their positions ahead of the monthly F&O expiration due by the end of the session.

The 50-stock index closed the November F&O series down 1.8%, the first negative return in four months. Bank Nifty fell 5.4%.

What do the charts for Dalal Street suggest now?

The Nifty has formed a reasonable positive candle on the daily chart, but the overall negative trend remains intact, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“The Nifty is facing resistance around 17,550 to 17,600 levels, and a sustained rise above this hurdle could only open further towards 17,800 in the near term,” he said.


Key barrier

A key obstacle to watch is at 17,600, the junction of a swing high, 40-hour exponential moving average and the hourly upper Bollinger Band, said Gaurav Ratnaparkhi, head of technical research, Sharekhan at BNP. Paribas.

The index is expected to move towards the 17,800 mark in the near term once it breaks through the 17,600 hurdle, said Ratnaparkhi, who expects the 17,350-17,300 band to serve as support for the index. short term.

Here are the key things to know about the market ahead of Friday’s session:

Global markets

European shares rose on Thursday as French spirits maker Remy Cointreau surged after strong earnings prospects. Investors have invested in defensive sectors amid concerns over the surge in coronavirus cases across the continent. The pan-European Stoxx 600 index climbed 0.1% for the last time. Futures on the S&P 500 also rose 0.1%. Wall Street was closed for the Thanksgiving holiday.

What to expect on Dalal Street

HDFC Securities’ Shetti believes Thursday’s rebound could help the bulls return. “The next two important resistances to watch in the short term are around 17,600 and 17,800. Buyings at lower levels are expected if there is a dip,” he said.

Santosh Meena, head of research at Swastika Investmart, believes the index tries to stay within its 20 week exponential moving average after some corrections but the overall texture remains weak.

“Short coverage can be expected towards the critical supply area of ​​17,800 to 17,850. The bearish view will be canceled if Nifty manages to hold above 17,850, otherwise there is a good chance that ‘There is a new sell off with critical support at 17,100, followed by the next support at 16,700, “he said.

Key levels to watch

clever50: The index finds immediate support at 17,350 and meets resistance at 17,650, according to Sachin Gupta, AVP-Search at Choice brokerage.

Smart bank: For the banking index, support is expected at 37,000-36,650 levels and resistance at 38,000, he said.

Foreign Institutional Investors (FII) unloaded Indian stocks worth Rs 2,300.7 crore on Thursday. However, domestic institutional investors made net purchases of Rs 1,367.8 crore, according to provisional exchange data.

Maximum open interest for the call increased from 18,000 to the strike price of 17,700, with more than a lakh of contracts. TThe maximum open interest put up is now 17,500, down from 17,000, with contracts worth 1.3 lakh, according to data from NSE.

This suggests that we can expect resistance at 17,700 and support at 17,500.

Here are five stocks that saw an increase in open interest as well as price, suggesting an accumulation of long positions:

symbol Current OI CMP Price change (%) Change of IO (%)
MOTHER SUMI 1 11 86,000 231.05 2.23% 54.44%
TATACONSUM 25.94.700 806.9 0.85% 45.60%
MARICO 14.85,000 548.5 0.49% 42.76%
ULTRACEMCO 3 55,700 7,611.60 0.57% 37.22%
INFY 96.98,700 1,722 1.49% 34.95%

Long process

symbol Current OI CMP Price change (%) Change of IO (%)
JKCEMENT 28 175 3 341.70 -1.07% -81.37%
ATUL 11,475 8 570 -0.05% -55.56%
TORRENTIAL POWER 7 68,000 550.05 -0.36% -47.46%
RECLTD 89 04 000 133.8 -0.96% -44.95%
BOSCHLTD 39,000 16,787.10 -1.03% -44.23%

(Decrease in open interest and price)

Short cover

symbol Current OI CMP Price change (%) Change of IO (%)
APLLTD 4,62,550 786.25 0.58% -47.21%
TATAMOTORS 1,47,97,200 495 0.94% -46.84%
GRASIM 8 93,000 1765 0.98% -41.28%
GMRINFRA 3,31,42,500 39.45 0.38% -38.90%
CHAMBLFERT 2.68.500 401.2 5.54% -34.64%

Short construction

symbol Current OI CMP Price change (%) Change of IO (%)
LT 26 78 925 1850.85 -0.67% 43.79%
AMBUJACEM 38.58,000 389.9 -0.85% 39.15%
SHREECEM 51,800 26,585.85 -0.97% 37.21%
ASIAN PAINTING 6.54.750 3 137 -0.52% 36.01%
MARUTI 4.37.700 7,595 -1.01% 32.85%

(Increase in open interest and decrease in price)

Escorts, Torrent Power, Carborundum Universal, GlaxoSmithKline Pharma, Chalet Hotels and Raymond were among 13 stocks on the BSE 500 index that hit 52-week highs.

52 week trough

Four stocks from the broadest gauge of the stock market bottomed: Hero MotoCorp, Colgate Palmolive, Spandana Sphoorty Financial and Swan Energy.

NSE’s India VIX index – which assesses short-term volatility expectations – fell 2.5% to 16.7 on Thursday, after jumping 5.7% during the session..


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