Will Nifty50 withdraw 17,500 soon? Check out the main market indices ahead of Thursday’s session

India’s equity benchmarks extended gains for a second straight day on Wednesday, led by financials, IT and auto stocks, and heavyweights such as Reliance Industries and Bharti Airtel.

What do the charts suggest for Dalal Street now?

According to Rupak De, Senior Technical Analyst at LKP Securities, the Nifty50 formed a green candle after a dragonfly doji pattern on the daily chart, suggesting a near-term bullish reversal.

“Immediate resistance is visible at 17,530, a decisive move above that could induce a rally towards the recent high of 17,775-17,800. Support is placed at 17,315,” he said.

More card benefits?

The breakout formation of the 50 scrip index indicates a continuation of a bullish trend in the near future, said Shrikant Chouhan, head of equity research (retail) at Kotak Securities. It maintains a higher bottom formation on the intraday chart in an overall positive sign, he said.

“For traders, 17,365 would be the decisive level of the trend, above which the index could rise to the levels 17,550-17,625. However, if it is trading below 17,350, the strong possibility a quick correction down to 17,300-17,240 is not ruled out,” he said.

Here are the key things to know about the market ahead of the February 10 session:

Clever SGX

At 7:47 a.m. Thursday, Singapore Stock Exchange (SGX) Nifty futures – an early indicator of the Nifty index – rose 32.5 points or 0.2% to 17,516.5, suggesting a positive open ahead. the RBI policy statement.

Global Markets

Equities in other Asian markets were mixed on Thursday as investors awaited the release of consumer inflation data from the United States later in the day. MSCI’s broadest index of Asia-Pacific stocks outside Japan rose 0.2% at the latest count.

Japan’s Nikkei 225 rose 0.1%, but China’s Shanghai Composite fell 0.1% and Hong Kong’s Hang Seng fell 0.3%.

S&P 500 futures fell 0.3%. On Wednesday, Wall Street’s three major indexes jumped 0.9 to 2.1%, boosted by a surge in growth stocks thanks to a pause in rising interest rates. Upbeat earnings reports also contributed to investor confidence.

What to expect in Dalal Street

Analysts await RBI policy results mid-quarter for near-term guidance.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities, believes that the Nifty’s short-term trend has reversed to positive. He sees chances for further upside towards the 17,600-17,700 levels in the coming sessions, with immediate support at 17,350.

“However, the overall chart pattern suggests the likelihood of lower upper formation weakness below 17,800,” he said.

Independent technical analyst Manish Shah opines that the market may not be expecting anything negative from the RBI.

“The Nifty offers good risk-reward at current levels… It should see a rally to 17,670-17,700, which when broken should lead to levels of 18,050-18,100,” he said. declared.

Main levels to monitor

Hem Securities’ Head-PMS, Mohit Nigam, raised the following levels:

Index Immediate Resistance Immediate assistance
Nifty50 17,550 17,300
Clever bank 38,900 38,000

Provisional trading data shows Foreign Institutional Investors (FIIs) sold Indian shares worth Rs 892.6 crore on Wednesday. However, domestic institutional investors (DIIs) saved the day, making net purchases of Rs 1,793.4 crore.

The exchange data shows the accumulation of maximum call open interest at the strike price of 18,000, with 1.5 lakh contracts, and 17,700, with 1.4 lakh contracts. On the other hand, the maximum sell open interest is placed at 17,000 and 17,400, with contracts of 1.2 lakh each.

This suggests major resistance at 17,700 and 18,000, and significant support only at 17,400.

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

symbol Current IO CPM Price change (%) Change in OI (%)
Crompton 29,13,900 407.5 0.22% 21.14%
COALINDE 3,75,18,600 164.15 4.65% 17.14%
HDFC 1,85,26,500 2,453.75 1.21% 14.87%
MARUTI 26,49,200 8,931.95 3.99% 13.58%
BOSCHLTD 1,29,050 16,300.10 1.30% 10.81%

Long relaxation

symbol Current IO CPM Price change (%) Change in OI (%)
BANQUEARODA 14,77,59,300 115 -2.67% -2.89%
ICC 17,95,93,600 225.75 -0.40% -0.93%
IDEA 65,63,20,000 10.8 -0.92% -0.25%

(Decrease in open interest as well as price)

Short cover

symbol Current IO CPM Price change (%) Change in OI (%)
SYNGENE 10,92,250 589.05 3.12% -6.46%
NAV INFLUENCER 5,37,075 4,046.90 0.17% -5.66%
LTTS 7,35,400 4,608.20 4.14% -5.63%
AARTIIND 31,45,000 1,013 4.29% -3.97%
AUBANQUE 27,16,500 1,369.20 2.49% -3.13%

(Increase in price and decrease in open interest)

Short setup

symbol Current IO CPM Price change (%) Change in OI (%)
GUJGASLTD 19,36,250 660 -0.95% 34.02%
GODREJCP 40,19,500 860.55 -2.34% 19.02%
ELECTRICAL NETWORK 2,41,31,825 207.1 -0.14% 11.25%
INDUSTRIAL TOWER 90,18,800 252 -0.57% 8.23%
CGSB 3,72,44,900 160.7 -2.04% 8.10%

(Increase in open interest and decrease in price)

52 Week Highs

Seven stocks in the BSE 500 basket hit 52-week highs, including Maruti Suzuki, Bank of Baroda, Nalco, GNFC and Cholamandalam Investment.

52 week lows

IGL, MGL, AstraZeneca, Kansai Nerolac and Jubilant Pharmova were among seven stocks that hit 52-week lows.

Volatility indicator

NSE’s Indian VIX index – which measures volatility expectations in the market – cooled 5.7% to 18.6 on Wednesday, its biggest drop in a week.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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