Zee Business Stock, Trading Guide: Indian markets oscillated in a range and ended up slightly, continuing the ongoing consolidation phase. The Nifty index opened slightly higher, but profit taking pared gains as the day progressed.
Most sectors ended lower, but strong traction from two heavyweights such as Reliance Industries and Maruti helped autos and energy close higher. While the broader indices underperformed and lost between 0.4 and 1%.
Ajit Mishra, VP – Research, Religare Broking Ltd, “We could see further consolidation in the index and expect a similar trend on the global front as well. After the recent outperformance, the banking sector could also blow a little and the major indices of other sectors should fill the gap.
Mishra advised market participants to stay focused on sector/stock selection and use dips to add when consolidating.
Here’s a list of things to watch on October 31, 2022
Technically, the overall structure is bullish, but the momentum is slowing as the Nifty has several resistance levels between 17800 and 18100. On the downside, 17600-17400 is an area of strong demand. The Nifty may remain volatile sideways with a positive bias. However, sector and stock-specific outperformances are likely to continue.
Banknifty is facing resistance in the 41500-42000 area while the 10-DMA around 40800 is immediate support. Below that, 40300–40000 will be the next support zone. On the upside, if it manages to break above the 42000 level, we can expect a move towards the 42500-43000 area.
– Pravesh Gour, Principal Technical Analyst, Swastika Investmart Ltd.
Key support and resistance levels for Nifty50:
The Nifty50 closed up 0.28% at 17,786.8. Key pivot points (Fibonacci) support for the index is placed at 17739.13, 17711.94 and 17667.93 while resistance is placed at 17827.14, 17854.33 and 17898.34.
Key support and resistance levels for Nifty Bank:
Nifty Bank closed up 0.75% at 40,990.85. Key pivot points (Fibonacci) support for the index is placed at 40858.54, 40706.76 and 40461.1 while resistance is placed at 41349.86, 41501.63 and 41747.3.
Gross open interest:
Open Interest means the number of open or open contracts in NSE Futures at any given time. A seller and a buyer together create a contract.
Here, the gross values of open interest positions taken by the four participants, i.e. Clients are Clients are individual retail investors who invest in derivatives, DIIs are domestic individual investors, FIIs are retail investors foreign institutional and Pro are the owners and brokerage firms that trade. in their own name.
Image source – Stockedge
Actions in the news:
Focus on sugar stocks: Government extends sugar export restrictions by one year until October 2023
IndiGo stock: the DGCA will carry out a detailed investigation to determine the cause, to take the appropriate measures on the stalling of the airline’s engine
Aurobindo Pharma Obtains ANDA Approval from US FDA for Rufinamide and Pyrimethamine
Zydus Lifesciences obtains final US FDA approval for acetaminophen injection.
Laurus Labs: US FDA issues Form 483 with 1 observation for Laurus Labs Parawada unit, observation is procedural in nature.
JSW Energy board approves raising up to Rs 2,500 cr via bonds.
Indian Oil Corporation Q2: Net loss at Rs 272.3 crore vs Rs 1,992 crore QoQ and revenue down 7.5% to Rs 2.1 lakh crore vs Rs 2.2 lakh Cr QoQ.
NTPC Q2: Autonomous net profit up 5.5% to Rs 3,331 crore from Rs 3,156.7 crore YoY and autonomous margin to 23.2% from 26.2% YoY.
JSW Energy Q2: Net profit up 37.3% to Rs 465.7 crore from Rs 339.2 crore YoY and revenue up 14.4% to Rs 2,387.5 crore from Rs 2,087.5 crore YoY .
CCL Products India reports Q2: Net profit up 17.1% to Rs 57.8 crore from Rs 49.3 crore YoY and revenue up 50.5% to Rs 506.6 crore from Rs 336.6 crore YoY .
Blue Dart Express reports Q2: Net profit up 3.4% to Rs 93.6 crore from Rs 90.6 crore YoY and revenue up 17.9% to Rs 1,325.3 crore from Rs 1,123.6 crore YoY.
Eveready reports Q2: Net profit down 52.6% to Rs 14.7 crore from Rs 31 crore YoY and revenue up 5.15% to Rs 375.8 crore from Rs 357.5 crore YoY.
FII activity on Friday:
Foreign portfolio investors (REITs) remained net sellers at Rs 613.37 crore in Indian markets while domestic institutional investors (DIIs) were net buyers at Rs 1,568.75 crore, according to preliminary data. on the NSE.
FII Index and F&O Stock:
Image source – Stockedge
GSS Infotech Limited: Raj Kumar has bought 1,00,000 shares of the company at a weighted average price of Rs 290 per share on the NSE, according to wholesale trading data.
Liberty Shoes Ltd: Rohan S Hegde has sold 1,29,234 shares of the company at a weighted average price of Rs 303.1 per share on the NSE, according to wholesale trading data.
Nandani Creation Limited: Anuj Mundra sold 55,000 shares of the company at a weighted average price of 81.58 rupees per share on the NSE, according to wholesale trading data.
Tourism Finance Corp: Rajasthan Global Securities Pvt Ltd has bought 7,65,086 shares of the company at a weighted average price of Rs 80.85 per share on the NSE, according to wholesale trading data.
Stocks under F&O ban on NSE
No stocks were placed under the F&O ban for Monday. Blackout securities in the F&O segment include companies in which the security has exceeded 95% of the market-wide position limit.