What To Expect From Dalal Street, Key Stock Market Cues, Sgx Nifty


India’s equity benchmarks soared 3% in a strong rebound on Monday, recouping all of their losses from the previous day, as investors globally applauded the easing of tensions between Russia and Ukraine. .

For the Nifty50, this was the biggest increase in more than a year after Monday’s crisis, which was the worst in 10 months.

What do the charts suggest for Dalal Street now?

The Nifty50 formed a long bullish candle on the daily chart, reflecting a counterattack from the bulls and completely closing Monday’s huge gapaccording to Nagaraj Shetti, technical research analyst at HDFC Securities.

Crucial resistance awaits the 50 script index at 17,640, he said. “Holding above the last 8-9 session low highs could undo a short-term bearish setup for the index,” he added.

Dangerous zone

The Nifty signals a continuation of a near-term rebound, but is below its 50-day simple moving average in a broadly negative sign, said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.

“As long as it is trading above 17,200, the uptrend texture will continue to the immediate hurdle of the 17,450-17,550 levels. On the other hand, a quick intraday correction is not not excluded if it trades below 17,200, which could be followed by 17,100-17,050 levels.

Here are the key things to know about the market ahead of the February 16 session:

Global Markets

European stock markets started strong in the green on Tuesday as investors around the world cheered the easing of geopolitical concerns. Russia has said some of its military units are returning to their bases after exercises near Ukraine, following warnings from the United States and the United Kingdom that Moscow could invade its neighbor at any time. The pan-European Stoxx 600 index rose 1.3% at the latest count.

S&P 500 futures rose 1.5%, suggesting a positive open ahead on Wall Street.

What to expect in Dalal Street

According to independent technical analyst Manish Shah, the buyers may have managed to take full control of the market, but the Nifty will remain volatile unless there is falls outside the 16,800-17,800 range on either side.

“The index should see a rally towards major resistance at 17,600-17,750, and at least trade above 17,600 in the next two days,” he said.

HDFC Securities’ Shetti sees immediate support for the index at 17,200 and believes its sustainability at higher levels will be important. He fears that any dip below the last lower high of 17,640 will set the bears into action.

Main levels to monitor

Palak Kothari, Research Associate at Choice Broking, identified the following areas:

Index Support Resistance
Nifty50 16,800 17,500
Clever bank 37,300 39,000

FII/DII activity

Foreign Institutional Investors (FII) sold Indian shares worth Rs 2,298.8 crore tuesdayaccording to preliminary exchange data. However, domestic institutional investors (DII) saved the day, making net purchases of Rs 4,411.6 crore

Exchange data shows that the maximum open interest on calls is accumulated at 17,700, with 1.3 lakh contracts, followed by 17,500 and 18,000, with 1.2 lakh each. On the other hand, the maximum open interest to sell is 17,000, with contracts of 1.3 lakh.

This suggests immediate resistance at 17,500, followed by hurdles from 17,700 to 18,000, and significant support only at 17,000.

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 (%)
PERSISTENT 3,33,300 4,183.55 5.91% 13.82%
HONAUT 7,650 41,165.15 2.96% 13.33%
INTELLECT 3 80 250 680.35 3.60% 12.43%
EICHERMOT 26,94,300 2,720.05 5.91% 12.38%
LALPATHLAB 8,28,625 2,718 2.23% 10.68%

Long relaxation

symbol Current IO CPM Price change (%) Change in OI (%)
SUN TV 1,26,57,000 508.55 -1.23% -3.37%

(Decrease in open interest as well as price)

Short cover

symbol Current IO CPM Price change (%) Change in OI (%)
TVSMOTOR 98,12,600 664.75 3.44% -5.04%
DIVISLAB 27,19,400 4,333.95 1.09% -4.48%
AARTIIND 27,23,400 985.05 3.15% -3.81%
SYNGENE 8,75,500 590.05 4.02% -3.79%
INDIGO 31,27,750 2,189.55 4.33% -3.77%

(Increase in price and decrease in open interest)

Short setup

symbol Current IO CPM Price change (%) Change in OI (%)
METROPOLIS 6,80,600 1,986.70 -3.09% 48.49%
CIPLA 90,33,050 915.8 -3.74% 44.30%
MANAPPURAM 2,04,81,000 127.45 -10.56% 17.81%
ASTRAL 8,88,525 1,947.75 -1.31% 16.22%
CGSB 3.79.07.100 162.8 -1.27% 14.50%

(Increase in open interest and decrease in price)

52 week high

Only one stock in the BSE 500 basket has reached a 52-week high: Rhi Magnesita.

52 week lows

As many as 34 stocks in the index – the exchange’s broadest gauge – hit 52-week lows, including HDFC, HDFC Life, BPCL, ICICI Lombard General, Manappuram, Lupin, SpiceJet, MRF, Rallis and Solara Active.

Store PLT 52 week low Store PLT 52 week low
ADVENZYMES 307.5 296.5 MCX 1,384.45 1,336.55
AMARAJABAT 591.8 568.75 LIM 66,672.25 65,005.15
ASTRAZEN 2,726.55 2,706.75 CNC 67.5 64.65
BAJAJCON 172.7 162.35 NIACL 131.45 127.85
BPCL 368.35 356.8 PGHL 4,787.75 4,760.05
CADILAHC 387.1 379.15 RALLIS 246.3 241.85
COCHINERY 314.8 311.05 SOLAR 617.5 605.4
DBL 302.6 298.3 SPICEJET 64 56.25
GILET 5,052.1 4,950.35 STAR 363.65 344.5
HDFC 2,339.9 2,286.45 SUPREME 1,958.45 1,855.8
HDFCLIFE 573.65 551.7 VAIBHAVGBL 419.85 418.05
HEIDELBERG 203.95 201 VSTIND 3,023.4 2,987
HUDCO 36.9 36.4 WOCKPHARMA 386.25 372.05
ICICIGI 1,295.5 1,274.15 ZYDUSWELL 1,482.25 1,431
INDIGOPNTS 1,881.8 1,867.55 L&TFH 72.1 68.8
IOLCP 386.75 374 LUPINE 763.8 747.65
JM FINANCIL 68.7 66.5 MANAPPURAM 127.6 122

Volatility index

NSE’s Indian VIX index, which measures short-term volatility forecasts, cooled 10.3% to 20.6 on Tuesday, a day after its biggest jump in 11 weeks.

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