Zee Business Stock, Trading Guide: Indian markets managed to end slightly higher in a volatile trading session on Friday, continuing the current consolidation phase. After the initial rise, the benchmark gradually declined as the session progressed.
On Friday, the Nifty50 index closed at 17,558.9, up 36.5 points or 0.21% higher, similarly, BSE Sensex also closed up over 59 points and 0.1% higher. 58,833.87.
Next week the market is expected to be filled with activity, for starters India’s GDP growth rate and global manufacturing PMI will become key indicators to assess the state of the national economy, said Apurva Sheth, head of market outlook, Samco Securities. .
From a global perspective, markets may see some seesaw moves as investors will closely watch initial jobless claims and the jobless rate in the United States, Sheth added.
Sheth thinks the levels around 17400 on the Nifty are likely to serve as breakthrough levels. A break below this level may result in a retest of the 17100 level. Until then, traders should have a slightly bullish outlook, the analyst advised.
The upward trend will continue with the return of FIIs in the middle of the festive season and demand is expected to remain high, which could work in favor of Indian markets, said Sunil Damania, chief investment officer at MarketsMojo, in his expectations. of the next week.
PSE stocks were among the top picks last week, while sentiment towards the IT sector remains weak. Investors moved away from IT stocks as major players delayed/reduced the variable compensation component, hinting at headlines that clouded the outlook for the sector, an analyst said.
Here’s a list of things to watch on August 29, 2022
Clever technical insights
The Nifty50 index closed on a negative note following the formation of a bearish evening star candlestick on a weekly time frame. The short-term trend is still bullish, but the markets remain high relative to the averages at the same time, so the upside is likely to be limited and the candlestick pattern indicates a slight decline in earnings.
Key support and resistance levels for Nifty50:
The Nifty50 closed up 0.21% at 17,558.90. Key pivot points (Fibonacci) support for the index is placed at 17524.4, 17485.1 and 17421.5 while resistance is placed at 17651.6, 17690.9 and 17754.5.
Key support and resistance levels for Nifty Bank:
Nifty Bank closed up 0.09% at 38,987.15. Key pivot points (Fibonacci) support for the index is placed at 38869.71, 38754.0 and 38566.7 while resistance is placed at 39244.3, 39360.01 and 39547.3.
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
Stocks in the news
Karnataka Bank 99.2% shareholders approve fundraising via debt issuance
IRCTC Withdraws Electronic Tender for Appointment of Data Monetization Consultant
RITES joint venture receives order worth Rs 361 cr from SouthernRailway
Laxmi Organic Industries – Acetyls Holdings & Yellowstone Chem #merger NCLT Sanctions Regime
Canara Bank – Increases compliance with Basel III; issues Tier II bonds of Rs 2,000 crore on August 25, 2022.
UltraTech Cement: Commissioning of 1.3 mtpa cement capacity at Dalla Cement Works, Uttar Pradesh.
FII activity on Friday:
Foreign portfolio investors (REITs) remained net sellers at Rs 51.12 crore in Indian markets while domestic institutional investors (DIIs) were net sellers at Rs 453.59 crore, according to provisional data on the NSE.
FII Index and F&O Stock:
Image source – Stockedge
Astra Microwave Products: Gee Bee Securities Private Limited sold 4,36,616 shares of the company at a weighted average price of 356.52 rupees per share on the NSE, according to wholesale trading data.
Orient Electric Limited: PGIM India Mutual Fund has sold 13,08,014 shares of the company at a weighted average price of 261.79 rupees per share on the NSE, according to wholesale trading data.
Party Cruisers Limited: Sahni Balvinder Singh bought 2,32,000 shares of the company at a weighted average price of 238.1 rupees per share on the NSE, according to wholesale trading data.
Rolex Rings Limited: Kotak Funds – India Midcap Fund bought 4,31,679 shares of the company at a weighted average price of Rs 1,700 per share on the NSE, according to wholesale trading data.
Stocks under F&O ban on NSE
No stocks are placed under the F&O ban on Monday. Blackout securities in the F&O segment include companies in which the security has exceeded 95% of the market-wide position limit.