Zee Business Stock, Trading Guide: India’s markets have fluctuated within a range and ended marginally higher, continuing the prevailing phase of consolidation. The Nifty index opened with an uptick, but profit-taking reduced profits as the day went on.
Most sectors finished lower, but strong traction in two heavyweights such as Reliance Industries and Maruti helped Auto and Energy close higher. While the broader indices underperformed, losing between 0.4 and 1 percent.
Ajit Mishra, VP – Research, Religare Broking Ltd, “We can see further consolidation in the index and also expect a similar trend on the global front. After the recent outperformance, banking could also take a breather and index majors from other sectors are likely to fill the gap.”
Mishra advised market participants to maintain their focus on sector/stock selection and use dips to add during consolidation.
Here’s a list of things to watch out for on October 31, 2022
Technically, the overall structure is bullish, but momentum is waning as the Nifty has multiple resistance levels between 17800 and 18100. On the other hand, 17600-17400 is a strong demand zone. The Nifty can remain volatile to sideways with a positive bias. However, the sector and stock specific outperformance is likely to continue.
Banknifty is encountering resistance in the 41500-42000 zone, while the 10-DMA offers immediate support around 40800. Below that, 40300-40000 will be the next support area. On the bright side, if it manages to hit the 42000 level, we can expect a move towards the 42500-43000 zone.
– Pravesh Gour, senior technical analyst, Swastika Investmart Ltd.
Key support and resistance levels for Nifty50:
The Nifty50 closed 0.28 percent higher 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 0.75 percent higher 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 outstanding interest:
Open Interest means the number of open or outstanding contracts in NSE futures trading at any given time. One seller and one buyer together make one contract.
Here are the gross values of Open Interest Positions taken by the four participants, namely Client Clients are the private retail investors who invest in the derivatives, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the owners and brokerage firms that trade at their own expense.
Image source – Stockedge
Shares in News:
Sugar stocks in focus: government extends restrictions on sugar exports for a year until October 2023
IndiGo stock: DGCA to conduct a detailed investigation to determine the cause, to take appropriate action against airline engine stalling
Aurobindo Pharma receives US FDA ANDA nod for rufinamide and pyrimethamine
Zydus Lifesciences Gets Final US FDA Nod 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 Rs 2,500 cr via bonds.
Indian Oil Corporation Q2: Net loss of Rs 272.3 crore vs Rs 1,992 crore QoQ and sales decreased by 7.5 percent at Rs 2.1 lakh crore vs Rs 2.2 lakh Cr QoQ.
NTPC Q2: Single net profit up 5.5 percent to Rs 3,331 crore against Rs 3,156.7 crore year on year and stand alone margin at 23.2 percent from 26.2 percent year on year.
JSW Energy Q2: Net profit up 37.3 percent at Rs 465.7 crore vs Rs 339.2 crore YoY and revenue up 14.4 percent at Rs 2,387.5 crore vs Rs 2,087.5 crore YoY.
CCL Products India reports Q2: Net profit up 17.1 percent at Rs 57.8 crore vs Rs 49.3 crore YoY and sales increased 50.5 percent at Rs 506.6 crore vs Rs 336.6 crore YoY.
Blue Dart Express Reports Q2: Net profit up 3.4 percent at Rs 93.6 crore vs Rs 90.6 crore YoY and revenue up 17.9 percent at Rs 1,325.3 crore vs Rs 1,123.6 crore YoY.
Eveready reports Q2: Net profit is down 52.6 percent at Rs 14.7 crore vs. Rs 31 crore year-on-year and sales are 5.15 percent at Rs 375.8 crore vs. Rs 357.5 crore year-on-year.
FII Activity on Friday:
Foreign portfolio investors (FPIs) remained net sellers at Rs 613.37 crore in the Indian markets, while domestic institutional investors (DIIs) were net buyers at Rs 1,568.75 crore, preliminary data on the NSE shows.
FII Index and Stock M&A:
Image Source – Stockedge
GSS Infotech Limited: Raj Kumar bought 1,00,000 shares in the company at the weighted average price of Rs 290 per share on the NSE, the bulk deal data showed.
Liberty Shoes Ltd: Rohan S Hegde sold 1,29,234 shares in the company at the weighted average price of Rs 303.1 per share on the NSE, the bulk deals showed.
Nandani Creation Limited: Anuj Mundra sold 55,000 shares in the company at the weighted average price of Rs 81.58 per share on the NSE, the bulk deals showed.
Tourism Finance Corp: Rajasthan Global Securities Pvt Ltd bought 7,65,086 shares in the company at the weighted average price of Rs 80.85 per share on the NSE, the bulk deals data showed.
Stocks under M&D Ban on NSE
No inventory was placed under the F&O ban on Monday. Banned securities under the M&O segment include companies whose security has exceeded 95 percent of the market-wide position limit.