The market on September 4 extended its northward journey for the second consecutive session with the Nifty50, as expected, climbing above the 19,500 mark, tracking positive Asian cues. Going ahead, if the index sustains above 19,500, then the 19,600-19,650 can be easily seen, with immediate support at 19,400-19,300, experts said, adding that the momentum may remain strong in the broader markets.
The BSE Sensex climbed 241 points to 65,628, while the Nifty50 jumped 94 points to 19,529, and formed a Doji kind of candlestick pattern on the daily scale, as the index closing was very near to opening levels.
"The index has finally surpassed the 20 DEMA (exponential moving average placed at 19,416) on the daily time frame, adding to the bullish undertone and is likely to head towards the bearish gap in the comparable period," Osho Krishan, senior analyst, technical & derivative research at Angel One said.
As far as levels are concerned, he says 19,400 is expected to cushion any upcoming blips, while the sacrosanct support lies around 19,300-19,250 zone.
On the flip side, the immediate resistance is placed around 19,600, followed by the bearish gap of 19,680-19,700.
As we proceed, the undertone seems to favour the bulls, while buying on the decline should be the apt strategy in the coming period, Krishan advised.
The momentum remained strong in the broader markets as the Nifty Midcap 100 and Smallcap 100 indices gained 1 percent and 1.3 percent respectively, backed by positive breadth with 3:2 ratio.
The volatility also cooled down further, making bulls more comfortable at Dalal Street. The India VIX, the fear gauge index, fell 3.54 percent to 10.96 from 11.37 levels.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks are the aggregates of three-month data and not just the current month.
Key support and resistance levels on Nifty
The pivot point calculator indicates that the Nifty may be taking support at 19,459 followed by 19,433 and 19,390. On the flip side, 19,545 can act as the key resistance followed by 19,572 and 19,615.
Nifty Bank
On September 4, the Bank Nifty also maintained an upward journey for yet another session, rising 142 points to 44,578, but formed a small-bodied bearish candlestick pattern with a long lower shadow on the daily charts, indicating buying at lower levels.
"The Bank Nifty has managed to close above the 20- and 40-day moving averages, which is a sign of strength. We expect the index to continue its pullback and towards the daily upper Bollinger band placed around 45,000," Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas said.
He further said the daily momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicator suggest that the positive momentum is likely to continue.
As per the pivot point calculator, the Bank Nifty is expected to take support at 44,383 followed by 44,302 and 44,170. On the upside, the initial resistance is at 44,647 then 44,728 and 44,860.
Call options data
As per the options data, the maximum weekly call open interest (OI) was seen at 19,700 strike, with 73.93 lakh contracts, which can act as a key resistance for the Nifty. It was followed by 19,600 strike, which had 73.84 lakh contracts, while 19,500 strike had 71.69 lakh contracts.
The maximum Call writing was seen at 19,700 strike, which added 21 lakh contracts, followed by 19,800 and 19,900 strikes, which added 10.77 lakh and 9.91 lakh contracts.
The maximum Call unwinding was at 19,400 strike, which shed 16.67 lakh contracts, followed by 19,300 strike and 19,200 strike, which shed 3.04 lakh contracts, and 2.26 lakh contracts.
Put option data
On the Put side, the maximum open interest was at 19,400 strike, with 91.46 lakh contracts. This can be an important support for Nifty in the coming sessions.
It was followed by 19,300 strike, comprising 87.93 lakh contracts, and 19,500 strike with 80.47 lakh contracts.
The maximum Put writing was at 19,500 strike, which added 54.83 lakh contracts, followed by 19,400 strike and 19,000 strike, which added 32.58 lakh and 29.69 lakh contracts.
Meaningful Put unwinding was at 18,600 strike, which shed 6.96 lakh contracts followed by 19,300 and 18,700 strikes, which shed 5.71 lakh and 3.36 lakh contracts.
Stocks with high delivery percentage
A high delivery percentage suggests that investors are showing interest in the stock. Bata India, Apollo Hospitals Enterprises, ITC, Hindustan Unilever, and JK Cement were among the stocks with the highest delivery.
83 stocks see a long build-up
The long build-up was seen in 83 stocks including Balrampur Chini Mills, National Aluminium Company, Delta Corp, Hindustan Copper, and Coforge. An increase in open interest (OI) and price indicates a build-up of long positions.
21 stocks see long unwinding
Based on the OI percentage, 21 stocks, including Bata India, Cipla, Trent, ICICI Bank, and Indiabulls Housing Finance, saw long unwinding. A decline in OI and price indicates long unwinding.
36 stocks see a short build-up
A short build-up was seen in 36 stocks, including JK Cement, India Cements, Berger Paints India, Escorts Kubota, and RBL Bank. An increase in OI along with a fall in price points to a build-up of short positions.
47 stocks see short-covering
Based on the OI percentage, 47 stocks were on the short-covering list. These included Torrent Pharma, IDFC First Bank, Maruti Suzuki India, REC, and Dr Reddy's Laboratories. A decrease in OI along with a price increase is an indication of short-covering.
Bulk deals
TCNS Clothing Company: Foreign portfolio investor Nalanda India Equity Fund has sold 8,89,635 equity shares or a 1.4 percent stake in the apparel company, via open market transactions. These shares were sold at an average price of Rs 370.03 per share. Nalanda India had held a 6.84 percent stake in TCNS as of June 2023.
(For more bulk deals, click here)
Investors meeting on September 5
Federal Bank, Mahindra Lifespace Developers, Sumitomo Chemical India, CESC: Senior officials of these firms will be participating in Elara India Dialogue 2023.
Dixon Technologies: The company's senior officials will interact with TT International (London).
CreditAccess Grameen: Officials of the company will attend Elara Capital Conference.
Krishna Institute of Medical Sciences: Management of the company to meet investors in Singapore.
Stocks in the news
Vishnu Prakash R Punglia: The infrastructure company will list its shares on the bourses on September 5. The final issue price has been fixed at Rs 99 per share.
Escorts Kubota: The agri machinery business division of the company will be increasing the prices of its tractors effective September 16. The increase in prices would vary across models or variants and geographies.
Mahindra & Mahindra Financial Services: The non-banking finance company has recorded a 15 percent year-on-year growth in disbursements at Rs 4,400 crore for August. The year-to-date (till August FY24) disbursements stood at Rs 20,950 crore, up 22 percent over a year-ago period. The collection efficiency for August remained flat at 96 percent YoY, while the stage-3 and stage-2 assets continued to remain rangebound compared to June 2023.
Tata Power: Subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with Neosym Industry for 26MW AC group captive solar plant. Neosym Industry is a gray and SG Iron casting and manufacturing company in India. The project at Ahmednagar in Maharashtra with an anticipated electricity generation capacity of 59 million units annually will start from March 2024.
Gland Pharma: Ankit Gupta has been appointed as Vice-President (strategy & investments) with effect from September 4. Before joining Gland, Ankit with 15 years of experience in the pharmaceutical and biotechnology industry, worked as the Vice President and Head of Corporate Development and Strategy for Strides Pharma Science.
Oil India: The state-run oil & gas company has received board approval for an equity contribution of Rs 1,738 crore in the joint venture company North East Gas Distribution Company (NEGDCL). In the joint venture, incorporated for executing the city gas distribution (CGD) projects, Oil India will hold 49 percent shareholding and the remaining 51 percent stake will be held by Assam Gas Company.
Mrs Bectors Food Specialities: The bakery products maker has appointed Arnav Jain as Chief Financial Officer, with effect from August 11, 2023. The 28th Annual General Meeting of the company will be held on September 29.
Fund Flow (Rs Crore)
FII and DII data
Foreign institutional investors (FII) sold shares worth Rs 3,367.67 crore, while domestic institutional investors (DII) bought Rs 2,563.48 crore worth of stocks on September 4, provisional data from the National Stock Exchange (NSE) showed.
Stocks under F&O ban on NSE
The NSE has added Balrampur Chini Mills, BHEL, Hindustan Copper, and India Cements to its F&O ban list for September 5, while retaining Indiabulls Housing Finance on the list. Securities banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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