Trade setup for Thursday: SGX Nifty, other things to know before the stock market’s Opening Bell today

Trade setup for Thursday: Reversing the losses incurred on Monday’s session, the Indian stock market outperformed Asian markets on Tuesday. Nifty 50 index opened with an upside gap and kept rising throughout the day, closing at almost the intra day high of 17,759, 446 points or 2.58 per cent higher. The BSE Sensex skyrocketed 1564 points and closed at 59,537 whereas the Bank Nifty index shot up 1260 points and closed at 39,536 levels. Volumes on the NSE were the highest in more than a week. Among sectors realty, power, banks, oil & gas and auto indices rose the most. The broader market underperformed, however, the advance decline ratio was sharply positive at 2.96:1.

As the Indian stock market opens after one day gap, here we list out key things that one should know before the stock market’s opening bell today:

Global market cues

Although Dalal Street was closed for the Ganesh Chaturthi festival, global markets remained open on Wednesday. On Wall Street, Dow Jones shed 0.80 per cent, Nasdaq went off 0.56 per cent, S&P 500 lost 0.78 per cent whereas Small Cap 2000 slipped 0.366 per cent.

Asian market cues

In early morning deals on Thursday, Japanese Nikkei is down 1.61 per cent, Hong Kong’s Hang Seng is trading flat and quoting 0.03 per cent higher from its Wednesday close while Chinese Shanghai is down by 0.17 per cent.

SGX Nifty today

In the early morning session on Thursday, SGX Nifty is down 70 points at 17,451 levels that signals weak to flat opening of the Indian stock market today.

Nifty technical outlook

“Nifty has nullified the bearish signals from the downside gap created on the previous day and has filled that downside gap. It has closed at the highest ever on monthly charts. It will now face resistance at 17965-17992 band while 17522-17623 band could offer support,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Nifty Bank technical outlook

“Nifty Bank has immediate support placed at 38,800 whereas it has strong support at 38,500 levels. Likewise, the index is facing immediate hurdle at 40,300 while 40,500 is working as strong resistance for the Banking index,” said Vaishali Parekh, Vice President – Technical Research that Prabhuda’s Lilladher.

Nifty Call Option data

As per data shown by nseindia.com at 3.30 pm on 30 August, major total Call open interest was seen at 17800, 17900 and 18000 strikes with total open interest of 121363, 121800 and 175954 contracts respectively. Major Call open interest addition was seen at 17900 strike which added 25003 contracts. Call unwinding was seen at 17800 strike which shed 12087 contracts.

Nifty Put Option data

Major total Put open interest was seen at 17600 and 17500 strikes with total open interest of 139063 and 209370 contracts respectively. Major Put open interest addition was seen at 17600 and 17500 strikes which added 111639 and 168850 contracts respectively. No major Put unwinding was seen at strikes ranging from 17400 to 17900.

Nifty Bank Call Option data

Major total Call open interest was seen at 39700 and 39800 strikes with total open interest of 47859 and 49397 contracts respectively. Major Call open interest addition was seen at 39700 strike which added 18523 contracts respectively. Major Call unwinding was seen at 39300 strike which shed 46699 contracts.

Nifty Bank Put Option data

Major total Put open interest was seen at 39300 and 39000 strikes with total open interest of 51761 and 98856 contracts respectively. Major Put open interest addition was seen at 39300 and 39000 strikes which added 43650 and 73609 contracts respectively. No major Put unwinding was seen at Strike ranging from 39000 to 40000.

FII DII data

Foreign institutional investors (FIIs) have net bought 4,165.86 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold 656.72 crore worth of shares on August 30, as per provisional data available on the NSE.

NSE F&O ban list

The National Stock Exchange (NSE) has added nil stock under its F&O ban list for trade date 1st September 2022. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit .

US bond yield

US 10 year bond yield is up by 2.66 per cent to 3.215 whereas US 30 year bond yield is up by 1.82 per cent to 3.314.

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