Benchmark indices BSE Sensex and NSE Nifty are likely to open in the positive territory on Tuesday as hinted by the SGX Nifty. On the Singapore Exchange, Nifty futures traded 63 points higher at 17,768, signaling a positive start for the domestic share market. In the previous session, Sensex closed 0.3% up at 59,500, while the Nifty advanced 0.25% to 17,648. “The index erased its entire day’s losses to close with gains of 45 points 17649. Sectorial was a mixed bag with IT being top gainer – up 1% while Oil & Gas declined by 3% ahead of Q3 results of heavyweight BPCL and Gail. The recent selling pressure on Adani Group stocks and banking has dampened investor sentiment with Nifty down more than 2% in the last five days. In the near term, we expect the market to remain volatile amid expectation running around the upcoming budget,” Siddhartha Khemka, MOFSL.
Key things to know before the share market opens
Global Market Watch
Stocks in the Asia-Pacific region traded with a negative bias on Tuesday, following cues from Wall Street’s performance overnight. Japan’s Nikkei 225 declined 0.08% while South Korea’s Kospi fell by 0.33%. China’s Shanghai Composite shed 0.17% while Shenzhen Component lost 0.19%. Hong Kong’s Hang Seng index traded in the green, higher by 0.07%. The major US indices sank on Monday, as the Dow Jones Industrial Average lost 0.77% while the S&P 500 tanked 1.30% and the Nasdaq Composite gave up 1.96%.
Nifty Technical View
“Nifty sustained above the important support of 200day EMA at 17550 levels in the last two sessions, after violating below it. The said moving average has offered important supports and resistances in the past and that has resulted in a substantial movement on either side.
After showing a decisive downside breakout of broader range movement of 18200-17800 levels on Friday, the Nifty not showing any sharp follow-through weakness on Monday could be a positive sign for the bulls to make a comeback from the lows,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Levels to Watch
“Technically, Nifty has managed to close in green but 17800 would be an important level for fresh buying opportunity. Advance decline indicates 796 closed on the higher side while 1264 stocks closed lower. Indicators such as RSI and MACD still remain on the lower side and indicate weakness. Coming to the OI Data, on the call side, the highest OI observed at 17800 followed by 18000 strike price while on the put side, the highest OI was at 17300 followed by 17100 strike price,” said Om Mehra, Equity Research Analyst, Choice Broking.
Stocks under F&O ban on NSE
The National Stock Exchange has added Ambuja Cements stock to its F&O ban list for Monday, 30 January. According to the NSE, the stock mentioned above is prohibited in the F&O sector because it has exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.
FII and DII data
Foreign institutional investors (FII) net sold shares worth Rs 6,792.8 crore on Monday. Meanwhile, domestic institutional investors (DII) net bought shares worth Rs 5,512.6 crore on 30 January, according to the provisional NSE data.
The Economic Survey will be presented in the parliament on Tuesday, a day before the Union Budget 2023 is announced. The document will give an insight into the current state of the economy and various economic indicators for the current financial year, along with an outlook for the next year.
Coal India, CIL, Power Grid Corporation of India, Sun Pharmaceutical Industries, UPL, ACC, BASF India, Blue Star, Edelweiss Financial Services, Great Eastern Shipping, Godrej Consumer Products, Indian Hotels, Indian Oil Corporation, Jindal Steel & Power, KEC International, KPIT Technologies, Max Financial Services, MOIL, RailTel Corporation of India, Spandana Sphoorty Financial, Star Health, and TTK Prestige will be in focus ahead of their Q3 earnings reports.