Profit booking stopping Nifty from touching record highs; 6 factors to watch for before market opening bell | The Financial Express

Profit booking stopping Nifty from touching record highs; 6 factors to watch for before market opening bell

Ahead of the session, SGX Nifty hinted at a muted start for Indian equities as Nifty futures traded 47 points or 0.26% lower at 18,300 on the Singapore Exchange.

Profit booking stopping Nifty from touching record highs; 6 factors to watch for before market opening bell
Global cues were mixed as shares in the Asia-Pacific traded lower on Monday, while US stocks ended higher on Friday with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite each snapping two straight days of losses.

Bulls will likely remain subdued on Monday, and benchmark indices BSE Sensex and NSE Nifty are expected to open mildly in red. Ahead of the session, SGX Nifty hinted at a muted start for Indian equities as Nifty futures traded 47 points or 0.26% lower at 18,300 on the Singapore Exchange. “Nifty ends almost flat with a minor cut on a week-to-week basis, followed by six straight weeks of gains. The market remained range-bound amid a lack of cues, and it will look for direction ahead of F&O expiry. The good part is that the market is just breathing after a long run-up, and there is a good probability of an upside breakout. However, we are seeing profit booking in a broader market,” says Pravesh Gour, Senior Technical Analyst, Swastika Investmart.

Global Watch

Global cues were mixed as shares in the Asia-Pacific traded lower on Monday, while US stocks ended higher on Friday with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite each snapping two straight days of losses. Hong Kong’s Hang Seng index fell 3.05%, and the Shanghai Composite index in mainland China fell 0.62%. Japan’s Nikkei 225 was just below the flat line, while South Korea’s Kospi dropped 1.15%.

What Do The Charts Say

“A reasonable negative candle was formed on the daily chart with a long lower shadow. Technically, this pattern indicates an emergence of buying interest from the lows. Nifty took a support of 10 day EMA and also previous opening upside gap of 11th Nov to show upside bounce on Friday. The positive chart pattern like higher tops and bottoms continued on the daily chart and Nifty is currently in line with the formation of new higher bottom formation. Nifty on the weekly chart formed a small negative candle with minor upper and lower shadow. This signals a formation of high wave type candle formation and this reflects high volatility at the highs.” – Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Also read: Zomato, Archean Chemicals, Five Star Business Finance, Tata Motors, NDTV, Jet Airways stocks in focus

Levels to Watch for

“Technically, the Nifty is consolidating with a fulcrum at 18,300. On an immediate basis, 18,200 is a decent support level, whereas 18,090–17,950 is a critical support zone. On the upside, 18,450 is an immediate hurdle; above this, we can expect a rally towards 18,611/18,888 levels. Bank Nifty is outperforming where 43,000 is an immediate psychological hurdle; above this, we can expect a move toward the 44,000 level. On the downside, 42,000–41,650 is a strong demand zone.” – Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.

Stocks under F&O Ban on NSE

Foreign institutional investors (FIIs) net offloaded shares worth Rs 751.20 crore, while domestic institutional investors (DIIs) net purchased equities worth Rs 890.45 crore on 18 November, according to the provisional data available on NSE.

FII/DII Data

Balrampur Chini Mills, BHEL, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals, Indiabulls Housing Finance, Punjab National Bank, and Sun TV Network are the seven stocks under the NSE F&O ban list for today. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.

IPO Watch

Archean Chemical Industries and Five Star Business Finance will debut on the BSE and NSE today. Archean Chemical IPO was subscribed 32.23 times. The price for the issue has been at Rs 407 per share. Meanwhile, Five Star Business Finance IPO was subscribed 0.7 times. The issue price has been set at Rs 474 per share.

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First published on: 21-11-2022 at 08:38:39 am
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