SGX Nifty down, Nifty technical view, stocks under F&O ban; key things to watch out on Wednesday

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November 17, 2021 8:09 AM

BSE Sensex and Nifty 50 were likely to start in the negative territory on Wednesday, as suggested by trends on SGX Nifty in early trade

Nifty futures were trading 61.50 points or 0.34 per cent down at 17,943.50 on Singaporean Exchange, a day before weekly F&O expiry.

BSE Sensex and Nifty 50 were likely to start in the negative territory on Wednesday, as suggested by trends on SGX Nifty in early trade. In the previous session, the 30-stock Sensex slipped 396 points or 0.65% to close at 60,322 points while Nifty 50 index dropped 0.61% to settle at 17,999. Analysts say that due to the last two days’ of small correction, Nifty is trading in range; but some of the heavyweights are now indicating a possible weakness from hereon. “For the coming session, 17900 – 17800 are the levels to watch out for,” Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One, said.

SGX Nifty in red: Nifty futures were trading 61.50 points or 0.34 per cent down at 17,943.50 on Singaporean Exchange, a day before weekly F&O expiry.

Nifty technical view: The broader range movement for the Nifty is intact and the low of 17800-17850 is expected to offer support in the next few sessions, an analyst said. “Any weakness below 17800 could retest the last swing low of 17600 levels. As long as the minor positive chart pattern of higher tops and bottoms is intact, there is a hope of upside bounce from the lows,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Global watch: Asian stock markets were trading mixed in early trade. Japan’s Nikkei 225 fell nearly 0.3%, while the Topix traded 0.4% lower. South Korea’s Kospi was down 0.81%. In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average rose 54.77 points, or 0.15%, to 36,142.22, the S&P 500 gained 18.1 points, or 0.39%, to 4,700.9 and the Nasdaq Composite added 120.01 points, or 0.76%, to 15,973.86.

CAll, Put OI: Maximum Call open interest was seen at 18500 strike, followed by 19000 strike. Call writing was seen at 18000 strike. While maximum Put open interest was seen at 17500 strike, followed by 17400 strike. Put writing was seen at 17400 strike.

FII and DII data: On Tuesday, foreign institutional investors (FIIs) sold shares worth Rs 560.67 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 577.34 crore on a net basis in the Indian equity market.

Stocks under F&O ban: Seven stocks – BHEL (Bharat Electronics Ltd), Indiabulls Housing Finance, IRCTC, NALCO, Punjab National Bank (PNB), SAIL, and Sun TV Network – were under the F&O ban for 17 November 2021. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

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