SGX Nifty falls: Nifty-Bank Nifty support, resistance, technical view, stocks under NSE F&O ban on 28 Jun 2022

BSE Sensex and NSE Nifty 50 were staring at a negative opening on Tuesday, as suggested by trends on SGX Nifty in early trade

NSE Nifty, BSE Sensex
Currently the market is trading near its important resistance level and the texture of the chart suggests there is a strong possibility of a quick intraday correction from the current levels. Image: Pixabay

Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were staring at a negative opening on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling 60.50 points or 0.4 per cent down at 15,773.50 on Singaporean Exchange. In the previous session, equity markets rallied for a third straight day. The S&P BSE Sensex rose 433 points, or 0.82% to end at 53,161 and the NSE Nifty 50 added 132 points, or 0.85% to close at 15,832. “We reiterate our positive yet cautious view on markets citing the hurdle at 15900 levels. A decisive breakout could further fuel the recovery to the 16200 zone in Nifty else correction would resume,” Ajit Mishra, VP – Research, Religare Broking, said.

Key things in focus

Weak global cues: Asian stock markets were seen trading mostly in red on Tuesday as investors weigh economic concerns. Japan’s Nikkei 225 was almost flat, and MSCI’s broadest index of Asia-Pacific shares was down 0.64%. In overnight trade on Wall Street, US major indices fell. The Dow Jones Industrial Average slipped 62.42 points, or 0.2%, to 31,438.26. The S&P 500 fell 0.3% to 3,900.11, and the Nasdaq Composite dropped 0.7%, falling to 11,524.55.

Nifty technical view: Currently the market is trading near its important resistance level and the texture of the chart suggests there is a strong possibility of a quick intraday correction from the current levels, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said. Chouhan added that for day traders, 15900 and 15925 would act as immediate resistance levels. Below the same, the correction wave is likely to continue till 15750-15700. On the flip side, above 15925 breakout, the index could move up to 16000.

Nifty Bank CALL, PUT OI: Maximum Call open interest was seen at 16,000 strike, followed by 16,500 strike, and 16,300 strike. Maximum Put open interest was seen at 15,000 strike, followed by 15,500 strike.

FII and DII data: On Monday, foreign institutional investors (FIIs) offloaded Rs 1,278.42 crore worth of shares, whereas domestic institutional investors (DIIs) were buyers to the tune of Rs 1,184.47 crore worth of shares on a net basis in Indian stock market.

Stocks under F&O ban on NSE: Two stocks – Delta Corp and Sun TV Network – are under the NSE F&O ban for 28 June 2022. 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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