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SGX Nifty tanks, Nifty technical view, Q4 results, derivatives data, US Fed comments; key things to watch out

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Friday, as suggested by trends on SGX Nifty in early trade

Nifty technical view, Q4 results, derivatives data, US Fed comments
Technical analysts suggests that the short term trend of Nifty continuous to be positive. Image: Reuters

Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Friday, as suggested by trends on SGX Nifty in early trade. Nifty futures were ruling at 17206.50, down 200.50 points or 1.15 per cent. On the day of weekly F&O expiry, S&P BSE Sensex zoomed 874 points or 1.53% to close the day at 57,911 while the NSE Nifty 50 added 256 points or 1.49% to end at 17,392. US Federal Reserve chairman Jerome Powell said a half-point interest rate increase will be on the table when the U.S. central bank meets on May 3-4 to approve the next in what is expected to be a series of rate increases this year. Technical analysts suggests that the short term trend of Nifty continuous to be positive.

Global market setup: Asian stock markets fell in early trade on Friday, as investors assessed overnight remarks from U.S. Federal Reserve Chairman Jerome Powell. Japan’s Nikkei 225 lost 2 per cent, South Korea’s Kospi traded 1.07% lower, and Australia’s S&P/ASX 200 dipped 1.74 per cent. In overnight trade on Wall Street, the Dow Jones Industrial Average ended down 1.05%, while the S&P 500 lost 1.48% and the Nasdaq Composite dropped 2.07%.

Nifty 50 support, resistance levels: “A sustainable move above the immediate resistance of 17450-17500 levels could open the next upside levels of around 17800-18000 levels in the near term. Immediate support is placed at 17250,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Campus Activewear, Rainbow Children’s IPOs open next week: Dalal Street investors will get to bid for Campus Activewear’s Rs 1,400-crore IPO and Rainbow Children’s Medicare IPO next week. While Campus’ public issue will open for subscription on 26 April and close on 28 April, that of Rainbow Children’s Medicare will open on 27 April and close on 29 April.

Nifty Put, Call OI: Maximum Call open interest was seen at 18,000 strike, followed by 17,500 strike. Call writing was seen at 17,500 strike. Call unwinding was seen at 17,200 strike. While maximum Put open interest was seen at 17,000 strike. Put writing was seen at 17,300 strike. Put unwinding was seen at 18,200 strike.

Q4 results on April 22: BSE-listed companies such as Aditya Birla Money, Hindustan Zinc, Sundram Fasteners, Tata Metaliks, Tejas Networks, MMTC, Wendt (India), Bhakti Gems and Jewellery, Eiko Lifesciences, Jhandewalas Foods, Khaitan Chemicals & Fertilizers, Quest Capital Markets, RS Software India, and Sharad Fibres & Yarn Processors will release quarterly earnings on Friday.

Stocks under F&O ban: No stocks was under F&O ban for 22 April 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.

FIIs and DIIs activity: On Thursday, foreign institutional investors (FIIs) sold shares worth Rs 713.69 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 2,823.43 crore in the Indian equity market, as per provisional data available on the NSE.

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