SGX Nifty up 80 pts, Sensex, Nifty set to open higher; key things to know before market opens

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June 22, 2021 8:51 AM

BSE Sensex and Nifty 50 were set to see a gap-up opening on Tuesday, as suggested by trends on SGX Nifty in early trade.

Sensex, Nifty, stock marketsAnalysts are seeing consolidation in the index on the expected lines and say that the buying interest on every dip clearly shows the market mood. Image: Reuters

BSE Sensex and Nifty 50 were set to see a gap-up opening on Tuesday, as suggested by trends on SGX Nifty in early trade. Nifty futures were trading 80 points or 0.50 per cent up at 15,807.50 on Singaporean Exchange. Analysts are seeing consolidation in the index on the expected lines and say that the buying interest on every dip clearly shows the market mood. “We reiterate our advice to utilise intermediate correction to go long in quality counters until we see some sign of trend reversal. Having said that, it’s not easy to identify performers at the record high and the risk of false breakout is also there. We thus recommend limiting the naked leveraged bets and maintaining strict risk management rules,” Ajit Mishra, VP – Research, Religare Broking Ltd, said.

Global watch: Asian stocks were trading higher in early trade on Tuesday. Japan’s Nikkei 225 jumped over 2 per cent and the Topix index gained 2.53 per cent. South Korea’s Kospi advanced 0.54 per cent. In overnight trade on Wall Street, US stock indices rallied. The Dow Jones Industrial Average rose 1.76 per cent, the S&P 500 gained 1.40 per cent and the Nasdaq Composite climbed 0.79 per cent.

Call, PUT open interest: On the options front, maximum call OI was seen at 16,000 strike with 73,973 contracts, followed by 15,800 strike with 54,944 contracts.The maximum Put Open Interest stood at 15,000 strike with 64,931 contracts, followed by 15,500 with 63,684 contracts. Call writing was seen at 16,000 strike and then 15,900 while noticeable Put writing was seen at 15,600 and then 15,500.

FIIs turn net sellers in Indian share markets: On Monday, foreign institutional investors (FIIs) offloaded shares worth Rs 1,244.71 crore, while domestic institutional investors (DIIs) lapped shares to the tune of Rs 138.09 crore on a net basis in the Indian share market.

Nifty support, technical levels to watch out for: Chartists say that the short term trend of Nifty 50 has turned up after a dramatic fall and a swift upside bounce of the last two sessions. “A sustainable move above 15800 levels is likely to pull the market into new all-time highs in the next few sessions. Any weakness could find support around 15650-15600 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Q4 results today: A total of 79 BSE-listed companies such as NMDC, Ashapura Minechem, Aster DM Healthcare, Bharat Electronics, BL Kashyap and Sons, Gandhi Special Tubes, GE Power India, ITI, Jaypee Infratech, Max India, Omax Autos, Peninsula Land, PNB Gilts, Religare Enterprises, and Sobha, are scheduled to announce their January-March quarter earnings on June 22.

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