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SGX Nifty up: Nifty, Bank Nifty support, resistance, technical view, stocks under F&O ban; key things in focus

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

BSE Sensex, NSE Nifty 50, stock market
Analysts say markets were witnessing headwinds from fear of global recession, monetary tightening, depreciating rupee, and rise in bond yields. Image: Reuters

BSE Sensex and NSE Nifty 50 were staring at a positive opening on Friday, as suggested by trends on SGX Nifty in early trade. Nifty Futures were trading 94 points or 0.6 per cent up 15,658.50 on Singaporean Exchange. Currently, BSE Sensex was at 443.19 points or 0.86% at 52,265.72, and the Nifty was 143.40 points or 0.93% higher at 15,556.70. Analysts say markets were witnessing headwinds from fear of global recession, monetary tightening, depreciating rupee, and rise in bond yields. “On positive side, fall in crude prices and value buying in beaten down counters have helped market to gain some momentum. While the overall market set up continues to remain ‘Sell on rise’ – intermittent bouts of relief rally can’t be ruled out,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.

Key things to watch out on Friday before market opens

Global cues: Asian stock markets were seen trading higher in early trade on Friday as investors weigh recession fears. Japan’s Nikkei 225 rose 0.66%, while the Topix climbed 0.23%. US stock indices ended higher in overnight trade on Wall Street. The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 advanced 0.95% to 3,795.73, and the Nasdaq Composite gained 1.62% to 11,232.19.

FII and DII data: On Thursday, foreign institutional investors (FIIs) offloaded Rs 2,319.06 crore worth of shares whereas domestic institutional investors (DIIs) lapped up Rs 2,438.31 crore worth of shares on a net basis in Indian equity market.

Stocks under F&O ban on NSE: Four stocks – Delta Corp, Indiabulls Housing Finance, RBL Bank, and Sun TV Network – are under the NSE F&O ban for 24 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.

Nifty technical view: The Nifty is placed with in a broader high low range of 15700-15350 levels, said an analyst. “Having bounced up from the higher low on Thursday, there is a possibility of further upmove towards the crucial overhead resistance of 15700 -15800 levels in the next 1-2 sessions, before showing another round of minor weakness from the highs,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

India GDP to grow at 7.2% in FY23: Nomura has forecast India’s GDP to grow at 7.2% in 2022, before moderating to 5.4% in 2023. In a research note on Thursday, the research firm said the ‘prolonged mild recession’ in the US can lead to a slowdown in India, which has been recovering to a pre-pandemic level. The rate hike by the Federal Reserve can also dampen the investor spirit, it said.

Key levels to watch out for in Nifty: “For Nifty, 15400 and 15600 are the important levels to watch out and below the same the index could slip up to 15340-15300. On the flip side, 15600 would be the key breakout level for the bulls. Above which, the index is likely to hit the level of 15720-15800,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

Nifty, Bank NIfty support, resistance: “On the technical front 15,300 and 15,700 are immediate support and resistance in Nifty 50. For Bank Nifty 32,600 and 33,500 are immediate support and resistance respectively,” Mohit Nigam, Head – PMS, Hem Securities, said.

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