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SGX Nifty up, Q2 results, stocks under F&O ban, Nifty, Bank Nifty view: key things to watch out for

BSE Sensex and Nifty 50 were set to witness a positive opening on Friday, as indicated by trends on SGX Nifty in early trade

Ten stocks such as Amara Raja Batteries, Escorts, Vodafone Idea, IRCTC, L&T Finance Holdings, NALCO, Punjab National Bank, SAIL, Sun TV Network and Tata Power were under the F&O ban for 22 October 2021

BSE Sensex and Nifty 50 were set to witness a positive opening on Friday, as indicated by trends on SGX Nifty in early trade. Nifty futures were ruling at 18270, up 23.50 points or 0.13 per cent. Today, all eyes would be on Reliance Industries Ltd’s second-quarter results. Besides, market participants will keenly watch foreign fund inflow, oil prices, rupee movement against US dollar, and other global cues. Analysts say that the short term weakness of the market seems to be ending now. “Positive close in the next session could confirm higher bottom formation at Thursday’s low of 18048. A sustainable upmove from here could eventually challenge the recent all time high of 18604 levels in the near term. Immediate support is placed around 18150-18050 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.

Nifty view: Now Nifty can resume the uptrend again and immediate resistance is formed near 18300-18480 zones. A fresh move is possible only above 18600 level. The supports are likely to come in at 18130 and 18040. Relative Strength Index (RSI) on the daily chart is above 60 and it remains neutral and does not show any divergence against the price. The daily MACD is bullish and continues to trade above the signal line, Aprajita Saxena, Research Analyst, Trustline Securities, told Financial Express Online.

Bank Nifty on technical charts: On Thursday, Bank Nifty index has witnessed strong pull back from good support zone of 39350 which is going to act as good support area for coming sessions followed by 39000 levels. “Also longs can be started till Bank Nifty is managing above 39800-39900. On the higher side immediate resistance is seen near 40550-40870 zones & fresh move is possible only above 41000 level.. The Index is trading above its 21, 50 & 100-day exponential moving averages on a daily time frame, which is positive for the prices in the near term,” Saxena added.

Icra sees Q2 GDP at 7.7%: With half of the 15 high-frequency indicators recovering to the pre-pandemic levels in the second quarter, the economy finally looks nearly out of the pandemic woods, helping the Q2 GDP print at 7.7 per cent, according to a report.

FII, DII data: On Thursday, foreign institutional investors (FIIs) offloaded shares worth Rs 2,818.90 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 428.45 crore on a net basis in the Indian stock market.

F&O ban on NSE: Ten stocks such as Amara Raja Batteries, Escorts, Vodafone Idea, IRCTC, L&T Finance Holdings, NALCO, Punjab National Bank, SAIL, Sun TV Network and Tata Power were under the F&O ban for 22 October 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.

Q2 results today: BSE-listed companies such as Reliance Industries Ltd (RIL), HDFC Life Insurance Company, Yes Bank, Apollo Pipes, Bharat Seats, Crompton Greaves Consumer Electricals, Dodla Dairy, Federal Bank, Gland Pharma, Hindustan Zinc, Inox Leisure, Jubilant Pharmova, Kajaria Ceramics, Kirloskar Ferrous Industries, Kwality Pharmaceuticals, Mahindra Holidays & Resorts India, Omkar Speciality Chemicals, Polycab India, ABB Power Products and Systems India, PVR, Steel Strips Wheels, Subros, Sundaram-Clayton, Supreme Industries, Tata Consumer Products, Tata Elxsi, and Zenotech Laboratories will release their second quarter earnings on 22 October 2021.

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