Indian benchmark indices BSE Sensex and NSE Nifty may open marginally higher. SGX Nifty was up in green ahead of the session. Nifty futures traded 42 points higher around 18,417 levels on the SGX hinting that domestic equities are likely to open on a positive note. “Markets have bounced back smartly and wiped out the entire YTD’CY22 decline. Nifty has lost its momentum in the past few days after witnessing a sharp rise of more than 7% in the last one month. It is consolidating above the 18k mark and marginally below its all-time high of 18604. With the result season now over, we expect the market to track global developments in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Global cues were mixed as shares in the Asia-Pacific traded higher, while Wall Street’s main indices ended modestly lower on Thursday in a choppy session. Japan’s Nikkei 225 was fractionally higher, and South Korea’s Kospi was up 0.75%. Hong Kong’s Hang Seng Index rose 0.7%, while the Shanghai Composite in mainland China traded flat. Overnight in the US, Dow Jones fell 0.02%, the S&P 500 lost 0.31% and Nasdaq dropped 0.35%.
What Do The Charts Say
“A small negative candle was formed on the daily chart with a long upper shadow. Technically, this pattern indicates an emergence of minor weakness from the highs amidst a narrow-range movement. Nifty is now placed at the lower end of the range of the last four sessions. Positive chart patterns like higher tops and bottoms continued on the daily chart and further consolidation/weakness from here is likely to be a higher bottom of the sequence. At the lows, the Nifty is likely to find support at the 10-day EMA around 18250 levels and we expect the market to show an upside bounce from the lows in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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Levels To Watch For
“According to the option chain, the maximum open interest for calls is 18500, which will operate as immediate resistance, while the maximum open interest for puts is 18300, which will work as support. On the technical perspective, Bank Nifty has support at 42100 and resistance at 42650. Our benchmark indices are trading in a range, indicating market makers uncertainty. We would advise being stock specific because the overall market is sluggish,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.
Stocks under F&O Ban on NSE
Balrampur Chini Mills, BHEL, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals, Indiabulls Housing Finance, and Sun TV Network are the six stocks under the NSE F&O ban list for today. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.
Foreign institutional investors (FIIs) net bought shares worth Rs 618.37 crore, while domestic institutional investors (DIIs) net purchased equities worth Rs 449.22 crore on Thursday (17 November), according to the provisional data available on the NSE.