Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 25th August 2022

Zee Business Stock, Trading Guide: Indian equity markets on Wednesday opened with a marginal fall and traded in a narrow range amid weak global cues, especially the US markets, Zee Business Managing Editor Anil Singhvi said in a special edition of Bazaar Aaj aur Kal while citing reasons for the positive close of the benchmark indices.

The managing editor said that the markets in the last half an hour witnessed a buying sentiment on the back of short covering ahead of the monthly expiry tomorrow. Another trigger that led the indices to close in the green was Dow Futures, which was in the green around market close, he added.

The Nifty Bank saw a gap-up opening and didn’t breach the support level of 38,500 and sustained around the support level across the session today, Singhvi said, adding that a buying sentiment was also seen in the banking index half an hour before close eventually to settle above 39,000.

Ajit Mishra, VP - Research, Religare Broking expects volatility to remain high due to the scheduled derivatives expiry of August month contracts. Besides, the caution ahead of the Jackson Hole symposium will continue to weigh on sentiment, he added.

Amid all, the analyst at Religare Broking recommended continuing with a stock-specific approach and focusing more on overnight risk management. 

Rupak De, Senior Technical Analyst at LKP Securities said that the Nifty has sustained above the important near-term moving average during the day. On the higher end, resistance is visible at 17700; whereas on the lower end, support is visible at 17500/17400.

The Bank Nifty index remains in a buy-on-dip mode with immediate support at the 38,500 level. The next hurdle on the upside is placed at 39,200 and once taken out will see further short covering towards the 40,000 level on the upside, Kunal Shah, Senior Technical Analyst at LKP Securities said.

Here is a list of things to watch out for on 25th August 2022

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.16 per cent higher at 17,604.95. Key Pivot points (Fibonacci) support for the index is placed at 17528.37, 17498.99, and 17451.43 while resistance is placed at 17623.49, 17652.87, and 17700.43.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 0.88 per cent higher at 39,038.50. Key Pivot points (Fibonacci) support for the index is placed at 38686.63, 38552.44 and 38335.23 while resistance is placed at 39121.04, 39255.23, and 39472.43.

Gross Open Interest:

Open Interest means the number of contracts open or outstanding in futures trading in NSE at any one time. One seller and one buyer together create one contract.

Here the gross values of Open Interest Positions taken by the four participants namely Client are Clients are the retail individual investors who invest in the derivatives instruments, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the proprietors and brokerage firms who trade on their own behalf.

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Stocks in News

NHPC subsidiary signs Memorandum of understanding with Rajasthan Government for Ultra Mega Renewable Energy Park

PSP Projects gets orders worth Rs 247 crore

PBFintech approves Rs 650 crore investment in Policybazaar, to inject funds in Policybazaar in one/more tranches and incorporate new tech company in Abu Dhabi.

Aban Offshore enters into a one-time debt settlement pact with Central Bank of India for Rs 125 crore.

FII Activity:

Foreign portfolio investors (FPIs) remained net buyers for Rs 23.19 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 322.34 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

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Bulk Deals:

Lyka Labs Ltd: Rikeen P Dalal HUF bought 3,80,626 shares in the company at the weighted average price Rs 138.25 per share on the NSE, the bulk deals data showed.

Rudrabhishek Enterp Ltd: Wish Well Finance & Leasing sold 2,00,000 equity shares in the company at the weighted average price Rs 176.3 per share on the NSE, the bulk deals data showed.

TVS Electronics Limited: Sudesh Business Ventures bought 1,00,000 equity shares in the company at the weighted average price Rs 287.29 per share on the NSE, the bulk deals data showed.

Akash Infra-Projects Ltd: Sarvagay Textile LLP bought 6,21,311equity shares in the company at the weighted average price Rs 47.1 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

RBL Bank is placed under the F&O ban on Thursday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.