Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 12th September 2022

Zee Business Stock, Trading Guide: Indian market on Friday closed with marginal gains. The BSE Sensex rose 105 points to 59,793 and the Nifty50 by 35 points to 17,833 levels. The benchmark indices snapped their two-week losing streak and continued their northward journey last week.

Indian equity markets may continue their northward journey amid supportive global cues and the bullish momentum is likely to continue as global cues turned supportive, Santosh Meena, Head of Research, Swastika Investmart Ltd said in his market next week expectations.

Strong FIIs' flow and sharp fall in crude oil prices were key supporting factors for the Indian markets, Meena said and added that if the flows from FIIs remain supportive then our market is likely to head towards new highs soon.

The coming week market will have an eye on macro numbers where it will have IIP and Inflation numbers while the US inflation number will play an important role, the market analyst said.

“If we look at the derivative data then the short positions of FIIs in the index future is still around 80% therefore the market will also have the support of short covering rally,” Meena also said.

Here is a list of things to watch out for on 12 September 2022

Technical View by Market Analyst

Technically, Nifty has an immediate and psychological hurdle of 18000; above this, we can expect a rally towards 18350/18600 levels. On the downside, 20-DMA around 17700 will act as an immediate and strong support level while 17500 is a sacrosanct support level.

Banknifty is outperforming and has moved above the 40000 mark where 40800-41000 is an immediate and strong resistance zone; above this, we can expect a rally towards the 41800-42000 zone.  On the downside, 40000-39500 will act as a strong demand zone.

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.19 per cent higher at 17,833.35. Key Pivot points (Fibonacci) support for the index is placed at 17794.96, 17761.94, and 17708.5 while resistance is placed at 17901.84, 17934.86, and 17988.3.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 0.51 per cent lower at 40,415.70. Key Pivot points (Fibonacci) support for the index is placed at 40305.7, 40209.98 and 40055.04 while resistance is placed at 40615.58, 40711.3, and 40866.23.

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.

Image Source – Stockedge

Stocks in News

Oil India – Dissolves subsidiary Oil India Cyprus on September 10, 2022

Anupam Rasayan – Fire incident occurred last night at unit-6 of Sachin GIDC plant of the company. Fire has been brought under control; 4 people have died & 20 are injured.

ONGC signs 6 contracts for Discovered Small Fields (DSFs) under the DSF-III bid round. Contracts were signed for 3 offshore fields each in the Arabian Sea, Bay of Bengal.

Tata Steel board meet on September 14 to consider debentures issuance.

Gujarat Industries Power awards EPC contract worth Rs 244 crore to KEC International

FII Activity on Friday:

Foreign portfolio investors (FPIs) remained net buyers for Rs 2132.42 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 1167.56 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

Ashapura Minechem Ltd: Albula Investment Fund Ltd bought 14,50,000 equity shares in the company at the weighted average price Rs 101.97 per share on the NSE, the bulk deals data showed.

Ganesha Ecosphere Limited: Rohan Gupta bought 1,48,133 equity shares in the company at the weighted average price Rs 635.63 per share on the NSE, the bulk deals data showed.

Total Transport Sys Ltd: Four R Investments Private Limited bought 75,000 equity shares in the company at the weighted average price Rs 135.97 per share on the NSE, the bulk deals data showed.

Coffee Day Enterprise Ltd: IDBI Trusteeship Services Ltd sold 16,56,200 equity shares in the company at the weighted average price Rs 57.44 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

Ambuja Cement and Delta Corp are placed under the F&O ban on Monday. 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.