Zee Business Stock, Trading Guide: The Indian markets extended gain for the second straight session on Tuesday with sectoral indices rising 1 per cent each amid positive global cues. Sensex rose by 579 points or 0.98 per cent to 59,720 and Nifty50 settled 194 points or 1.1 per cent higher to 17,816.

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Ajit Mishra, VP - Research, Religare Broking said that the benchmark witnessed a gap-up start and continued to trade with positive bias throughout the day. The rally was largely led by healthy buying across sectoral indices wherein pharma, realty, auto and metals were the top gainers, he added.

Mishra believes all eyes will be on the US Fed FOMC (Federal Open Market Committee) meeting scheduled tomorrow wherein there are high expectations of the Fed increasing the rates by 75 basis points. So, the FED rate decision will dictate the market trend going ahead.

Meanwhile, investors will continue to monitor global cues, crude, and currency movement, the market analyst also recommended.

Here is a list of things to watch out for on 21 September 2022

Technical View on Nifty

By Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

In terms of the Fibonacci retracement, Nifty went for the deep retracement of the recent decline. It reached closer to 78.6% retracement, where it attracted fresh round of selling. Contracting hourly upper Bollinger Band also acted as a barrier near the key Fibonacci level.

Structurally, the Nifty looks poised to form the next leg down. On the downside, the index is set to retest the support zone of 17400-17500 with potential to breach that & tumble towards 17200 subsequently. On the higher side, near term resistance zone is placed at 17920-17950

Key support & resistance levels for Nifty50:

The Nifty50 closed 1.1 per cent higher at 17,816.25. Key Pivot points (Fibonacci) support for the index is placed at 17759, 17718, and 17651 while resistance is placed at 17893, 17934, and 18001.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 1.38 per cent lower at 41,468.30. Key Pivot points (Fibonacci) support for the index is placed at 41271, 41160 and 40980 while resistance is placed at 41630, 41741, and 41921.

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

Jindal Stainless board to consider raising funds via debt securities on September 23.

M&M proposes to acquire additional 17.41 per cent stake of Swaraj Engines from Kirloskar Ind; the company’s stake in Swaraj Engines would increase to 52.13% from 34.72%

Central Bank of India is out of RBI's Prompt Corrective Action Framework (PCA) framework.

ACC promoter creates pledge on 56.69% equity on September 15.

Ambuja Cements promoter creates pledge on 63.15% equity on September 15.

SpiceJet Statement: In a temporary measure to rationalise cost, SpiceJet has decided to place certain pilots on leave without pay for a period of three months.

NBCC secures total business of Rs 274.77 cr during August 2022.

Tata Steel Ltd allots NCDs amounting to Rs 500 cr with 7.50% p.a. fixed coupon rate and NCDs amounting to Rs 1,500 cr with 7.76% p.a. fixed coupon rate.

Wipro, Finastra partner to offer digital solutions to corporate banks in India.

Hero MotoCorp & HPCL partner to set up charging infrastructure for electric vehicles.

FII Activity on Tuesday:

Foreign portfolio investors (FPIs) remained net buyers for Rs 1196.19 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 131.94 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

Best Agrolife Limited: Quant Mutual Fund bought 3,22,000 equity shares in the company at the weighted average price Rs 1239.04 per share on the NSE, the bulk deals data showed.

Veekayem Fash & App Ltd: Jay Chloro Chem Private Limited sold 32,000 equity shares in the company at the weighted average price Rs 44.03 per share on the NSE, the bulk deals data showed.

Kshitij Polyline Limited: Shalabh Jalan HUF sold 1,10,000 equity shares in the company at the weighted average price Rs 111.45 per share on the NSE, the bulk deals data showed.

Art Nirman Limited: Shakkarbhai Desai Amratbhai sold 1,50,000 equity shares in the company at the weighted average price Rs 106 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

Delta Corp, Escorts, RBL Bank, India Cement and PVR are placed under the F&O ban on Wednesday. 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.