Zee Business Stock, Trading Guide: Despite weak global markets, the Indian markets on Tuesday surprisingly closed on a positive note with the Nifty50 index settling above the key support level of 17,350 and Nifty Bank above 38,000, Zee Business Managing Editor Anil Singhvi said in a special edition of Bazaar Aaj aur Kal.

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At the market close, the BSE Sensex was at 59,031.30, up by 257.43 points or 0.44 per cent while the Nifty50 at 17,577.50, gaining 86.80 points or 0.5 per cent. 

He said that both the Nifty and Nifty Bank indices opened at the support level but surged as the day progressed and post noon a splendid rally was seen in the Indian markets today. The Dow Futures was seen strong after noon during today’s sessions, Singhvi added.

No selling from Foreign Institutional Investors (FIIs), however, post the sell-off from traders' end the benchmark indices were seen rising as the day progressed, the managing editor said, adding that the markets were oversold on Put Call Ratio.

Except for IT Index, all other sectors and heavyweights witnessed buying sentiment on Tuesday, while the recovery in mid and small-cap stocks uplifted the confidence in the market, Singhvi said. He added that today’s recovery indicated that the rally in the domestic markets would continue.  

In line with Singhvi’s view, Ajit Mishra, VP - Research, Religare Broking Ltd said that the recovery indicates that bulls are not in the mood to surrender easily, and expects the rebound to extend further till the Nifty upholds 17,300.

However, mixed global cues combined with scheduled monthly expiry of August month contracts would continue to keep the participants on the edge, and thus recommend staying light and waiting for some stability, the analyst at the Religare Broking said in his comment.

Here is a list of things to watch out for on 24th August 2022

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.50 per cent higher at 17,557.5. Key Pivot points (Fibonacci) support for the index is placed at 17408.99, 17342.81, and 17235.7 while resistance is placed at 17623.21, 17689.39, and 17796.5.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 1.04 per cent higher at 38,697.65. Key Pivot points (Fibonacci) support for the index is placed at 38155.07, 37938.19 and 37587.13 while resistance is placed at 38857.19, 39074.07, and 39425.13.

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

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FII Activity:

Foreign portfolio investors (FPIs) remained net buyers for Rs 563 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net sellers to the tune of Rs 215.2 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

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Bulk Deals:

TVS Electronics Limited: Sudesh Business Ventures bought 1,00,000 shares in the company at the weighted average price Rs 269.94 per share on the NSE, the bulk deals data showed.

Jet Freight Logistics Ltd: Param Broking (India) Pvt Ltd bought 1,31,615 equity shares in the company at the weighted average price Rs 20.85 per share on the NSE, the bulk deals data showed.

Gokaldas Exports Limited: Pathik Gandotra sold 4,05,000 equity shares in the company at the weighted average price Rs 352.19 per share on the NSE, the bulk deals data showed.

Cigniti Technologies Ltd: PMK Holdings Private Limited bought 1,50,802 equity shares in the company at the weighted average price Rs 597per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

No stock 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.