Zee Business Stock, Trading Guide: The Indian markets were expected to decline on the first day of the week on Monday as the ripple effect of US markets that slipped up to 4 per cent on Friday on US Fed Chair Jeremy Powell's statement with respect to rate hikes, Zee Business Managing Editor Anil Singhvi said in his post-market comment.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

He added, however, that the decline in the Indian indices was still lower as compared to other global peers and the Nifty50 index took the support of 17150-17200 during today’s session after gap-down opening, while it slowly and gradually made progress to recover the losses.

The BSE Sensex ended at 57,972.62, down by 861.25 points or 1.46 per cent while the 50-share Nifty index settled at 17,312.90, declining 246 points or 1.4 per cent.  Similarly, Nifty Bank took important support of 37950 and closed around 38300, down over 700 points today, Singhvi said.

Most of the sectoral indices traded in line with the index and ended lower wherein the IT pack lost maximum, while the FMCG index was the only sector to close in the green.

Tanusree Banerjee, Co-Head of Research, Equitymaster with respect to rise in FMCG stocks said, “Rise in interest costs typically affects cyclical businesses or ones with leveraging. During such times defensive sectors such as FMCG and pharma are in favour.”

“Since the Fed chief signaled further rate hikes...market sentiments towards cyclical businesses have turned negative. So, FMC G companies appear relatively stable,” Banerjee further said

Nifty must reclaim 17,400 to show resilience else it may also inch gradually lower and test the 16,900 zone, Ajit Mishra, VP - Research, Religare Broking said, adding that amid all negativity, a few sectors/stocks are still showing tremendous resilience so the focus should be more on selection to navigate during the corrective phase. 

Here is a list of things to watch out for on 30th August 2022

Key support & resistance levels for Nifty50:

The Nifty50 closed 1.4 per cent higher at 17,312.90. Key Pivot points (Fibonacci) support for the index is placed at 17204.68, 17154.18, and 17072.43 while resistance is placed at 17368.18, 17418.68, and 17500.43.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 1.82 per cent higher at 38,276.70. Key Pivot points (Fibonacci) support for the index is placed at 38032.78, 37925.82 and 37752.7 while resistance is placed at 38379.03, 38485.98, and 38659.11.

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

ICRA board approves the appointment of Venkatesh Viswanathan as group CFO.

IRCTC says: Company has not received any information on dropping OFS from Government.

Zomato clears that the company has no plans on rebranding Zomato app to Eternal.

FII Activity on Monday:

Foreign portfolio investors (FPIs) remained net sellers for Rs 561.22 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 144.08 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

BLS Intl Servs Ltd: Nomura Singapore Limited bought 11,00,000 equity shares in the company at the weighted average price Rs 230 per share on the NSE, the bulk deals data showed.

Dev Info Technology Ltd: Multiplier Share And Stock Advisors Private Limited bought 60,000 equity shares in the company at the weighted average price Rs 212.59 per share on the NSE, the bulk deals data showed.

Sikko Industries Limited: Maheshbhai Damjibhai Domadia sold 64,000 equity shares in the company at the weighted average price Rs 109.8 per share on the NSE, the bulk deals data showed.

Thyrocare Tech Ltd: Fundsmith Emerging Equities Trust PLC sold 2,68,707 equity shares in the company at the weighted average price Rs 614.79 per share on the NSE, the bulk deals data showed.