Zee Business Stock, Trading Guide: Things to Know Before Market Opens on 6 October 2022

Zee Business Stock, Trading Guide: The Indian markets on Tuesday reversed Monday’s losses and gained over 2 per cent, tracking strong global cues. The BSE Sensex jumped almost 1300 points, while Nifty50 settled near 17300-levels yesterday.

The BSE Sensex gained 1,276 points or 2.25 per cent to 58,065 while Nifty50 surged by 386 points or 2.29 per cent to 17,274 levels on Tuesday. All sectoral indices participated in the move wherein metal, banking and IT were among the top gainers.

Markets are currently dancing to the global tunes and the rebound in the US markets has triggered this rebound, Ajit Mishra, VP - Research, Religare Broking Ltd said, adding that Nifty, going ahead, should hold the 17,200 mark to maintain the positive bias and inch towards the 17,400+ zone.

Mishra advised market participants by reiterating to focus more on stock selection and risk management citing excessive volatility.

Technically, the Nifty has seen a smart recovery on Tuesday, post a steep decline in the previous session. The key Fibonacci level acted as a springboard, resulting in a swift up move yesterday, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas

“On the way up, the Nifty has crossed the swing high of 17187 & has entered into a gap area that was created during the decline in the last month. Going ahead, 17300 is the immediate barrier to watch out for,” Ratnaparkhi said in his comment.

Moreover, if the bulls manage to surpass 17300 on a closing basis, then the index can stretch to 17500. Near-term support shifts higher to 17000, he added.

Here is a list of things to watch out for on 06 October 2022

Key support & resistance levels for Nifty50:

The Nifty50 closed 2.3 per cent higher at 17,274.30. Key Pivot points (Fibonacci) support for the index is placed at 17161, 17121, and 17056 while resistance is placed at 17291, 17331, and 17396.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 2.84 per cent higherat 39,110.05. Key Pivot points (Fibonacci) support for the index is placed at 38739, 38602, and 38380 while resistance is placed at 39183, 39320, and 39542.

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:

Sugar stocks in focus: India emerges as the world’s largest producer and consumer of sugar and world’s 2nd largest exporter of sugar; mills/distilleries generated Rs 18,000 cr from sale of #ethanol, says Food Ministry.

HCL Tech to hire 1,000 people in Brazil in the next two years and will also open a new technology center in Campinas

JSW Neo Energy enters into an MoU with Maharashtra Govt for setting up a 960 MW hydro pumped storage project

RBL Bank Q2 Update: Total deposits up 5 per cent at Rs 79,407 crore as compared to Rs 75,588 crore year-on-year

Sterlite Tech completes divestment of stake in Impact Data Solutions, UK.

Tata Steel divests 19 percent stake in AL Rimal to Tanmia. The company's shareholding reduced from 70% to 51% in AL Rimal.

Godrej Consumer Quarterly Update: The company expects to deliver high single-digit sales growth in India.

FII Activity on Wednesday:

Foreign portfolio investors (FPIs) remained net buyers for Rs 1,344.63 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 945.92 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

Tapi Fruit Processing Ltd: Sunitaben Sanjaybhai Varsadiya bought 21,000 equity shares in the company at the weighted average price Rs 52.11 per share on the NSE, the bulk deals data showed.

JTL Infra Ltd: Laxmi Kant bought 5,00,000 equity shares in the company at the weighted average price Rs 252.66 per share on the NSE, the bulk deals data showed.

Suumaya Industries Ltd: Capgenius Advisory Private Limited bought 4,58,854 equity shares in the company at the weighted average price Rs 45.02 per share on the NSE, the bulk deals data showed.

Sabar Flex India Limited: Multiplier Share & Stock Advisors Private Limited sold 1,70,000 equity shares in the company at the weighted average price Rs 16.51 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

No stock is placed under the F&O ban for 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.