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After 2 days of losses, can Nifty50 retain 17,800?  Main market indices, technical levels, etc.

Indian stock indices extended losses to a second straight day on Wednesday, led by the HDFC twins and other private sector financial stocks. Gains in metals and oil & gas names offered some support.
Overall, investors awaited the minutes of the latest FOMC meeting amid concerns about aggressive monetary policy tightening and closely watched updates on the Russia-Ukraine war.

What do the charts suggest for Dalal Street now?

The Nifty50 has formed a small negative candle on the daily chart with a minor upper shadow, confirming a short-term reversal to the 18,114 high and the start of a downward correction in the market, according to Nagaraj Shetti, technical research analyst at HDFC Securities.

“The index is positioned above the previous April 4 bullish gap at 17,800,” he said.

The market’s intraday texture has weakened and a further pullback rally is only possible after the index breaks above 17,900, said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.

“For traders, 17,900 will act as an immediate hurdle, below which a weak formation should continue to the 17,700-17,650 levels. However, above 17,900 the index could reach the 17,820 levels. -17,865,” he said.

Here are the key things to know about the market ahead of the April 7 session:

European stocks fell from more than six-week highs on Wednesday as investors grappled with the twin worries of aggressive U.S. rate hikes that could hurt growth and new Western sanctions over worsening economic conditions. inflation in Russia. The pan-European Stoxx 600 index fell 1.7% in the early morning.

S&P 500 futures fell 1%, suggesting a lower open on Wall Street.

What to expect in Dalal Street

HDFC Securities’ Shetti believes the short-term trend of the 50 certificates index seems to have turned negative and further corrections are underway.

He sees the possibility of further weakness at 17,600 levels in the coming sessions. “Confirmation of a bearish island reversal could open up further downside for the market,” he added.

Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, is of the view that the Nifty50 can only start to rally again once it closes the gap zone from 17,791 to 17,703 levels. He suggests traders adopt a buy-on-dip strategy.

Levels to watch

Despite the recent drop, the Nifty50 is holding close to 700 points above its 200-day simple moving average.

Period (number of days) AMD
5 17,790.7
ten 17,537.5
20 17,221.1
50 17,122.9
100 17,314
200 17 111

Mohit Nigam, Head-PMS at Hem Securities, highlighted the following levels:

Index Support Resistance
Nifty50 17,650 18,050
Clever bank 37,200 38 150

FII/DII activity

Foreign Institutional Investors (FIIs) on Wednesday sold Indian shares worth Rs 2,280 crore, the data showed. Domestic Institutional Investors (DIIs), however, made net purchases of Rs 105.4 crore.

According to preliminary exchange data, the maximum call open interest is accrued at the strike price of 18,000, with nearly two lakh contracts, and the second highest at 18,100 and 17,900, with 1.4 lakh each.

On the other hand, the maximum open interest to sell is at 17,500, with 1.2 lakh contracts, and the next highest at 17,800, with one lakh contracts.

This suggests immediate resistance at 17,900 ahead of the major 18,000 hurdle and significant support below 17,800 only at 17,500.

Long build up

Here are five stocks that have seen an increase in open interest as well as price:

symbol Current IO CPM Price change (%) Change in OI (%)
TORNTPOWER 31,86,000 541.95 1.61% 23.73%
NTPC 5,95,19,400 153.6 2.88% 21.95%
COALINDE 3,38,77,200 194.75 3.21% 17.12%
GUJGASLTD 42,57,500 527.1 1.04% 15.80%
INDHOTEL 2,15,01,612 253.2 6.90% 14.38%
symbol Current IO CPM Price change (%) Change in OI (%)
PFIZER 1,38,000 4,466.45 -0.66% -1.72%
ATUL 1 63 875 9,940.35 -0.85% -1.56%
INDUSINDBK 2,39,36,400 971.25 -0.45% -1.33%
BAJFINANCE 40,15,750 7,369 -0.59% -1.20%
JKCEMENT 3.95.325 2,698 -0.30% -0.75%

(Decrease in open interest as well as price)

Short cover

symbol Current IO CPM Price change (%) Change in OI (%)
COROMANDEL 14,28,750 832 0.59% -3.11%
LICHSGFIN 2,44,30,000 388.45 0.65% -1.14%
ASHOKLEY 3,94,74,000 124.7 0.69% -1.00%
CHAMBLFERT 30,48,000 469.2 1.06% -0.89%
GSPL 25,50,000 284.15 0.18% -0.60%

(Increase in price and decrease in open interest)

symbol Current IO CPM Price change (%) Change in OI (%)
IRCTC 1,11,52,750 784.4 -4.41% 14.61%
TATAMOTORS 7,18,42,800 457.65 -0.50% 13.15%
IPCALAB 8,68,950 1,021.45 -1.22% 13.10%
DIXON 5,26,625 4,610 -1.09% 12.75%
ZEEL 6,22,62,000 293.5 -2.49% 12.32%

52 Week Highs

A total of 29 stocks in the BSE 500 pack – the exchange’s broadest index – hit 52-week highs:


52 week lows

No stocks in the BSE 500 hit a 52-week low.

The India VIX – also known as the Fear Index – rose 2.9% to 19 on Wednesday, after jumping 4.3% during the session. Russia’s decision to invade Ukraine in late February had sent the VIX soaring to a 20-month high of 34.

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