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As Nifty50 nears 17,800, more card advantages on D-Street


Trade Setup for Monday, October 31: The Nifty50 may remain in a short-term sideways to positive trend, experts say. Here’s what the technical charts suggest.

India’s equity benchmarks ended higher for a second consecutive session on Friday, led by oil and gas and auto stocks, although financials, IT and metals stocks played spoilsport, limiting control of the rise. .

Dalal Street entered a new monthly derivative series after the Nifty50 ended October’s up 5.5%.

What do the graphs suggest for Dalal Street?

The Nifty50 has held above its crucial moving average on the daily chart, confirming a short-term bullish trend, according to Rupak De, Principal Technical Analyst at LKP Securities.

He expects the 50 certificate index to continue to be in a sideways to positive trend in the short term.

You can still buy the dip in Nifty Bank

The Bank Nifty still appears to be in a bullish trajectory, well above all of its major exponential moving averages on the daily chart, pointed out Sameet Chavan, chief technical and derivatives analyst at Angel One. He sees any correction in the banking index as an opportunity to add long positions.

“The unfilled gap placed around the 40,350-40,200 levels is likely to act as sacrosanct support this week. On the other hand, lifetime highs in the 41,800-41,850 area are resistance. intermediate, any breach above that could trigger the next leg of a rally in space,” he said.

Here are the key things to know about the market ahead of the October 31st session:

Wall Street indices jumped on Friday, boosted by broad-based gains as encouraging economic data and a brighter earnings outlook fueled investors’ risk appetite ahead of the Fed’s highly anticipated two-day meeting this week. The S&P 500 rose 2.5%, the Dow Jones 2.6% and the Nasdaq Composite 2.9%.

European markets posted cautious gains earlier in the day, with the pan-regional Stoxx 600 index ending up 0.1%.

What to expect in Dalal Street

More consolidation can be expected in the market, with the banking pack likely to pause after posting an outperformance, said Ajit Mishra, vice president of research at Religare Broking.

“Index majors from other sectors are likely to fill the gap. Participants should remain focused on sector and stock selection, and use dips to add during consolidation,” he said. .

From LKP sees support for the Nifty50 at 17,700-17,550 levels and resistance in the 17,850-17,950 band.

Main levels to monitor

The maximum call open interest is accrued at the strike price of 18,200, with nearly one lakh contracts, and the second highest at 18,000, with 99,000 contracts, according to preliminary exchange data . The maximum open interest to sell is placed at 17,700, with over 90,000 contracts, and at 17,500, with almost 81,000.

This suggests a strong hurdle at 18,000 and strong support at 17,700.

Period (Nb of sessions) Nifty50 Clever bank
5 17,770.1 40,988.7
ten 17,773.6 41,130.4
20 17,735.5 41,197.3
50 17,637.1 40,786.1
100 17,412.3 40,004.7
200 17,322 39,568.3

Foreign institutional investors (FIIs) remained net buyers of Indian stocks for a second straight session on Friday, according to preliminary trading data.

As Nifty50 nears 17,800, more card advantages on D-Street

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

Store Current IO CPM Price change (%)
HONAUT 18,825 39,800 2.83% 62.87%
SYNGENE 2,077,000 618.15 3.20% 11.99%
MARUTI 2,820,500 9,580.10 5.42% 11.57%
BOSCHLTD 187,950 16,158 2.02% 9.71%
COALINDE 21,176,400 246.05 1.67% 9.30%

Long relaxation

Store Current IO CPM Price change (%) Change in OI (%)
TVSMOTOR 5,376,000 1,126 -0.10% -7.42%
MGL 3,277,600 857.15 -1.58% -5.25%
JINDALSTEL 27,170,000 455.55 -3.44% -5.22%
GLI 10,686,500 423.35 -0.99% -3.86%
POLYCAB 714,600 2,752.25 -0.77% -3.36%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change (%) Change in OI (%)
MFSL 2,507,050 703.95 3.15% -5.47%
RECLTD 44,592,000 100.45 3.40% -5.27%
BAJAJ-AUTO 1,553,500 3,695 1.60% -4.51%
SHREECEM 291,450 21,655.50 0.54% -4.31%
VAC 4,132,750 2,330 0.21% -3.41%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change (%) Change in OI (%)
NMDC 13,463,650 101.6 -3.33% 31.60%
Crompton 4,591,500 353.5 -4.03% 15.19%
BALRAMCHIN 8,046,400 312.4 -6.62% 13.86%
PAGEIND 88,275 49,182 -3.58% 12.01%
SBICARD 6,011,200 815.25 -5.41% 10.19%

(Decrease in price and increase in open interest)

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