Trade setup for Oct 29: Will Nifty recover after its worst day since April? Key market cues before Friday

Asia's Tech News Daily

Trade setup for Oct 29: Will Nifty recover after its worst day since April? Key market cues before Friday
© Provided by CNBCTV18

Indian equity benchmarks suffered their biggest single-day fall since April on Thursday, dragged primarily by financial, IT and consumer stocks amid a sell-off across sectors. The Bank Nifty tumbled 3.3 percent — its worst fall since April 12 — to move further away from recent peaks.

What do the charts suggest for Dalal Street now?

The Nifty50 index has formed a long bear candle on the daily chart, signalling a decisive downside breakout of immediate supports, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“Such sharp one-day weakness has not occurred in the last 35-40 sessions, and this could indicate a shift in momentum from longs to shorts,” he said.

Stay focused on quality

The index is likely to respect 17,700-17,600 levels in the next 2-3 days,

said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.

“We should look for buying opportunities in strong quality companies with a medium-term outlook. On the upside, 18,000 and 18,200 will be the biggest hurdles. It is advisable to trade according to the levels mentioned,” he said.

Here are key things to know about the market before Friday’s session:

Global Markets

European stocks struggled for direction on Thursday — one of the busiest days for earnings — as major automakers warned of production hit from semiconductor shortages while a handful of companies reported upbeat results.The pan-European STOXX 600 was flat in early deals. All eyes were on GDP data from the US for cues.

S&P 500 E-Mini futures were up 0.3 percent at the last count, suggesting a positive start ahead on Wall Street.

What to expect on Dalal Street

The decisive weakness in the market following rangebound movement could indicate a sharp reversal of the near-term uptrend, said HDFC Securities’ Shetti. “One may expect further weakness in the coming sessions. The next lower levels to be watched are 17,590-17,550 by next week. Any attempt of an upside bounce from here could encounter resistance around 18,040,” he warned.

The market has been volatile and investors need to be cautious as further downside cannot be ruled out for the time being, according to Rahul Sharma, Co-Founder of Equity99.

He expects banking, automobile, metal and infrastructure shares to be in focus in the last trading session of the week, as more companies report their results.

Key levels to watch out for Nifty50: Strong support for the index is expected at 17,750, which, if broken, might be followed by 17,660, followed by next strong support at 17,500. Strong resistance is expected at 17,950, followed by 18,000 and then 18,200, according to Sharma. Bank Nifty: The banking index has very strong support at 38,300, which, if breached, might be followed by 38,000 and then 37,700, he said. Sharma expects strong resistance for the Bank Nifty at 38,850, which, if breached, might be followed by the index regaining the 40,000 mark.

FII/DII activity

Foreign institutional investors (FIIs) pulled out a net Rs 1,913.4 crore

from Indian equities on Wednesday. However, domestic institutional investors (DIIs) made net purchases of Rs 472.5 crore, exchange data showed.

Call/put open interest

The maximum open interest is at the strike price of 18,500, and there is a high accumulation at 18,300 and 18,000. On the other hand, the maximum put open interest is at 17,800, and next at 17,500, NSE data shows.

This suggests immediate resistance can be expected in the 18,000-18,300 zone levels, and support comes in at 17,800.

Long build-up

Here are five stocks that saw an increase in open interest as well as price, suggesting a build-up of long positions:

Symbol Current OI CMP Price change (%) OI change (%)
IRCTC 8,88,875 921.55 11.46% 258.68%
LT 21,29,225 1,815.90 1.80% 49.66%
MARUTI 8,22,700 7,367.60 0.20% 35.29%
ASIANPAINT 8,63,700 3,115 0.89% 9.14%
PIDILITIND 5,09,500 2,382.45 0.47% 8.15%

Long unwinding

Symbol Current OI CMP Price change (%) OI change (%)
TORNTPOWER 6,39,000 488.5 -2.50% -64.08%
APLLTD 6,12,150 743.45 -1.85% -57.95%
PERSISTENT 81,150 3,985.40 -1.56% -57.30%
NAM-INDIA 5,68,000 415.35 -4.78% -52.11%
POLYCAB 2,19,000 2,261.10 -1.28% -48.49%

(Decrease in open interest and price)

Short-covering

Symbol Current OI CMP Price change (%) OI change (%)
BANDHANBNK 66,36,600 298.25 1.34% -83.16%
JKCEMENT 17,675 3,259.45 2.13% -76.24%
ALKEM 64,800 3,760.60 0.58% -54.63%
METROPOLIS 1,89,000 2,922 2.92% -52.80%
LALPATHLAB 2,04,250 3,556.45 1.46% -35.13%

(Decrease in open interest and increase in price)

Short build-up

Symbol Current OI CMP Price change (%) OI change (%)
MOTHERSUMI 1,34,33,000 224.4 -0.47% 64.51%
CHOLAFIN 20,98,750 604.35 -2.97% 37.46%
BEL 1,16,50,800 200.3 -3.21% 32.03%
TATACONSUM 32,07,600 810 -1.04% 28.79%
BHARATFORG 26,29,500 763.75 -2.44% 24.99%

(Increase in open interest and decrease in price)

52-week highs

Seven stocks in the BSE 500 index — the broadest gauge on the bourse — clocked 52-week highs: IndusInd Bank, Godfrey Phillips, Minda Corp, TTK Prestige, Tanla, ABB and Grindwell.

52-week lows

Three stocks in the 500-strong barometer hit 52-week lows: AstraZeneca, Strides Pharma Science and Responsive Industries.

Volatility gauge

NSE’s India VIX index — which gauges the expectation of volatility in the near term — rose 6.4 percent to settle at 17.9 on Thursday, having surged as much as 9.5 percent during the session.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

Janhvi, Arjun welcome dad Boney Kapoor to Instagram with a hilarious post

Boney Kapoor was welcomed by his kids on Instagram. Janhvi, Khushi, Anshula and Arjun Kapoor’s father and Bollywood producer, Boney Kapoor has made his Instagram debut. Boney Kapoor is the ... Read more »

REVEALED: Why Dhoni will earn less than Ravindra Jadeja at IPL 2022

© Provided by DNA The eight existing Indian Premier League (IPL) franchises announced their player retentions for IPL 2022 season, ahead of the mega auction. Four-time champions Chennai Super Kings ... Read more »

'Over 50% of men who abuse women were themselves abused'

© Provided by SowetanLive University of Stellenbosch Business School (USB) senior lecturer in managerial economics and statistics, Dr Nthabiseng Moleko, believes that throwing money at fighting gender-based violence (GBV) is not ... Read more »

Flurry of companies exiting the JSE 'in a way, very positive'

© Provided by CapeTalk Delisting from the Johannesburg Stock Exchange (JSE) is an ongoing trend. Some of it is due to management teams seeing better value in their own shares ... Read more »

Karan Deol: I used to bunk economics class for football

© Provided by Mid-Day Karan Deol along with his ‘Velle’ co-stars Savant Singh Premi and Vishesh Tiwari, visited the mid-day.com office recently and had a fun chat as they revisited ... Read more »

Gajraj Rao threatens not to attend Vicky Kaushal-Katrina Kaif's wedding for this reason

© Provided by Zee News NEW DELHI: Veteran actor Gajraj Rao, known for films like ‘Badhaai Ho’ and ‘Shubh Mangal Zyada Saavdhan’, has dropped a major hint that Vicky Kaushal ... Read more »

Ankita Lokhande grooves with beau Vicky Jain as they begin pre wedding celebrations; PICS

December is the month full of joy for actress Ankita Lokhande as she will be getting married to her long-time boyfriend Vicky Jain. The actress’ happiness knew no bound as ... Read more »

PIC: Mahesh Babu's wife Namrata is crushing over her handsome hubby's smile & we have fallen in love too

© Provided by Pinkvilla Mahesh Babu and Namrata Shirodkar are one such couple who will make you believe in true love. Their love at first sight, grew to 15 years ... Read more »

Mhambrey backs Ishant to regain his rhythm with 'a couple of games under his belt'

© PTI Ishant Sharma has averaged 32.71 over eight Tests since his injury in New Zealand © PTI At 97 Tests, Ishant Sharma was arguably the most improved bowler in ... Read more »

Salman Khan's niece Alizeh's debut film to be helmed by THIS director?

© Provided by Pinkvilla Just a few days ago, Pinkvilla exclusively broke the news that Salman Khan will be launching his 21-year-old niece Alizeh who is his sister Alivra Khan ... Read more »

London schoolchildren choose to cover faces in class to beat Covid

Some London schoolchildren are choosing to wear face masks in classrooms amid fears school covid safety measures are not tough enough. © PA Wire Coronavirus – Mon Mar 8, 2021 ... Read more »

Tories guilty of 'misconduct' over thousands of Covid deaths, major report finds

© STEVE REIGATE Michael Mansfield QC An inquiry into the coronavirus pandemic has accused the Government of “misconduct in public office” over civilian deaths it says dwarf those seen in ... Read more »

National Trust: Irreplaceable trees among thousands lost in Storm Arwen

Gale force winds as Storm Arwen hit the UK brought down thousands of trees, including “irreplaceable” specimens, the National Trust has said. The conservation charity said the full extent of ... Read more »

Etsy is selling an Aperol Spritz Christmas jumper - and it's perfect for the big day

Although it’s usually enjoyed on a hot summer’s day, in our opinion, there’s never a bad time to pour a glass of Aperol Spritz – even at Christmas time. And, ... Read more »

EU pushes for daily travel reviews, mass booster shots over Omicron

FILE PHOTO: Coronavirus disease (COVID-19) vaccination in La Baule BRUSSELS (Reuters) – The European Union needs daily reviews of its travel restrictions and rapid deployment of vaccine booster doses to ... Read more »

Karrion Kross lands lead role in 2022 action movie following WWE release

Following his shock WWE release last month, Karrion Kross has reportedly landed a starring role in an action movie, which is set to begin filming in 2022. © GiveMeSport Former ... Read more »

Rajasthan govt signs 125 MoUs for Rs 69k-cr projects; receives LoIs for over Rs 10k-cr investments

The Rajasthan government has signed multiple memorandum of understandings (MoUs) attracting proposed investments worth around Rs 69,000 crore, Rajasthan Industries Minister Shakuntala Rawat said on Wednesday. Besides, various investors have ... Read more »

'Testing is so important': Sir Elton John on government's vow to end HIV infections by 2030

Sir Elton John is getting behind the government’s vow to end HIV infections and deaths in England by 2030. © Bang Showbiz Sir Elton John: Testing is vital to end ... Read more »

Centre says Maharashtra order on international passengers in divergence with its guidelines, asks state to align

After the Maharashtra government revised the guidelines on quarantine for international passengers in view of concerns over the Omicron variant, the Centre on Wednesday asked the state to align its ... Read more »

Suitors remain keen on signing Manchester United man despite huge gaffe

© PA Images Andreas Pereira Flamengo November 2021 Flamengo remain eager to sign Manchester United attacker Andreas Pereira on a permanent deal despite his high-profile mistake this week. That is the ... Read more »

ITV Emmerdale flooded with Ofcom complaints after gruesome murder of Aaron Dingle's boyfriend

Emmerdale has been flooded with Ofcom complaints after a scene showed the gruesome murder of Aaron Dingle’s boyfriend. The regulator received 74 complaints after the scene, which aired on November ... Read more »

Louise Redknapp admits she lost sleep over decision to do Strictly Come Dancing

© PA Louise was paired with Kevin Clifton Louise Redknapp says she’s lost sleep over her decision to take part in Strictly Come Dancing. The singer has previously blamed her ... Read more »

COVID-19 took toll on AIDS fight, UNAIDS chief says

Oxfam International Executive Director Winnie Byanyima poses for a portrait following an interview in New York By Julie Steenhuysen CHICAGO (Reuters) – New infections and deaths from HIV/AIDS may increase ... Read more »

Mr Tumble! Post your questions for Justin Fletcher

© Provided by The Guardian Photograph: Sarah Lee/The Guardian Take your finger and touch your keyboard, think three times and off you go … We need your questions for the ... Read more »

Greggs is giving away 50,000 free festive bakes when you download the new app

Greggs is giving away 50,000 free Festive Bakes and Vegan Festive Bakes from today – and it’s never been easier to bag a freebie. Customers can claim their free festive ... Read more »

Chaos in Number 10 — Boris Johnson's inner circle in a battle to regain control

(Evening Standard comp) Project “Reboot Boris” is the challenge on the lips of every prime ministerial loyalist in Whitehall. After the past few weeks of turmoil, many previously loyal followers ... Read more »

Ruth Langsford looks glam in a long-sleeved M&S shirt with a stylish star print

© Gareth Cattermole – Getty Images Ruth Langsford looks glamorous in an M&S shirt while presenting Loose Woman and the starry print is perfect for the festive season. Ruth Langsford ... Read more »

Official: Blinken, Russian FM to meet amid Ukraine tensions

U.S. Secretary of State Antony Blinken speaks to the media during NATO Foreign Ministers meeting in Riga, Latvia Tuesday, Nov. 30, 2021. (AP Photo/Roman Koksarov, Pool) WASHINGTON (AP) — Secretary ... Read more »

Thousands without power for fifth day after Storm Arwen

Engineers are working to repair damage (SSEN/PA) Thousands of properties remain without power for a fifth day as engineers work amid “challenging conditions” to repair the damage caused by Storm ... Read more »

Omicron unravels travel industry's plans for a comeback

The Associated PressFILE – The Christmas tree of the closed Christmas market is reflected in a puddle in Innsbruck, Austria, Monday, Nov. 29, 2021. As countries shut their doors to ... Read more »

Englands Frauen gewinnen mit 20:0 – und lassen Zweifel am Quali-System aufkommen

© Tim Goode/keystone-sda.ch Keine Spannung, dafür viele Tore: Das Spiel zwischen England und Lettland endete 20:0. Am Dienstagabend feierte die Schweizer Frauen-Fussballnationalmannschaft in der WM-Quali einen Kantersieg. Die Nati setzte ... Read more »

Ex-hotel worker reveals how they get back at rude guests

A FORMER hotel worker has revealed how they get back at guests who are annoying them or have been rude to them. And if you find your key card doesn't ... Read more »

Schweizer Unihockey-Nati steht nach 6:2-Sieg im WM-Viertelfinal

Die Schweizer Unihockey-Frauen gewinnen das dritte und letzte Gruppenspiel an der WM in Schweden gegen Polen mit 6:2. Trotz eines harzigen Starts konnten sich die Schweizerinnen am Schluss absetzen. Widmer ... Read more »

Michelle Keegan braves sub-zero temperatures in a cropped jacket as she films Brassic series four

MICHELLE Keegan winced as she hopped out of a red van in a rainy and cold Manchester. The actress braved sub-zero temperatures in a cropped jacket while filming series four ... Read more »

When does Spotify Wrapped 2021 come out?

SPOTIFY users can access their personalized sound experience exclusively in the mobile app. Here is everything you need to know about the Spotify Wrapped 2021 release date. Wrapped is a ... Read more »

These are the world's most expensive cities to live in

© Provided by Al Jazeera New York City ranked sixth on the list of the world’s most expensive cities [File: Mary Altaffer/AP] Tel Aviv is the most expensive city in ... Read more »

Dozens, including many children, die in Nigeria boat disaster

© Provided by Al Jazeera An overloaded boat carrying dozens of passengers, mostly children aged eight to 15, has capsized on Bagwai River in northwest Nigeria’s Kano state, according to ... Read more »

The hypocrisy of Emmerson Mnangagwa

© Provided by Al Jazeera Mnangagwa should not be allowed to ‘greenwash’ his government’s damaging actions or blame everything that is still wrong with the country on EU and US ... Read more »

Projek HSR: PM bentang hasil pertemuan dengan Singapura Jumaat

© Provided by Free Malaysia Today Wee Ka Siong berkata Ismail Sabri Yaakob dan Perdana Menteri Singapura Lee Hsien Loong, masing-masing terbuka meneliti semula pelaksanaan projek HSR. (Gambar Bernama) PETALING ... Read more »

Sex and the City reboot And Just Like That confirms Carrie and Big's relationship status

Sex and the City fans have been eagerly awaiting more details of the anticipated series reboot, And Just Like That, including if Carrie Bradshaw (Sarah Jessica Parker) and Big (Chris ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic