After helping Nifty cross 17,000, Bulls may stay in charge of Street

Indian equity benchmarks touched a new three-month high on Friday, rising for the third consecutive session, with gains across most sectors. Gains in financials, oil & gas and IT stocks pushed the headline index higher.

Expectations of less aggressive rate hikes by the Fed in the coming months boosted sentiment globally.

What do the charts suggest for Dalal Street?

According to Nagraj Shetty, Technical Research Analyst, HDFC Securities, Nifty 50 has formed a long bull candle on the daily chart with a gap-up opening, after clearing the crucial resistance at 16,800.

He believes that the underlying trend in the 50-point index is bullishly positive.

Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel One, told CNBCTV18.com that the index’s move above 17,000, a psychologically important level that coincides with its 200-day simple moving average, is an encouraging sign for the bulls. Is.

He is of the view that the momentum can be expected to continue until the gap zone of 17,018-16,948 is challenged or filled.

He said that Dalal Street may see some strength going forward, but the broader markets are expected to remain firm.

Here are the important things to know about the market ahead of the August 1 session:

global market

Wall Street indexes jumped on Friday amid positive corporate news that brushed off concerns about rising labor costs and other indicators of continued inflation. The S&P 500 was up 1.4 per cent, the Dow Jones one per cent and the Nasdaq Composite up 1.9 per cent.

Earlier that day, European markets showed strength in Asian markets. The pan-European Stokes 600 index closed up 1.3 percent.

Read |  Bajaj Holdings share price: Bajaj Holdings share price falls as Nifty weakens

What to expect on Dalal Street

Shetty of HDFC Securities expects the Nifty 50 index to touch 17,600-17,800 levels in the next few weeks but warns that a slight downside or consolidation cannot be ruled out. “Important support is placed at 16,950-16,800 levels,” he said.

key levels to track

In bullish signals, both Nifty 50 and Nifty Bank are trading at least 6 per cent above their long term simple moving average.

Duration (number of sessions)SMANifty50Nifty Bank517,125.6

37,488.2

1017,072.837,4552016,92237,268.65016,72836,839.610016,477.7

36,065

20016,206.335,138

Chavan sees 17,450 followed by 17,380 as immediate levels for this week.

FII/DII Activity

Call / Enter Open Interest

According to exchange data, the maximum call open interest has accumulated at a strike price of 17,600 with around 98,000 contracts, and the next high is 18,000 contracts with 94,000 contracts. On the other hand, the maximum put open interest is at 17,000, with 1.2 lakh contracts, and 16,900, with 94,000 contracts.

This suggests strong resistance at 17,600 and an immediate base at 17,000.

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

StockCurrent OICMPPrice Changes (%) OI Changes (%) DELTACORP13,526,300197.31.70% 20.68% CHAMBLFERT4,527,000324.50.81% 18.56% MFSL1,307,150865.654.12% 18.25% CIPLA8,075,600979.11.21%16.19 %SBILIFE6,092,2501,301.058.87%15.18%

open long

StockCurrent OICMPPrice Changes (%)OI Changes (%)LAURUSLABS6,543,900523.25-0.65%-5.39%SBIN47,040,000529.45-0.99%-4.95%LICHSGFIN13,284,000383-0.07%-3.66%COROMANDEL1,221,5001, 037.25-2.29%-2.29% PEL3,658,6001,780-3.67%-1.64%

(increase in price and decrease in open interest)

StockCurrent OICMPPrice Changes (%)OI Changes (%)DIXON715,8753,6954.59%-13.64%CONCOR3,837,000708.753.41%-10.01%CROMPTON3,000,000394.452.65%-9.05%BHARATFORG6,801,000734.50.64% -7.47%canfinhome2,476,500595.62.08%-6.81%

(increase in price and decrease in open interest)

StockCurrent OICMPPrice Changes (%)OI Changes (%)DRREDDY1,970,7504,111-4%31.50% INTELLECT1,160,250634.15-5.44%23.59%JUBLFOOD9,771,250554-2.58% 16.94%IBULHSGFIN20,540,000110.8-4.11 16.69% srtransfin3,911,4001,366.85-6.09% 10.71%

(decrease in price and increase in open interest)

52-week high

A total of 19 stocks on the BSE 500 – the largest index on the exchange – touched the milestone:

Read |  Is Funko going to pop? Why this analyst predicts a move of 38% for the stock

adanientcolindiainoxalisurshaflerdanitranskoromandelnwinfluorskfindindiaashokalecumminsindpageindtimkentglgeshippvrtvsmotorbluedarthsbilife

52-week low

None of the stocks in the 500-share pack hit a 52-week low.

Source link