Zee Business Stock, Trading Guide: 10 things to know before market opens on 24 October 2022

The Nifty index settled around the week’s high to close at 17,576.3 levels. However, the broader indices underperformed as they gained in the range of 0.5-1.4 per cent.

Buoyancy on the banking front combined with a buying in IT, energy and FMCG majors kept the tone positive: PTI

Zee Business Stock, Trading Guide: The domestic markets resumed recovery and gained over 2 per cent last week, tracking upbeat earnings and supportive global cues. Buoyancy on the banking front combined with a buying in IT, energy and FMCG majors kept the tone positive for most of the week.

The Nifty index settled around the week’s high to close at 17,576.3 levels. However, the broader indices underperformed as they gained in the range of 0.5-1.4 per cent.

Markets have been showing resilience amid mixed cues however the participation is largely restricted to select sectors and stocks, Ajit Mishra, VP - Research, Religare Broking.

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“Besides, inconsistency on the global front is also keeping the momentum in check. We reiterate our to stick with the top performers while keeping a check position size.”

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

Technical Outlook

Technically, Nifty is witnessing higher highs and higher lows formation after respecting its 200-DMA. On the upside, 17725 is an immediate hurdle; above this, we can expect a rally toward the 17900-18000 zone. On the downside, 17400 is an immediate and strong support level while 17300-17200 is the next demand zone. As per open interest distribution, 17500 will act as a major put base ahead of monthly expiry. – Santosh Meena, Head of Research, Swastika Investmart Ltd.

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.07 per cent higher at 17,576. Key Pivot points (Fibonacci) support for the index is placed at 17532, 17496, and 17439 while resistance is placed at 17646, 17681, and 17738.

Key support & resistance levels for Nifty Bank:

The Nifty Bank closed 1.71 per cent higher at 40,784. Key Pivot points (Fibonacci) support for the index is placed at 40465, 40305, and 40047 while resistance is placed at 40982, 41142, and 41400.

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:

Zydus Life gets final US FDA nod to market Ketorolac Tromethamine Tablets.

ICICI Bank board approves the re-appointment of Sandeep Bakhshi as MD & CEO for a period of three years effective October 4, 2023.

SEBI has barred 10 entities, including Bombay Dyeing & Manufacturing Company and its promoters from the securities markets for up to two years.

IndusInd Bank hikes lending rates on most tenures by 10-15 bps from Oct 22.

RBL Bank hikes lending rate by 25 bps across tenures effective Oct 22.

KEC International bags new orders worth Rs 2,042 cr.

Bank Of Baroda arm India First Life files DRHP with SEBI for IPO, consisting of up to Rs 500 Cr fresh issue and OFS of 14.12 cr shares

SBI increases retail term deposit rates (deposit below ₹2 Cr) by up to 80 bps effective October 22.

Fitch Ratings affirms Axis Bank’s rating at `BB+’; outlook stable.

Q2 Earnings

Kotak Mahindra Bank Q2: NII up 26.8% to Rs 5,099.4 cr versus 4,020.6 cr year-on-year (YoY).

ICICI Bank Q2: Net Profit up 37.1% to Rs 7,557.8 Cr and NII up 26% to 14,786 cr YoY.

IDFC First Bank Q2: Profit surges almost four-fold to Rs 555.6 cr, NII up 32.1 per cent to Rs 3,002.2 cr YoY.

MCX Q2: Net Profit up 94.7% to Rs 63.3 cr and revenue up 53.1% at Rs 127.4 cr YoY.

FII Activity on Friday:

Foreign portfolio investors (FPIs) remained net sellers for Rs 119.08 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 438.89 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

Image Source - Stockedge

Bulk Deals:

Phantom Digital Eff Ltd: HDFC Bank Ltd sold 63,600 equity shares in the company at the weighted average price Rs 300 per share on the NSE, the bulk deals data showed.

Focus Lightg: Purvi Prabhatchandra Jain sold 65,743 equity shares in the company at the weighted average price Rs 196.63 per share on the NSE, the bulk deals data showed.

Hardwyn India Limited: Silvertoss Shoppers Private Limited bought 1,77,500 equity shares in the company at the weighted average price Rs 263 per share on the NSE, the bulk deals data showed.

Best Agrolife Limited: Ravi Crop Science bought 2,00,000 equity shares in the company at the weighted average price Rs 1518.91 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

BHEL is placed under the F&O ban for Monday. 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.

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