Trade Setup For Tuesday: Top 10 Things To Know Before Market Opening

Trading Setup For Today
Trading Setup For Today | Top Thing To Know Before Market Opening

The market started the week on a positive note and ended with a new record high on September 6, increasing profits for the third consecutive session. IT, select steel, car stocks, and index heavyweight Reliance Industries that support the market.

BSE Sensex increased by 166.96 points to 58,296.91, while Nifty50 surpassed 17,400 mark intraday, rose 54.20 points to close to 17,377.80 and formed the Spinning Top pattern on daily charts.

“A small candle with a small shadow at the top and bottom is formed. In fact this design shows a Spinning Top pattern at high altitudes. Generally, such patterns in high / critical centers often act as a retreat after confirmation of the next descent. in the market, ”said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

He also said that, on the other hand, Nifty has been going up with a slight decrease in the middle.

“Small negative patterns or consolidation organizations have recently begun to reverse in the short term. Therefore, there is a high probability that the market will be followed in the next phase.”

“The initial target targets should be considered at approximately 17 500-17,600 levels over the next few seasons. Immediate funding is set at 17,300 levels,” he said.

Wide markets also continued positive momentum with the Nifty Midcap 100 and Smallcap 100 indices rising 0.41 percent and 1.09 percent, respectively.

Key Support And Resistance Levels On The Nifty

According to pivot charts, the key support levels for the Nifty are placed at 17,339.07, followed by 17,300.33. If the index moves up, the key resistance levels to watch out for are 17,423.07 and 17,468.33.

Nifty Bank

The Nifty Bank extended losses to correct 168.90 points to close at 36,592.30 on September 6. The important pivot level, which will act as crucial support for the index, is placed at 36,456.66, followed by 36,320.93. On the upside, key resistance levels are placed at 36,825.87 and 37,059.34 levels.

Call Option Data

Maximum Call open interest of 17.53 lakh contracts was seen at 17500 strike, which will act as a crucial resistance level in the September series.

This is followed by 16500 strike, which holds 14.55 lakh contracts, and 17300 strike, which has accumulated 13.67 lakh contracts.

Call writing was seen at 17400 strike, which added 2.09 lakh contracts, followed by 18000 strike, which added 1.35 lakh contracts and 17700 strike which added 95,250 contracts.

Call unwinding was seen at 17200 strike, which shed 2.39 lakh contracts, followed by 17000 strike, which shed 1.26 lakh contracts, and 16900 strike which shed 73,050 contracts.

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Put Option Data

Maximum Put open interest of 34.64 lakh contracts was seen at 17000 strike, which will act as a crucial support level in the September series.

This is followed by 16500 strike, which holds 29.74 lakh contracts, and 17200 strike, which has accumulated 17.06 lakh contracts.

Put writing was seen at 17000 strike, which added 4.68 lakh contracts, followed by 17400 strike which added 4.43 lakh contracts, and 17300 strike which added 2.09 lakh contracts.

Put unwinding was seen at 16500 strike, which shed 79,150 contracts, followed by 16600 strike which shed 56,650 contracts and 16700 strike which shed 30,050 contracts.

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Bulk Deals

Balrampur Chini Mills: The company acquired 11,29,869 equity shares of itself at Rs 366.53 per share on the NSE, the bulk deals data showed.

Intrasoft Technologies: Vedant Kajaria bought 1.5 lakh equity shares at Rs 110.03 per share and Parth Kajaria bought 1.5 lakh shares at Rs 109.97 per share on the NSE, the bulk deals data showed.

McDowell Holdings: Recovery Officer I DRT (Debt Recovery Tribunal) II sold 11.46 lakh equity shares in the company at Rs 38.77 per share, whereas Baisiwala Sameer Ajay bought 80,000 equity shares at Rs 39.37 per share and Dhiren Kishore Shah acquired 8,22,264 equity shares at Rs 38.71 per share on the NSE, the bulk deals data showed.

Wonderla Holidays: Valuequest India Moat Fund sold 3,48,251 equity shares in the company at Rs 238.11 per share on the NSE, the bulk deals data showed.

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Analysts/Investors Meeting

UltraTech Cement: The company’s officials will meet Amundi Asset Management on September 7.

Asian Granito India: The company’s officials will meet analysts on September 7 for upcoming rights issue.

Dhanuka Agritech: The company’s officials will meet investors in ‘Ashwamedh – Elara India Dialogue 2021’ on September 7.

Globus Spirits: The company’s officials will meet investors in ‘Ashwamedh – Elara India Dialogue 2021’ on September 8.

Gland Pharma: The company’s officials will meet investors in CEO track forum – Motilal Oswal 17th Annual Global Investor Conference, and Citi’s GEMS Virtual Conference on September 8-9.

Rail Vikas Nigam: The company’s officials will meet Canara HSBC OBC Life, New Horizon, ITI MF, and TruEquity Adviors on September 8.

Adani Ports: The company’s officials will meet investors in Elara Capital Virtual Conference on September 8, and Jefferies Virtual Conference on September 9.

Emami: The company’s officials will meet investors in the Motilal Oswal Annual Global Investor Conference on September 15.

Indoco Remedies: The company’s officials will meet Sameeksha Capital on September 16.

Bharat Electronics: The company’s officials will meet analysts on September 28.

Stocks In The News

Nuvoco Vistas Corporation: The company reported higher consolidated profit at Rs 114.28 crore in Q1FY22 against Rs 37.52 crore in Q1FY21, revenue fell to Rs 2,202.97 crore from Rs 2,631.61 crore YoY.

Orient Cement: HDFC Asset Management Company sold 44.70 lakh shares in the company via open market transaction on September 3, reducing shareholding to 2.97% from 5.15% earlier.

VST Tillers Tractors: The company has entered into an agreement with ETG (Export Trading Group), for distribution of its tractors, power tillers, power reapers and diesel engines in the Southern African markets including South Africa, Namibia, Botswana, Zimbabwe, Swaziland, and Zambia.

Starteck Finance: The company approved to sell 100% stake in subsidiary Starteck Housing Finance to Paripurna Trust and/or Matrabhav Trust for Rs 11.45 crore.

International Conveyors: The company sold 7.95% stake in Elpro International for Rs 74.14 crore.

Triveni Turbine: Due to multiple disputes for over two years amongst JV Partners, Triveni Turbine and D I Netherlands B V and Baker Hughes and its affiliates (BH Parties), General Electric Company and its affiliates (GE Parties), these parties agreed to terminate the joint venture agreement and finally resolved the multiple disputes amongst them.

FII And DII Data

Foreign institutional investors (FIIs) net sold shares worth Rs 589.36 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 547.31 crore in the Indian equity market on September 6, as per provisional data available on the NSE.

Stocks Under F&O Ban On NSE

Two stocks – Indiabulls Housing Finance and NALCO – are under the F&O ban for September 7. 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.