Indian equity benchmarks fell on Thursday, extending their losing run for the second consecutive session. The domestic equity benchmarks declined today, dragged by ICICI Bank, Bajaj Finance, Infosys and Bajaj Finserv. At closing, the 30-pack Sensex was down 304 points or 0.50 per cent at 60,353. The NSE benchmark was down 51 points or 0.28 per cent to settle at 17,992. On the sectoral front, financials, banking and technology stocks took a beating. However, gains in automobile, consumer goods, pharma and metals capped losses. Investors are digesting the FOMC minutes with a view that the Fed officials looked determined to tame inflation by maintaining its aggressive stance, said Vinod Nair, Head of Research at Geojit Financial Services.
Here are 10 things you should know ahead of Friday’s session:
Nifty Outlook
“Nifty remained volatile before ending below the psychological 18,000 mark. The market continued to remain under the bears’ control as the benchmark Nifty corrected for the second consecutive day. The daily momentum indicator is in bearish crossover, suggesting weak price momentum for the near term. The volatility may continue over the short term, with a predominant weakness. On the lower end, support is visible at 17,800. On the higher end, resistance is visible at 18,250, above which a bullish reversal may happen,” said Rupak De, Senior Technical Analyst at LKP Securities.
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Nifty Bank Outlook
“Bears continued the pressure on the index and the support of 43,000 was breached with volumes. Nifty Bank remains in a sell-on-rise mode with multiple hurdles on the upside along with aggressive call writing. The immediate support on the downside is visible at the 42,500-42,400 zone and if breached will lead to further downside toward the 41,500 level,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
Nifty, Nifty Bank Call-Put Open Interest (OI)
“On the call side, the highest OI was observed at 18,200 followed by 18,300 strike, while on the put side, the highest OI was at 17,800 followed by 18,700 strike. On the other hand, Nifty Bank has support at 42,200-42,000 zone while resistance is placed at 43,400. The long-term investor’s investment strategy may appear to have shifted slightly, with selective mid-cap and small-cap equities currently looking appealing,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.
Nifty Bank Tech Charts
“Nifty Bank formed a Bearish candle on daily scale with long lower shadow and closed with losses of around 350 points. Now it has to cross and hold above 42,750 zones, for an up move towards 43,034 and 43,250 levels while on the downside support exists at 42,250 and 42,000 zones,” said Chandan Taparia of Motilal Oswal Securities.
Futures Data
“Nifty future closed negative with losses of 0.18 per cent at 18,070 levels. Positive setup in Apollo Tyres, RBL Bank, MRF, BHEL, MFSL, Godrej Consumer Products, Siemens, Balkrishna Industries, ICICI Lombard General Insurance, Hindustan Petroleum Corporation, Dabur, Bharat Forge, Hero MotoCorp, Petronet LNG, NTPC, Havells, HUL, BPCL, HDFC Life, Britannia, Ashok Leyland, REC, IOC, M&M and Escorts while weakness in Bajaj Finance, Bajaj Finserv, Cholamandalam Investment and Fin, Naukri, ICICI Bank, Trent, PVR, AU Small Finance Bank and Infosys,” Taparia said.
European Stocks
European stock indices such as the German DAX, Euro Stoxx 50 and France’s CAC were last seen trading lower. Further, US stock futures indicated a muted start for Wall Street.
Most Active Stocks
Yes Bank, Suzlon, Vodafone Idea, PNB, Tata Steel, Indian Overseas Bank, IRFC, South Indian Bank, HCC and Bank of Maharashtra were the most active stocks on NSE, in terms of volume.
Oil Prices
Oil rebounded over 2 per cent today after posting the biggest two-day loss for the start of a year in three decades. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country’s import bill. Crude prices recovered after falling sharply on fears of a worldwide recession, as investors remain optimistic about long-term demand, Geojit’s Vinod Nair said.
52-Week High/Low
99 stocks touched their respective 52-week high today on BSE, while 32 hit their one-year lows. BSE 500 stocks such as Abbott India, Apollo Tyres and Power Finance Corporation hit their one-year high levels today, while AAVAS Financiers and Balaji Amines and MapMyIndia were among those which touched their 52-week lows.
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Market Breadth
Out of 3,626 stocks, 1,861 stocks declined while 1,618 stocks advanced. 147 stocks remained unchanged today.