12 Jul , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 were trading weak on Tuesday. BSE Sensex fell 324 points or 0.6 per cent to 54071, while NSE Nifty 50 was ruling below 16150 levels. Stocks of Tata Steel, HCL Tech, Titan Company, Bajaj Finserv, Infosys, Dr Reddy’s Laboratories, Asian Paints, Reliance Industries (RIL), HDFC Bank were among top BSE Sensex losers. On the flip side, NTPC, Tata Consultancy Services (TCS), Bharti Airtel, Wipro, Axis Bank, SBI were among Sensex gainers.
“Going ahead, we maintain our positive stance and expect Nifty to gradually head towards 16600 in coming weeks. However, the move towards 16600 will not be in a linear manner as bouts of volatility owing to overbought condition amid global uncertainty can not be ruled out. Thus, any dip towards 15800-15700 should be used as incremental buying opportunity as we believe strong support for the Nifty is placed at July low of 15500.”
Nifty weekly contract has highest open interest at 16600 for Calls and 16100 for Puts while monthly contracts have highest open interest at 16100 for Calls and 16100 for Puts. Highest new OI addition was seen at 16600 for Calls and 16000 for Puts in weekly and at 17000 for Calls and 15000 for Puts in monthly contracts. FIIs increased their future index long position holdings by 1.09%, increased future index shorts by 7.00% and index options by 18.36% in Call longs, 20.67% in Call short, 22.74% in Put longs and 19.45% in Put shorts.
On the technical front, the key resistance level for Nifty 50 is 6,300 and on the downside, 16,000 can act as strong support. The key support and resistance levels for Bank Nifty are 35,100 and 35,600 respectively.
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