23 Feb , 2022 By : monika singh
Rising geopolitical tensions continue to keep Dalal Street on the edge. Headline indices on the street have closed with losses for five consecutive sessions now with the S&P BSE Sensex sitting at 57,300 and the NSE Nifty 50 at 17,092. However, SGX Nifty was suggesting a breather might be in the offing today. Nifty futures were trading with gains ahead of the opening bell. Global cues were, however, mixed. Volatility has spiked sharply in recent trading sessions with India VIX zooming 16.41% on Tuesday to settle at 26.66 levels.
Global watch: On Wall Street, Dow Jones closed 1.42% lower on Tuesday, followed by NASDAQ, and S&P 500. Among Asian stock markets, Shanghai Composite, Hang Seng, KOSPI, and KOSDAQ were trading with gains.
Technical take: Sensex and Nifty 50 bounced back from lows on Tuesday but failed to turn positive. “A long bull candle was formed on the daily chart after opening lower, which indicate a comeback of bulls from the lower levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Nifty has held the 16800 support which may be a positive for the bulls.
Levels to watch out: On the downside 16800 has acted as a crucial support zone for Nifty and above this the recovery may continue. “On the higher end, strong resistance is placed 17500 where bulls are likely to face resistance,” said Rupak De, Senior Technical Analyst at LKP Securities. Nagaraj Shetti believes that one may expect Nifty to tumble again from the highs of 17300-17400 levels in the next few sessions.
FII and DII trades: Foreign Institutional Investors (FII) were net sellers again, pulling out Rs 3,245 crore from domestic markets on Tuesday. Domestic Institutional Investors (DII) were, however, net buyers. DIIs pumped in Rs 4,108 crore.
Call and Put OI: For the current series, the 18000 strike has the highest OI with 83.1 lakh contracts. 17500 strike has 74.2 lakh contracts. On the other hand, Put OI is the most at 17000 strike, followed by 16000 strike
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