August18 , 2022

Trade setup for Friday, 22 July 2022: Key things to know before stock market’s Opening Bell today

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Trade setup for Friday: On account of encouraging Wall Street moves, Indian stock market ended higher on fifth straight session. NSE Nifty ended 84 points higher at 16,605 whereas BSE Sensex surged 284 points and closed at 55,681 mark. Nifty Bank index shot up 228 points and closed at 36,201 levels. Capital goods, telecom, oil & gas and power indices rose the most while healthcare index ended marginally in the negative. Broad market remained positive as advance decline ratio was firm at 1.71:1 and both the small-cap and mid-cap indices outperformed Nifty on Thursday session.

Global markets cues

US stocks continued to scale north and key benchmark indices finished higher on Thursday session. Dow Jones ended 0.51 per cent higher whereas Nasdaq surged 1.36 per cent. S&P 500 shot up 0.99 per cent and Small Cap 2000 added 0.13 per cent. However, S&P 500 VIX shed 3.22 per cent on Thursday.

European stocks slipped on Thursday as investors braced for the European Central Bank’s first interest rate hike in 11 years, while Russia resumed sending gas to Europe through a key pipeline, dispelling investors’ worst fears. Asian shares were mixed on Thursday as optimism over earnings was tempered by persistent concerns about inflation and the Chinese economy. Bank of Japan wrapped up a two-day policy meeting, and made no major changes.

Asian markets in early morning session

In early morning deals on Friday, the Japanese Nikkei surged 0.26 per cent, Hong Kong’s Hang Seng shot up 0.71 per cent whereas Chinese Shanghai added 0.23 per cent.

SGX Nifty technical outlook

In early morning session on Friday, SGX Nifty is trading flat with 41 points gain from its Thursday close.

“SGX Nifty today is expected to trade sideways with positive bias. So, one should avoid short selling and maintain buy on dips strategy on Friday session. Small range of SGX Nifty is placed between 16,480 to 16,820 whereas broader range of the index is placed in between 16,250 to 16,980 levels,” Anuj Gupta, Vice President — Research at IIFL Securities.

Nifty technical outlook

“Nifty has overcome the cautious signs of July 20 (close lower than open) and marched ahead. There are no reversal signals as of now though the uptrend is close to becoming overbought from a near term perspective. Nifty could remain in the 16,484 to 16,695 band for the near term,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Small range of Nifty 50 index is placed between 16,500 to 16,700 whereas broader range of the 50-stock index is placed between 16,400 to 16,800 levels,” said Mehul Kothari, AVP — Technical Research at Anand Rathi.

Nifty Bank technical outlook

“Immediate support for Nifty Bank index is placed at 36,000 levels whereas strong support for the banking index is placed at 35,600 levels. Likewise, the banking index is facing immediate hurdle at 36,300 while its strong hurdle is placed at 36,500. So, small range of the index is between 36,000 to 36,300 while broader range of the Nifty Bank index today is placed between 35,600 to 36,500 levels,” said Mehul Kothari of Anand Rathi.

Nifty Call Option data

“Maximum total Call open interest was seen at 16600, 16700 and 16800 strikes with total open interest of 148210, 155598 and 112806 contracts respectively. Call unwinding was seen at 16300, 16400 and 16500 strikes which is down by 14672, 25035 and 28276 contracts respectively,” said Anuj Gupta.

Nifty Put Option data

As per data shown by nseindia.com at 3.30 pm on 21st July, maximum Put open interest addition was seen at 16500 and 16600 strikes which added 165466 and 141306 contracts respectively.

FII DII data

Foreign institutional investors (FIIs) have net bought 1799.32 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold 312.29 crore worth of shares on July 21, as per provisional data available on the NSE.

NSE F&O ban on 22nd July 2022

The National Stock Exchange (NSE) has added Delta Corp and RBL Bank stocks under its F&O ban list for trade date 22nd July 2022. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 per cent of the market-wide position limit.

US bond yield data

US 10 years bond yield is down by 0.26 per cent at 2.901 whereas US 30 years bond yield is down by 0.11 per cent at 3.069.

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