August18 , 2022

Trade setup for Wednesday: Nifty, Bank Nifty call put ratio to SGX Nifty today — key things to know before Opening Bell

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Trade setup for Wednesday: Ahead of US Fed meeting scheduled on Wednesday, benchmark indices Sensex and Nifty ended in negative territory on second straight session on Tuesday. NSE Nifty lost 147 points and closed at 16,483 whereas BSE Sensex corrected 497 points and ended at 55,268 mark. Nifty Bank index finished 317 points lower at 36,408 levels. Broad market indices like mid-cap and small-cap fell more than the Nifty and advance decline ratio turned very adverse at 0.37:1.

Stock market today: Key things to know ahead of Opening Bell

Global markets cues

Ahead of US Fed interest rate decision coming on Wednesday, Wall Street continue to trade choppy on second straight session on Tuesday. Dow Jones ended 0.71 per cent lower, tech heavy Nasdaq crashed 1.87 per cent, S&P 500 dipped 1.15 per cent whereas Small Cap 2000 went off 0.41 per cent. European shares slipped on Tuesday as some disappointing earnings, this week’s looming US interest rate hike and an escalating gas crisis kept the mood cautious. Asian markets were buoyed overnight by China’s reported plans to tackle a debt crisis in real estate development and by tech giant Alibaba applying for a primary listing in Hong Kong.

Asian markets early morning trends

In Asian markets today, the Japanese Nikkei is down 0.03 per cent, Hong Kong’s Hang Seng is up 1.67 per cent whereas Chinese Shanghai is down by a whisker.

SGX Nifty technical outlook

In early morning deals on Wednesday, SGX Nifty is quoting at 16415, 60 points lower from its Tuesday session close.

“Traders are advised to maintain buy on dips strategy in regard to SGX Nifty today as overall trend of the index is sideways with positive bias. One should avoid taking short position as well,” Anuj Gupta, Vice President — Research at IIFL Securities.

Anuj Gupta went on to add that immediate support for SGX Nifty today is placed at 16,280 whereas its strong support is placed at 16,140 levels. He said that the index is facing minor hurdle at 16,590 while 16,740 is working as major hurdle for the index.

Nifty technical outlook

Nifty has breached the near term low of 16,483 but closed around there. 16,359 is the next support for the Nifty while 16,521 to 16,564 band could offer resistance. Traders seem to be looking to cut long positions ahead of the US Fed meet outcome. Thursday could be a volatile day for India,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Nifty Bank outlook

“Immediate support for Nifty Bank index is placed at 16,400 to 36,300 whereas strong support for the banking index is placed at 36,200 levels. Similarly, it is facing minor hurdle at 37,000 whereas 37,200 is strong hurdle for the index,” said Mehul Kothari, AVP — Technical Research at Anand Rathi.

Nifty Call Option data

“Maximum total Call open interest was seen at 16500, 16800 and 17000 strikes with total open interest of 106041, 133271 and 223985 contracts respectively,” said Anuj Gupta of IIFL Securities.

Nifty Put Option data

Maximum Put open interest addition was seen at 16500, 16400 and 16000 strikes, which added 113869, 102231 and 128474 contracts respectively.

Nifty Bank Call Option data

“Maximum total Call open interest was seen at 36500, 37000 and 37500 strikes with total open interest of 113435, 113540 and 80759 contracts respectively,” said Anuj Gupta.

Nifty Bank Put Option data

Maximum Put open interest addition was seen at 36500, 36000 and 35500 strikes which added 91545, 101486 and 55154 contracts respectively.

FII DII data

Foreign institutional investors (FIIs) have net sold 1548.29 crore worth of shares, whereas domestic institutional investors (DIIs) have net bought 999.36 crore worth of shares on July 26, as per provisional data available on the NSE.

NSE F&O ban on 27th July 2022

The National Stock Exchange (NSE) has added Delta Corp and Indiabulls Housing Finance stocks under its F&O ban list for trade date 27th 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

US 10 year bond yield is up 0.84 per cent at 2.810 whereas US 30 year bond yield is up 0.79 per cent at 3.032.

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