More possible upsides in Nifty50 after bulls take over the street after 4 days

India’s equity benchmarks ended a choppy session in the green, ending a four-day losing streak, amid strength in financials, FMCG and auto stocks, although weakness in some IT and metal stocks played spoilsport. Investors expected more earnings from India Inc companies for domestic signals.

Globally, dovish remarks from two Fed officials eased some concerns about sharp interest rate hikes in the COVID era and diverted investors’ attention from disappointing US banking results. United.

What do the charts suggest for Dalal Street now?

The Nifty50 has formed a small body positive candle on the daily chart with a long lower shadow, and we can expect more upside to comeaccording Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“The formation of a positive setup at the key support level signals more upside for the market ahead. The next upside levels to watch are around 16,250 with immediate support at 15,925,” he said. declared.

“The global environment is still not conducive but our market is not ready to give up, continuing to attract some buyers at lower levels. The 15,850-15,950 area has become sacrosanct this week and if the global markets are supporting, we could see the market heading north,” Sameet Chavan, chief technical and derivatives analyst at Angel One, told CNBCTV18.com.

Large-scale buying can only take place this week once the 50-certificate index breaks above immediate resistance at the 16,150-16,250 levels, he said.

Here are the key things to know about the market ahead of the July 18 session:

Wall Street indices fell on Friday amid fears of a potential economic slowdown clouding the outlook for value stocks, which have outperformed broader indexes this year amid soaring inflation and rising interest rates. ‘interest. The S&P 500 fell 1.9%, the Dow Jones 2.2% and the Nasdaq Composite 1.8%.

European stocks also fell earlier in the day. The pan-European Stoxx 600 fell 1.8%.

What to expect in Dalal Street

Angel One’s Chavan suggests momentum traders stay light on positions and instead identify appropriate themes which remain key for momentum traders. He is of the opinion that the participation of banking and IT pockets is essential to boost the morale of traders.

“Traders can also focus on cash segment counters, which are likely to offer better trading opportunities in the future,” he said.

Important levels to follow

The Nifty50 is about six percent below its long-term simple moving average (SMA).

Period (Nb of sessions) ADM
Nifty50 Clever bank
5 16,045.8

34,952.7

ten 16,021.8 34,688.9
20 15,844.5 34,003.1
50 16,027 34,229.4
100 16,543.8 35,157.5
200 17,080.6 36,461.7

Mohit Nigam, Head-PMS at Hem Securities, identified the following levels to watch:

Index Support Resistance
Nifty50 15,800 16,600
Clever bank 34,000 35,500

Open call/sell interest

The maximum call open interest is accrued at the strike price of 16,600, with 94,000 contracts, and the second highest at 16,400, with more than 66,000, according to exchange data. The maximum open interest is 16,000, with 88,000 contracts, and 15,900, with almost 82,000 contracts.

This suggests a tough hurdle at 16,400 and support at 16,000.

Here are five stocks that have seen an increase in open interest as well as price:

Store Current IO CPM Price change (%) Change in OI (%)
SYNGENE 1,055,000 617.05 4.96% 22.09%
Dalbharat 960 500 1,455.95 0.76% 17.91%
TOURBILLON 512,400 1,694.35 1.28% 9.70%
FEDERALLBNK 70,710,000 97.2 1.41% 9.38%
HEROMOTOCO 3,599,100 2,776 0.35% 7.06%

Long relaxation

Store Current IO CPM Price change (%) Change in OI (%)
BANDHANBNK 26,254,800 270.65 -1.76% -5.82%
DRREDDY 1,883,875 4,537.25 -0.49% -3.68%
VEDL 53,637,750 227.7 -0.20% -3.01%
INDUSINDBK 18,286,200 819.2 -0.28% -2.50%
CGSB 74,620,700 126.8 -0.43% -2.43%

(Decrease in open interest as well as price)

Short cover

Store Current IO CPM Price change (%) Change in OI (%)
ILT 1,660,950 3,989.95 2.79% -13.45%
KOTAKBANK 15,722,800 1,787 1% -7.87%
HDFC 26,702,700 2,218.90 2.25% -6.81%
CHOLAFINE 10,090,000 635.55 2.86% -5.91%
BPCL 14,160,600 312.95 1.84% -5.20%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change (%) Change in OI (%)
NAVIGATE 98,352,000 68.35 -2.57% 10.70%
HAL 1,849,175 1,732 -0.26% 10.53%
BSOFT 3,879,200 310.7 -1.63% 7.84%
CANBK 36,944,100 205.95 -2.09% 7.48%
ACC 2,602,500 2,147 -0.63% 6.99%

(Decrease in price and increase in open interest)

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