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Bizz Buzz Pree-market Tuesday: Things to know before opening bell

Technical analysts point to a Doji candlestick pattern on the daily charts, signaling a market characterized by indecisiveness.

Sensex slips below 72K mark
X

Sensex slips below 72K mark

Technical analysts point to a Doji candlestick pattern on the daily charts, signaling a market characterized by indecisiveness. Despite this, market observers are quick to highlight that a sharp negative implication is not on the immediate horizon.

Examining the technical aspects, key resistance levels for the Nifty are identified at 21,722, 21,771, and 21,817, with support levels at 21,651, 21,622, and 21,576. Meanwhile, the Bank Nifty closed at 48,159, facing immediate resistance at 48,210, followed by 48,467 and 48,680. On the downside, support is anticipated at 47,908, 47,776, and 47,562.

The fear index, India VIX, has decreased by 5.25 percent, resting at 12.63 levels. Noteworthy is the marginal increase in the Nifty Midcap 100 and Smallcap 100 indices by 0.2 percent and 0.65 percent, respectively.

In the realm of options trading, the 22,500 strike exhibits the highest Call open interest, emerging as a critical resistance point. Additionally, substantial Call writing activity is observed at the 23,000 strike. On the Put side, the 21,000 strike holds maximum open interest, establishing itself as a crucial support level. Meaningful Put writing is noted at the 21,700 strike.

The Put Call Ratio (PCR) for Nifty experienced a decline to 1.08 on January 5, indicating a shift towards increased bearish sentiment among market participants.

Shifting focus to individual stocks, several securities witnessed significant movements. Max Financial Services, ICICI Prudential Life Insurance, TVS Motor Company, Kotak Mahindra Bank, and Godrej Consumer Products recorded the highest delivery percentages among F&O stocks.

Among the stocks displaying long build-up, notable names include Oracle Financial, Biocon, Hero MotoCorp, Abbott India, and Indus Towers. Conversely, 65 stocks witnessed long unwinding, with GNFC, Chambal Fertilisers, Oberoi Realty, Gujarat Gas, and India Cements in focus.

Short build-up was observed in 51 stocks, featuring Shree Cement, Kotak Mahindra Bank, Alkem Laboratories, Piramal Enterprises, and Tata Motors. On the flip side, short covering was noted in 35 stocks, including Bosch, Godrej Properties, Shriram Finance, Godrej Consumer Products, and Ipca Laboratories.

In other market developments, bulk deals revealed Stellaris Venture Partners holding a 5.78 percent stake in Honasa Consumer by the end of October 2023. Meanwhile, Titan Company, Godrej Consumer Products, Marico, Jupiter Wagons, Tata Steel, Bank of Baroda, and Union Bank of India took center stage in the news, capturing the attention of market participants.

As the trading day unfolds, market participants are urged to stay vigilant and adapt their strategies to the evolving conditions. It's essential to note that the information provided is subject to change, emphasizing the importance of verifying the latest market conditions before making any trading decisions.

Dwaipayan Bhattacharjee
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