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Pre-market Setup for Wednesday: Things to know before opening bell

The Nifty has slipped below the crucial support of 19,300, and with weak market breadth, the bears appear to be in control.

Sensex forms bearish candle

Bizz Buzz Pre-market Wednesday: Things to know before opening bell

The Nifty has slipped below the crucial support of 19,300, and with weak market breadth, the bears appear to be in control. If the downward slide continues, the Nifty could fall to 19,000 and possibly reach the 200-day EMA at 18,825.

Technical Analysis: Technical analyst Nagaraj Shetti from HDFC Securities noted that the Nifty broke below immediate supports at 19,480 and 19,330 levels. The 20-week EMA support at 19,340 was also breached, maintaining a negative short-term trend.

Support and Resistance Levels (Nifty): The pivot point calculator suggests support levels at 19,251, 19,181, and 19,066, while resistance is expected at 19,309, 19,550, and 19,664.

Nifty Bank: On October 23, the Bank Nifty closed below the 200-day EMA, forming a long bearish candlestick. A drop below 43,000 may result in significant selling pressure.

Call Options Data: Maximum Call open interest was observed at the 19,600 strike, followed by the 19,500 and 19,800 strikes. Call writing was notable at the 19,400, 19,500, and 19,300 strikes.

Put Options Data: The maximum Put open interest was at the 19,000 strike, followed by 18,000 and 19,200 strikes. Put writing was significant at the 19,200, 19,100, and 18,500 strikes.

Stocks with High Delivery Percentage: Investors showed interest in Mahindra & Mahindra, Hindustan Unilever, InterGlobe Aviation, Bharti Airtel, and Godrej Consumer Products, with high delivery percentages.

Long Build-Up: Stocks experiencing long build-up include Balkrishna Industries, Ipca Laboratories, Muthoot Finance, and Abbott India, with increased open interest and prices.

Long Unwinding: Based on open interest percentage, 117 stocks saw long unwinding, indicating a decrease in open interest and prices.

Short Build-Up: Short build-up was observed in 59 stocks, including HDFC AMC, Persistent Systems, SBI Card, Gujarat Narmada Valley Fertilizers and Chemicals, and MRF, with increased open interest and falling prices.

Short-Covering: Eight stocks were on the short-covering list, signifying a decrease in open interest along with a price increase.

Bulk Deals: Franklin Templeton Mutual Fund bought 2 lakh shares of Amber Enterprises India. Trinity Opportunity Fund I exited Visa Steel by selling its entire stake, which was bought by Lotus Global Investment Fund.

Earnings Results on October 25: Companies like Axis Bank, Tech Mahindra, and others will announce quarterly earnings on October 25.

Stocks in the News: Reliance Industries is reportedly nearing a deal to acquire Walt Disney's India operations, while Torrent Pharmaceuticals reported strong growth in its September quarter results. PNB Housing Finance registered a growth in profit, and Lupin received FDA approval. Mahindra Logistics reported a loss, and NHPC achieved a milestone. Arun Nanda resigned from Mahindra Holidays and Resorts India.

FII and DII Activity: Foreign institutional investors bought shares worth Rs 252.25 crore, while domestic institutional investors purchased Rs 1,111.84 crore worth of stocks on October 23.

Stocks under F&O Ban on NSE: RBL Bank has been added to the F&O ban list for October 25, while Indiabulls Housing Finance has been removed.

Dwaipayan Bhattacharjee
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