Indian equity benchmarks managed to finish a volatile day in the green on Thursday, continuing an upmove after a day's pause, led by financial, IT and auto counters.
However, nervousness persisted among investors globally about steep hikes in COVID-era interest rates and their impact on economic growth.
What do the charts suggest for Dalal Street now?
The Nifty50 has formed a reasonable positive candle on the daily chart with minor upper and lower shadows, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
A bounce on Thursday could be a positive sign, he said.
Sideways movement may continue
Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities,views 15,400 and 15,600 as the key levels to watch out for.
"Below 15,400, the 50-scrip index could slip up to 15,340-15,300 and on the other hand, above 15,600, the key breakout level for the bulls, it is likely to hit the 15,720-15,800 band,” he said.
Here are key things to know about the market ahead of the June 24 session:
SGX Nifty
Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — rose as much as 112.5 points or 0.7 percent to 15,677 ahead of the opening on Dalal Street on Friday.
Global markets
Equities in other Asian markets bounced back on Friday following a strong session in the US overnight. MSCI's broadest index of Asia Pacific shares outside Japan was up 1.1 percent in early hours.
Japan's Nikkei 225 was up 0.8 percent, China's Shanghai Composite 0.5 percent and Hong Kong's Hang Seng 1.3 percent.
S&P 500 futures were up half a percent.
On Thursday, the three main Wall Street indices jumped amid strength in defensive and tech stocks that outweighed declines for economically-sensitive groups. The S&P 500 gained one percent, the Dow Jones 0.6 percent and the Nasdaq Composite 1.6 percent.
What to expect on Dalal Street
HDFC Securities' Shetti believes the Nifty is placed within a broader high-low range of 15,700-15,350 levels.
He sees the possibility of an upmove towards the crucial overhead resistance zone of 15,700-15,800 in the next 1-2 sessions before another round of mild weakness from the highs.
Important levels to track
The Nifty50 is 9.6 percent below its long-term simple moving average in a bearish signal.
Period (No. of sessions) | Simple moving average |
| 5 | 15,450.5 |
| 10 | 15,601.3 |
| 20 | 16,058.4 |
| 50 | 16,392.8 |
| 100 | 16,773.5 |
| 200 | 17,207.4 |
Mohit Nigam, Head-PMS at Hem Securities, pointed out key resistance and support levels:
| Index | Support | Resistance |
| Nifty50 | 15,300 | 15,700 |
| Nifty Bank | 32,600 | 33,500 |
FII/DII activity
Call/put open interest
The maximum call open interest is accumulated at the strike price of 15,600, with 1.8 lakh contracts, and the next highest at 15,800 and 15,900, with 1.3 lakh each, according to exchange data. The maximum put open interest is at 15,000, with 1.9 lakh contracts, and 15,500, with 1.3 lakh.
This suggests strong resistance awaits the Nifty at 15,600 and immediate support comes in at 15,500.
Long build-up
Here are five stocks that saw an increase in open interest as well as price:
| Stock | Current OI | CMP | Price change | OI change |
| COFORGE | 464,600 | 3,671.20 | 5.33% | 18.85% |
| ADANIPORTS | 74,945,000 | 678.5 | 1.37% | 15.87% |
| SRTRANSFIN | 3,337,200 | 1,201.60 | 2.78% | 12.19% |
| MARUTI | 3,330,900 | 8,305.90 | 6.60% | 11.98% |
| EICHERMOT | 3,007,200 | 2,823.95 | 6.04% | 10.92% |
Long unwinding
| Stock | Current OI | CMP | Price change | OI change |
| PETRONET | 16,011,000 | 206.8 | -0.36% | -9.37% |
| SUNTV | 11,091,000 | 408.15 | -0.07% | -1.91% |
| IGL | 9,670,375 | 357.45 | -0.01% | -1.14% |
| MANAPPURAM | 22,533,000 | 84.5 | -1.23% | -1.07% |
| IDEA | 557,130,000 | 8.5 | -0.58% | -0.65% |
(Decrease in open interest as well as price)
Short covering
| Stock | Current OI | CMP | Price change | OI change |
| UBL | 950,950 | 1,496.80 | 1.62% | -2.91% |
| GMRINFRA | 108,630,000 | 33.9 | 1.35% | -1.97% |
| CUB | 10,886,800 | 123.85 | 1.98% | -1.94% |
| NBCC | 21,804,000 | 28.3 | 1.07% | -1.93% |
| DIXON | 626,250 | 3,396.10 | 1.73% | -1.58% |
(Increase in price and decrease in open interest)
Short build-up
| Stock | Current OI | CMP | Price change | OI change |
| ASTRAL | 553,575 | 1,651.50 | -0.03% | 11.23% |
| RELIANCE | 22,484,500 | 2,474.85 | -1.21% | 9.18% |
| MARICO | 10,152,000 | 477.75 | -0.58% | 7.68% |
| GAIL | 29,023,800 | 132.5 | -0.75% | 6.24% |
| OBEROIRLTY | 4,053,700 | 748.05 | -1.20% | 6.23% |
(Decrease in price and increase in open interest)
52-week highs
No stock in the BSE 500 universe — the broadest index on the bourse — hit the milestone.
52-week lows
A total of 24 stocks in the 500-strong index hit 52-week lows:
| AARTIDRUGS | GSPL | NIACL | SYMPHONY |
| ABSLAMC | GUJGAS | ROUTE | TATASTEEL |
| AXISBANK | INDUSINDBK | SPICEJET | THYROCARE |
| CHAMBLFERT | JKCEMENT | STARHEALTH | UPL |
| GPPL | MUTHOOTFIN | SUNTV | VEDL |
| GRINFRA | NATIONALUM | SUPREMEIND | VMART |
First Published: IST