Rank #1: 1570: A morning walk down Dalal Street | Nifty may consolidate with near-term support at 10,900
The S&P BSE Sensex closed above 37,000 while the Nifty50 also broke above 11,000 levels. The Nifty50 bounced back after hitting a low of 10,901 in the week gone by.
Muted corporate results, no big bang steps or stimulus announced by the government which most investors were hoping for led to a fresh round of selling. On the global front, escalating trade war concerns between the US and China, an inverted US yield curve weighed on sentiment.
For the week, the S&P BSE Sensex fell 0.61 percent while the Nifty50 was down by 0.56 percent but the big carnage was seen in the broader market space.
The S&P BSE Smallcap index was down 0.91 percent while the S&P BSE Midcap index fell 1.32 percent for the week ended August 16.
In the S&P BSE Smallcap index, as many as 48 stocks fell 10-30 percent for the week ended August 16 which include names like Aarti Industries, Surya Roshni, Orient Paper, JBF Industries, Cox & Kings, Coffee Day Enterprises, Inox Wind, GIC Housing, Shilpa Medicare, and Saregama India etc. among others.
The rupee recovered from early lows to close higher by 13 paise at 71.14 against the US currency on August 16 in line with firm local equities, defying gains in the greenback overseas and foreign capital outflows.
On the institutional front, FPIs were net sellers in Indian markets for Rs 1339 cr while the DIIs were net buyers in Indian markets for Rs 1058 cr, provisional data showed.
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Rank #10: 1748: Stock picks of the day: Volatility is likely to grip market within the range of 11,500-11,200
Indian market remained shut on October 2 on account of Gandhi Jayanti - a public holiday.
From the derivative front, the tug of war was seen among the bulls and bears during the week. But, bears managed to take control over the markets as call writers’ added hefty open interest in 11,500 and 11,600 strikes.
From the technical front, the Nifty is still holding above its long-term moving averages and as far as prices are holding above 11,200 mark, we expect that the volatility is likely to grip the market within the broader range of 11,500-11,200.
However, any decisive move beyond this range will further decide the next momentum into the index.
Rank #11: 1585: Stock picks of the day: Immediate support for Nifty seen at 10,970
The index continued to remain volatile as it couldn’t manage to hold gains and shut shop in the red. Now, the index has immediate support at 10,970.
After touching intraday high and low at 11,076.30 and 10,985.30, respectively, the index ended the day with a loss of 37 points, or 0.33 percent, at 11,017. Among the 50 stocks in the index, 20 advanced and 30 declined.
The index formed bearish candle on daily charts as selling pressure was seen at higher levels while at the same time decline was being into the market.
On the Options front, maximum Put open interest is at 11,000 followed by 10,800 strike while maximum Call open interest is at 11,000 followed by 11,500 strike.
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Rank #18: 1645: Stock picks of the day: Nifty likely to trade in a range of 10,800-11,200 in Sep series
In Nifty, out of 50 stock, there are around 13 stocks which are trading above their 50-DMA, and 15 stock which is sustaining above their 200-DMA which indicates that market is in a bear grip as major of the stocks are below the shorter and longer-term moving average.
On the higher side, the Nifty50 has observed 11,150 as a supply zone. Currently, the Nifty50 pack is trading in a band of 50 and 100-EMA which is placed at 11,200 (50-EMA) and 10,800 (100-EMA) on the weekly timeline.
So, largely Nifty is trading in a tight range of 10,800-11,200. RSI is moving around 38 projecting downward picture.
History suggests that from the month of Nov 2018 to March 2019, Nifty largely traded in the range of 10,550-11,000. In the coming week, one may see the same range will work as a support zone for the index.
On the Options front, maximum Put open interest was placed at 10,800 strikes in September month expiry. On the other hand, on the call side, 11,200 strikes Call which has the highest open interest is likely to act as a stiff resistance.