Benchmark indices Sensex and Nifty closed their six-day winning run on Monday with losses falling over half a percentage point as automakers pulled down and index heavyweight Reliance Industries (RIL) pulled down after earnings fell below expectations. .
stock market todayThings to know before opening the bell
Global Signs: Wall Street saw a choppy trade on Monday with a mixed end for stock indexes, as investors prepare for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation. Meanwhile, Asian stocks were mixed ahead of a hike in interest rates by the Federal Reserve.
SGX Nifty: SGX Nifty There is a sign of decline in the beginning of Indian stock markets on Tuesday. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded on the Singapore Stock Exchange and is considered the first sign of the opening of the Indian markets.
Nifty technical outlook: “Nifty is currently placed at significant overhead resistance as per the change in polarity around 16800 levels as per daily and weekly time frame charts. Previously, both side moves from this obstacle have resulted in a rapid movement. Hence, good downside can be expected in the coming sessions,” said Nagraj Shetty, Technical Research Analyst, HDFC Securities.
A positive pattern of higher tops and bottoms remains intact and the current weakness could be in line with the formation of a higher bottom reversal at lower levels. Therefore, further weakness from here could open up the possibility of a reversal formation of a higher bottom at lower levels in the near term, Shetty said.
The Nifty index is likely to strengthen in the range of 16,400-16,800 before the US Fed meeting. Kunal Shah, Senior Technical Analyst, LKP Securities said, “The trend is in an upward trend and should be followed by a buy-on-dip approach.”
Nifty Call Option Data: Maximum total call open interest was observed at 16700, 17000 and 17200 strikes with total open interest of 130304, 176865 and 108000 contracts respectively.
Nifty Put Option Data: Maximum put open interest additions were seen at 16500, 16300 and 16000 strikes, which included 123857, 102293 and 129184 contracts respectively.
FII DII Data: Foreign Institutional Investors (FIIs) made net selloff 844 crore shares, while Domestic Institutional Investors (DIIs) made net sales As per provisional data available on NSE, shares worth 72 crores as on July 25.
oil prices: Oil tumbled ahead of a Federal Reserve meeting this week, with hopes of yet another big interest rate hike to tackle rising inflation, raising concerns about an economic slowdown.
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