Indian equity benchmarks made a comeback on Tuesday after three days of losses, aided by a fag-end recovery in IT shares along with gains in financial and oil & gas counters.
Globally, investors remained cautious about the future course of interest rates and their impact on economic growth.
What do the charts suggest for Dalal Street?
The Nifty50 has formed a reasonable positive candle on the daily chart, reflecting a bounce from key cluster support around its 20-day moving average near 18,100, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
This is a positive sign for the market in the near term, he said.
Key support for Nifty Bank stands at 42,000
"The Nifty Bank is on the verge of a breakout which will be triggered above the 42,600 on a closing basis," said Kunal Shah, Senior Technical Analyst at LKP Securities.
"The undertone of the banking index continues to be bullish with support visible in the 42,200-42,000 band, which will act as a cushion for the bulls," he said.
Here are key things to know about the market ahead of the November 23 session:
SGX Nifty
On Wednesday, Singapore Exchange (SGX) futures — an early indicator of the Nifty index — rose as much as 78.5 points or 0.4 percent to 18,463.5 ahead of the opening on Dalal Street.
Global markets
Equities in other Asian markets saw mixed moves, following an overnight rally on Wall Street after a positive sales forecast by Best Buy allayed some of the concerns that inflation may affect the upcoming holiday shopping season. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.1 percent at the last count.
Japan's Nikkei 225 was up 0.6 percent but China's Shanghai Composite down 0.3 percent and Hong Kong's Hang Seng down 0.1 percent.
S&P 500 futures edged 0.1 percent lower. On Tuesday, the S&P 500 clocked a more than two-month closing high, the Dow Jones rose 1.2 percent and the Nasdaq Composite 1.4 percent.
What to expect on Dalal Street
HDFC Securities' Shetti believes the market has halted a short-term correction.
"A sustainable upmove from here is expected to take the Nifty50 towards is recent swing high of 18,450 and is likely to open doors for new highs above 18,600 with immediate support at 18,100," he said.
Key levels to watch out for
The maximum call open interest is accumulated at the strike price of 18,300, with 2.1 lakh contracts, and the next highest at 18,400 and 18,500, with two lakh each, according to provisional exchange data. The maximum put open interest is at 18,200, with 1.9 lakh contracts, and at 18,000, with 1.7 lakh contracts.
This suggests an immediate hurdle at 18,300 and a key cushion at 18,200.
FII/DII activity
Foreign institutional investors (FIIs) remained net sellers of Indian shares for a third straight day on Tuesday, according to provisional exchange data.
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 (%) |
| BHEL | 12,117,000 | 74.55 | 2.47% | 580.59% |
| SUNPHARMA | 2,159,500 | 1,019.30 | 0.77% | 521.98% |
| DELTACORP | 3,475,300 | 226.35 | 0.98% | 237.26% |
| DALBHARAT | 242,000 | 1,717.65 | 1.94% | 194.42% |
| OFSS | 91,000 | 3,111.55 | 0.93% | 175.60% |
Long unwinding
| Stock | Current OI | CMP | Price change (%) | OI change (%) |
| ATUL | 85,725 | 8,035.05 | -1.04% | -53.46% |
| ABB | 903,000 | 3,076.35 | -0.58% | -53.24% |
| DLF | 32,864,700 | 392.4 | -0.54% | -52.21% |
| CHOLAFIN | 5,787,500 | 713.8 | -0.10% | -48.42% |
| KOTAKBANK | 14,515,200 | 1,937.75 | -0.32% | -45.28% |
(Increase in price and decrease in open interest)
Short covering
| Stock | Current OI | CMP | Price change (%) | OI change (%) |
| BHEL | 95,434,500 | 74.15 | 2.70% | -72.43% |
| SUNPHARMA | 17,493,700 | 1,011.50 | 0.58% | -64.07% |
| GLENMARK | 5,372,800 | 422.45 | 2.37% | -54.00% |
| GRANULES | 4,630,000 | 363.75 | 0.97% | -50.50% |
| CROMPTON | 2,656,500 | 368.45 | 0.88% | -49.86% |
(Increase in price and decrease in open interest)
Short build-up
| Stock | Current OI | CMP | Price change (%) | OI change (%) |
| MFSL | 1,274,000 | 651.6 | -1.31% | 206.94% |
| DLF | 10,715,100 | 394.95 | -0.40% | 170.28% |
| MGL | 595,200 | 879.25 | -3.13% | 147.31% |
| CHOLAFIN | 2,076,250 | 718 | -0.14% | 123.72% |
| POWERGRID | 6,126,300 | 220.05 | -0.16% | 100.13% |
(Decrease in price and increase in open interest)
52-week highs
Nineteen stocks in the BSE 500 universe — the broadest index on the bourse — touched the milestone:
| BANKINDIA | EASEMYTRIP | IOB | PSB |
| BHARTIARTL | ESCORTS | IRFC | SKFINDIA |
| CANBK | HAL | KALPATPOWR | UCOBANK |
| CASTROLIND | IIFL | MAHABANK | UNIONBANK |
| CENTRALBK | INDIANB | PNB |
52-week lows
On the other hand, 14 scrips hit 52-week lows:
| AVANTI | MFSL | SANOFI |
| BANDHANBNK | MOTILALOFS | SHILPAMED |
| DELHIVERY | MPHASIS | SIS |
| INDIGOPNTS | PAYTM | SONACOMS |
| JCHAC | ROSSARI |
First Published: Nov 22, 2022 11:52 PM IST
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