The market will resume trade on Thursday after a day's holiday on account of Dussehra.
What do the charts suggest for Dalal Street?
The Nifty50 has formed a long bull candle on the daily chart with a gap-up opening, reflecting an upside breakout of a larger consolidation movement around 16,800-17,200 levels, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
This has filled the opening gap of September 26 at 17,290 in a positive sign, and one can expect a sharp move beyond 17,300 up ahead, he said.
Nifty Bank going strong
The Nifty Bank has taken out its 50-day exponential moving average on a closing basis on the daily chart in a bullish signal, said Rupak De, Senior Technical Analyst at LKP Securities.
"Momentum indicator RSI has narrowed down its negative crossover. The trend looks positive. On the lower end, support is placed at 38,500 and resistance at 39,500-40,000," he said.
Here are key things to know about the market ahead of the October 6 session:
SGX Nifty
On Thursday, Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — rose as much as 105.5 points or 0.6 percent to 17,444.5 ahead of the opening bell on Dalal Street.
Global markets
Equities in other Asian markets saw mixed moves amid thin trade as China remained shut for holidays, and investors globally remained concerned over the impact of steep hikes in COVID-era interest rates on economic growth.
MSCI's broadest index of Asia Pacific shares outside Japan edged up 0.1 percent at the last count. Japan's Nikkei 225 was up 0.9 percent and Hong Kong's Hang Seng down 0.6 percent.
S&P 500 futures were up 0.5 percent. On Wednesday, the three main Wall Street indices ended 0.1-0.3 percent lower as energy stocks jumped after the OPEC+ grouping agreed to cut production but data showing strong labour demand in the US suggested the Fed may keep rates higher for longer.
What to expect on Dalal Street?
HDFC Securities' Shetti believes the short-term trend of the 50-scrip index has turned sharply positive following sideways moves in the last few days.
"A decisive move above 17,300 is likely to pull the Nifty towards the next crucial resistance at around 17,600 and 18,000 in the near term. Immediate support is at 17,150," he said.
Key moving averages
Tuesday's upmove helped the Nifty50 narrow down its distance from its long-term moving average by more than half to 1.5 percent.
| Period (No. of sessions) | Simple moving average | |
| Nifty50 | Nifty Bank | |
| 5 | 17,262.5 | 39,091.5 |
| 10 | 17,173.3 | 38,844.5 |
| 20 | 17,108.9 | 38,637.5 |
| 50 | 17,012.2 | 38,347.2 |
| 100 | 17,293 | 39,458.1 |
| 200 | 17,530.1 | 39,805.7 |
FII/DII activity
Foreign institutional investors (FIIs) remained net purchasers of Indian shares for a second straight day on Tuesday after eight back-to-back sessions of selling, according to provisional exchange data.
Call/put open interest
The maximum call open interest is accumulated at the strike price of 17,500, with 1.6 lakh contracts, and the next highest at 17,600, with more than 93,000, according to exchange data. On the other hand, the maximum put open interest is at 17,000 and 17,200, with 1.4 lakh contracts each, and at 16,500, with 1.1 lakh contracts.
This indicates a strong hurdle at 17,500 and a strong base at 17,200.
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 (%) |
| CUB | 5,270,000 | 173.9 | 3.20% | 17.36% |
| IDFCFIRSTB | 165,870,000 | 53.65 | 8.49% | 15.03% |
| CROMPTON | 4,351,500 | 395.7 | 0.27% | 11.13% |
| DELTACORP | 14,340,500 | 213.95 | 5.94% | 8.36% |
| NAVINFLUOR | 432,900 | 4,539.65 | 1.40% | 7.07% |
Long unwinding
| Stock | Current OI | CMP | Price change (%) | OI change (%) |
| PVR | 3,200,241 | 1,744.47 | -0.54% | -20.18% |
(Increase in price and decrease in open interest)
Short covering
| Stock | Current OI | CMP | Price change (%) | OI change (%) |
| L&TFH | 56,435,376 | 77.4 | 6.76% | -10.25% |
| HEROMOTOCO | 2,653,800 | 2,623.55 | 3.35% | -9.45% |
| MCX | 2,514,400 | 1,281.30 | 2.55% | -9.02% |
| FSL | 16,161,600 | 104.75 | 3.05% | -7.88% |
| DEEPAKNTR | 1,889,250 | 2,107 | 3.90% | -6.79% |
(Increase in price and decrease in open interest)
Short build-up
| Stock | Current OI | CMP | Price change (%) | OI change (%) |
| GSPL | 3,825,000 | 224 | -1.86% | 39.15% |
| DABUR | 11,431,250 | 555.5 | -0.52% | 8.88% |
| POWERGRID | 47,155,500 | 209.8 | -0.73% | 6.32% |
| MOTHERSON | 63,909,000 | 72.4 | -0.82% | 4.75% |
| MARICO | 8,524,800 | 527.65 | -0.53% | 3.32% |
(Decrease in price and increase in open interest)
52-week highs
As many as 14 stocks in the BSE 500 universe — the broadest index on the bourse — touched the milestone on Tuesday, including Bharti Airtel and Cipla.
| BHARTIARTL | FLUOROCHEM | MAZDOCK |
| BLUEDART | IDFCFIRSTB | METROBRAND |
| CHALET | KALYANKJIL | SOLARINDS |
| CIPLA | KRBL | TRITURBINE |
| COCHINSHIP | LEMONTREE |
52-week lows
No stock in the 500-scrip pack hit a 52-week low.
First Published: Oct 5, 2022 9:14 PM IST
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