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Published on 21/09/2021 1:52:52 PM

Markets erase gain to turn negative

Indian bourses erased all its gains in noon session as selling appeared in utilities, auto and power stocks with Sensex and Nifty tumbling by 67 and 17 points respectively. Traders were worried as Icra Ratings said with the benefits of unlocking measures tapering out, high-frequency indicators have become uneven since August. The performance of the high-frequency indicators in August 2021 was decidedly uneven, especially when compared to the pre-COVID levels. However, downfall remain limited as Reserve Bank of India (RBI) in its latest survey has showed that exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at $148.3 billion. On the global front; Asian markets were trading mostly lower on contagion fears and selling pressure persisted amid concern that troubles at indebted developer China Evergrande could ripple across the world economy, markets and financial system.

The BSE Sensex is currently trading at 58423.69, down by 67.24 points or 0.11% after trading in a range of 58232.54 and 58779.42. There were 17 stocks advancing against 13 stocks declining on the index.

 

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GEPL Capital

Published on 21/09/2021 10:50:44 AM

BANK NIFTY INTRADAY LEVELS

 

SEBI Registration number is INH000000081.
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HDFC Securities

Published on 21/09/2021 10:21:27 AM

Nifty Futures’ where Open Interest fell by 5% with Nifty falling by 1.07%   - HDFC Securities

F&O HIGHLIGHTS

LONG UNWINDING IS SEEN IN THE NIFTY FUTURES

REMAIN CAUTIOUS TILL NIFTY CLOSES ABOVE 17500 LEVELS; SUPPORT SEEN IN THE VICINITY OF 17200-17300

* Nifty fell sharply on the back of weak global cues to end the day with the losses of 188 points at 17397 levels.

* Long unwinding is seen in Nifty Futures’, where Open Interest fell by 5% with Nifty falling by 1.07%

* On the other hand, Short build up was seen in Bank Nifty Futures’ where Open Interest rose by 11% with Bank Nifty falling by 1.80%

* Nifty Open Interest Put Call Ratio fell sharply to 0.98 levels from 1.15 levels. Amongst the Nifty options (23-Sep Expiry), Put writing IS seen at 17200-17300 levels, Indicating Nifty is likely to find support in the vicinity of 17200 - 17300 levels. On the higher side, an immediate resistance is seen in the vicinity of 17500 - 17600 levels where we have seen Call writing.

* Long unwinding was seen by FIIS’ in the Index Futures segment where they net sold worth Rs 2560 Cr with their Open Interest going down by 4704 contracts.

To Sum It Up, Long unwinding in the Nifty Futures, short build up in the Bank Nifty futures, fall in the Nifty Put call ratio on the back of Call writing at 17500 - 17600 levels and long unwinding by FIIs in the Index futures segment Indicates that one should be cautious for the market till Nifty closes above 17500 levels.

On the other hand, considering the oversold PCR as it has fallen below one and put writing at 17200-17300, we believe that Nifty may find strong support in the vicinity of 17200- 17300 levels.

In the Bank Nifty, where we have seen short build up, our advice is to remain cautious till it closes above 36500 levels. Support is seen in the vicinity of 36800-37000 levels.

 

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Axis Securities

Published on 21/09/2021 10:20:26 AM

Banknifty

Banknifty opened with a downward gap and traded with extreme volatility on either side to close on a negative note. Banknifty closed at 37146 with a loss of 666 points.

On the daily chart, the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Banknifty crosses and sustains above 37300 level it would witness buying which would lead the index towards 37600-37900 levels. However if index breaks below 37000 level it would witness selling which would take the index towards 36800-36600. Banknifty is trading above 20 and 50 day SMA's indicating positive bias in the short to medium term. Banknifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.

The trend deciding level for the day is 37340. If BANK NIFTY trades above this level then we may witness a further rally up to 37610-38075-38345 levels. However, if BANK NIFTY trades below 37340 levels then we may see some profit booking initiating in the market, which may correct up to 36875-36605-36140 levels.

 

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Axis Securities

Published on 21/09/2021 10:20:14 AM

Nifty

Nifty opened sharply lower with a downward gap and traded with extreme volatility throughout the session to close on a negative note. Nifty closed at 17397 with a loss of 188 points.

On the daily chart the index has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The index is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. The chart pattern suggests that if Nifty crosses and sustains above 17450 level it would witness buying which would lead the index towards 17550-17650 levels. However if index breaks below 17350 level it would witness selling which would take the index towards 17250-17200. Nifty is trading above its 20 day SMA which indicates positive bias in the short term. Nifty continues to remain in an uptrend in the medium and long term, so buying on dips continues to be our preferred strategy.

The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.

The trend deciding level for the day is 17460. If NIFTY trades above this level then we may witness a further rally up to 17560-17720-17820 levels. However, if NIFTY trades below 17460 levels then we may see some profit booking initiating in the market, which may correct up to 17300-17200-17035 levels

 

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HDFC Securities

Published on 21/09/2021 10:18:36 AM

Daily Technical View on Nifty

Nifty : Consolidation

* On 17th Sep 2021, Nifty registered fresh all time high at 17792 and reversed south. Nifty fell almost 2.5% from the recent top and closed on a weak wicket.

* Nifty violated the short term support of its 5 days EMA but still maintaining its level above 10 and 20 days EMA supports.

• Higher tops and higher bottoms are also well intact on the short term charts.

* RSI on the daily chart has exited the overbought zone and crossed the signal line on the down side but there is no sign of negative divergence is seen as of yet on the benchmark indices like Nifty and BankNifty.

* Previous swing low support is placed at 17254, which can act as an immediate support for the Nifty. RSI getting in to the overbought zone is not the sign of trend reversal.

* In the current market condition, we expect IT and FMCG sector to outperform, while sectors like Pharma and Metal may still remain under pressure.

* Most of the Derivative stock closed on a weak wicket and they are expected to extend the correction in the coming sessions.

* Considering the technical evidences discussed above, we expect the ongoing correction to extend towards 17250 and 17000 levels.

 

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HDFC Securities

Published on 21/09/2021 10:18:19 AM

Indian markets could open flat to mildly higher, in line with mildly higher Asian markets today and despite sharply negative US markets on Monday..…

U.S. stocks tumbled Monday, but finished well above session lows, as investors parsed the potential impact of a reeling property developer in China and traders positioned ahead of a two-day meeting of Federal Reserve policy makers that begins Tuesday. U.S. stocks closed lower Monday, but retraced significant earlier losses in the final hour of trade.

A downturn in China’s property market, which suffered heavy losses Monday with shares of China Evergrande falling 13% in Hong Kong, were blamed for dragging down U.S. and global equities. Markets were closed in mainland China for a holiday, but the Hang Seng dropped over 3%.

The discord in Washington, including over President Joe Biden’s planned $3.5 trillion spending plan could mean “volatility is here for now.”

Shares in Asia-Pacific recovered from lows in Tuesday morning trade as investors continue to monitor the situation surrounding embattled developer China Evergrande Group.

Nifty closed lower for the second consecutive session on Sept 20 due to concerns over troubles at Evergrande China likely to impact the global risk appetite. At close, the Nifty was down 1889 points or 1.07% to 17397.

Nifty has fallen sharply on Sept 20, raising fears of the beginning of an intermediate correction. 17303 is the next support for the Nifty, while the 17444-17533 band could provide resistance on upmoves.

Carlyle to sell 3.4% stake in SBI Cards for US$ 443mn: Private equity firm Carlyle Group will nearly halve its stake in SBI Cards and Payment Services for around Rs 3,267 crore, according to deal terms. CA Rover Holdings, a Carlyle entity, which as of Jun, 2021 held a 6.5% stake in the credit card issuer, will sell around 32 million shares, or a 3.4% stake in the company, through a block trade.

 

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Geojit Financial Services Ltd.

Published on 21/09/2021 10:17:13 AM

Comments

Nifty weekly contract has highest open interest at 17500 for Calls and 17300 for Puts while monthly contracts have highest open interest at 17500 for Calls and 17200 for Puts. Highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 17500 for Calls and 17000 for Puts in monthly contracts. FIIs increased their future index long position holdings by -13.7%, increased future index shorts by 20.7% and in index options by -5.7% in Call longs, 0.53% in Call short, 2.9% in Put longs and -3.25% in Put shorts.

 

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Geojit Financial Services Ltd.

Published on 21/09/2021 10:15:53 AM

NIFTY OUTLOOK

Yesterday’s hammering lends momentum to our 16900 view. But the bears got timed out yesterday, and the pause happened near 17380/60, the point where the September’s upside breakout began. This gives a breathing room for the bulls, which should prompt a push higher today. We expect such upside attempts to face a test of strength at 17470, and will look for a direct rise above 17530/80 band to play short covering rallies.

 

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GEPL Capital

Published on 21/09/2021 9:42:38 AM

Key Highlights

NIFTY faces heavy pressure at higher levels….

NIFTY SPOT: 17396.90 (-1.07%)

DYNAMIC PARAMETER: NIFTY formed Lower Top Lower Bottom pattern.

TRADING ZONE: Resistance: 17622 (Day High) / 17792 (All Time High)

Support: 17254 (Swing Low) / 17055 (Key Support)

BROADER MARKET: UNDERPERFORMED, MIDCAP 29254 (-2.16%),

SMALLCAP 10602 (-1.73%) Advance-Decline: 432 / 1569

VIEW: Bearish below 17254 (Swing Low).

 

BANKNIFTY SPOT: 37145.70 (-1.76%)

DYNAMIC PARAMETER: Index formed Lower Top Lower Bottom pattern

TRADING ZONE:

Resistance: 37802 (Day High) / 38112 (Life Time High)

Support: 36907 (3 Day Low) / 36151 (Swing Low)

VIEW: Bullish till above 36151 (Swing Low).

 

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SEBI Registration number is INH000000081.
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