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Asia-Pac Stocks Are Negative Following The Losses On Wall St And Continued Upside In Yields In The Aftermath Of The Central Bank Frenzy, While Participants Now Look To The BoJ; ASX 200 (-1.5%), Nikkei 225 (-1.3%), KOSPI (-0.7%)
GIFT Nifty
The GIFT Nifty indicates a positive start for the broader index with a gain of 46 points. GIFT Nifty futures stood at 19,709 points.
Key support and resistance levels on -
Nifty
The pivot point calculator indicates that the Nifty may be taking support at 19,714, followed by 19,681 and 19,628. On the higher side, 19,820 can be an immediate resistance, followed by 19,853 and 19,906.
Nifty Bank
On September 21, the Bank Nifty caused the selling pressure in the market as the banking index plummeted 761 points, or 1.7 percent to 44,624, and formed long bearish candlestick pattern on the daily charts with the negative crossover in RSI.
Bank Nifty has breached the 20 and 40-day moving averages, which is a sign of weakness. The daily momentum indicator has a negative crossover which is a sell signal. Thus, both price and momentum indicator are suggesting a further decline.
On the downside, we can expect a target level of 44,500 – 44,360 which coincides with the 20-week moving average and the 78.6 percent fibonacci retracement level.
FII and DII data
Foreign institutional investors (FII) sold shares worth Rs 3,007.36 crore, while domestic institutional investors (DII) bought Rs 1,158.14 crore worth of stocks on September 21, provisional data from the National Stock Exchange (NSE) showed.
Stocks under F&O ban on NSE
The NSE has retained Balrampur Chini Mills, BHEL, Delta Corp, Hindustan Copper, Indiabulls Housing Finance, Manappuram Finance, Punjab National Bank and Zee Entertainment Enterprises to its F&O ban list for September 22. Chambal Fertilizers & Chemicals removed from the said list.