Good Morning All,
Mixed Start To Asia-Pac Trade Following A Lack Of Macro Driving Newsflow From Over The Weekend And As Attention This Week Turns To Data Releases And The US Government Shutdown Deadline: ASX 200 (-0.3%), Nikkei 225 (+0.2%), KOSPI (-0.2%)
GIFT Nifty
The GIFT Nifty indicates a marginally positive start for the broader index with a gain of 25 points. GIFT Nifty futures stood at 19,669 points after making a high of 19,679 points.
Key support and resistance levels on -
Nifty
The pivot point calculator indicates that the Nifty may be taking support at 19,656, followed by 19,623 and 19,569. On the higher side, 19,764 can be an immediate resistance, followed by 19,797 and 19,851.
Nifty Bank
On September 22, the severe correction seen in the previous three days in the Bank Nifty seemed to have eased a bit as the index fell just 12 points to 44,612, though faced selling pressure at higher levels. The index has formed a bearish candlestick pattern with a long upper shadow on the daily scale.
More importantly, the index has closed below the crucial 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 indicators are suggesting a further decline.
Considering a sharp fall during the week it can provide a pullback so sell-on-rise around resistance 44,900–45,000 shall be the preferred trading strategy. On the downside, 44,500-44,300 shall be the potential downside from a short-term perspective.
FII and DII data
Foreign institutional investors (FII) sold shares worth Rs 1,326.74 crore, while domestic institutional investors (DII) bought Rs 801.27 crore worth of stocks on September 22, provisional data from the National Stock Exchange (NSE) showed.
Stocks under F&O ban on NSE
The NSE has added Canara Bank, and Granules India to its F&O ban list for September 25, while retaining Delta Corp, Hindustan Copper, Indiabulls Housing Finance and Manappuram Finance to the list. Balrampur Chini Mills, BHEL, Punjab National Bank and Zee Entertainment Enterprises were removed from the said list.