Nifty futures had been trading 105 points or .60 per cent larger at 17,658 on Singaporean Exchange, suggesting a powerful opening for BSE Sensex and Nifty 50 on the day of weekly F&O expiry. In the preceding session, BSE Sensex settled at 58,927, down 78 points or .13 per cent when the NSE Nifty 50 closed at 17,546, slipping 15 points or .09 per cent. Analysts say Nifty remains in a medium-term uptrend for targets of 18000 and above any meaningful correction is a great chance to get. “Support for the September series is seen at 17325 while resistance is expected at 17600-177700 levels. Breach of 17325 on the closing basis is expected to result in selling pressure to sub 17000 levels,” Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, mentioned.
Global watch: Asian stock markets had been trading larger as investors continue to monitor the China Evergrande Group crisis. Hong Kong’s Hang Seng index jumped almost 2 per cent. South Korea’s Kospi slipped .51 per cent. Markets in Japan had been closed on Thursday. US gained in overnight trade on Wall Street. The Dow Jones Industrial Average rose 1.40 per cent to 34,395.68, the S&P 500 gained 1.25 per cent, and the Nasdaq Composite gained 1.16 per cent.
FII and DII information: Foreign institutional investors (FIIs) offloaded shares worth Rs 1,943.26 crore, when domestic institutional investors (DIIs) purchased shares worth Rs 1,850.02 crore in the Indian share industry.
Nifty levels to watch out: According to Daily charts, the essential assistance levels for the Nifty are placed at 17,510 followed by 17,435. If the index moves up, the essential resistance levels to watch out for are 17660 and 17,785, mentioned an analyst. “The index has managed to close above the short-term support of its five-day exponential moving average (EMA). The momentum indicators like RSI and MACD are also positive which suggests the market in the near term is likely to continue the positive momentum,” Aprajita Saxena, Research Analyst, Trustline Securities, told TheSpuzz Online.
Call, Place OI: On the derivative front, a tug of war was seen involving Call and Put writers at 17,600 strike value. On the larger side, 18000 would now act as powerful resistance, when 17,400-17250, levels are probably to act as powerful assistance zones, Saxena mentioned.
Last day to subscribe to Paras Defence IPO: Paras Defence and Space Technologies IPO was subscribed 40.57 occasions at the finish of day 2. The situation comprises a fresh situation of 80.34 lakh shares and an OFS of 17.24 lakh shares by promoter shareholders and other investors.