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breaking news While Nifty slides under the key holder, other disadvantages cannot be ruled out


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Trade setup for Monday, September 26: The Nifty50 is facing important resistance at 17,500 and could slide down to 17,000 in the near term, experts say. Here’s what the technical charts suggest.

India’s equity benchmarks suffered heavy losses on Friday, continuing to fall for a third consecutive session, amid a market-wide selloff as the rupee plunged to an all-time low against the US dollar , putting pressure on financial stocks.

Globally, investors remained on their toes after the Fed repeated a third consecutive 75 basis point hike in the key rate and reiterated its commitment to controlling consumer price inflation.

What do the graphs suggest for Dalal Street?

The Nifty50 fell sharply after forming a indecisive candle on the daily chart, descending below a crucial short-term moving average, according to Rupak De, Principal Technical Analyst at LKP Securities.

“The Momentum Oscillator appears to be in a bearish crossover on the daily time frame. The trend looks negative which could take the Nifty towards 17,000 in the near term. On the upper side it has resistance at 17,500,” a- he declared.

It’s time to sell the rise in the banking sector

After facing extreme selling pressure from higher levels following Fed announcements, Nifty Bank breached crucial support at 40,000 on a closing basis, according to Kunal Shah, senior technical analyst at LKP Securities. .

“This confirms the breakdown… The index remains in a sell-up mode with a hurdle at 40,500 and next visible support at 39,000,” he said.

Here are the key things to know about the market ahead of the September 26 session:

Wall Street indices fell on Friday, mirroring the trend across much of Asia, with the Dow Jones hitting its lowest since November 2020 but narrowly missing its loss beyond 20% from the January 4 peak. The Dow Jones ended down 1.6%. The S&P 500 fell 1.7% and the Nasdaq Composite 1.8%.

Earlier in the day, European markets were hit as Saudi Arabia led declines in the Middle East, following a plunge in energy prices and fears that aggressive rate hikes by the key central banks to control inflation will cause a global recession. The pan-European Stoxx 600 index was down 2.3% at last count.

What to expect on Dalal Street?

Mohit Nigam, Head-PMS at Hem Securities, identified the following levels to watch:

Index Support Resistance
Nifty50 17,150 17,500
Clever bank 39,000 40,000

Major moving averages

In a bearish signal, the Nifty remains below its six simple moving averages.

Period (Nb of sessions) ADM
5 17,364.4
ten 17,454.4
20 17,560.3
50 17,655.8
100 17,779.5
200 17,686.7

FII/DII activity

Foreign institutional investors (FIIs) remained net sellers of Indian stocks for a third straight day on Friday.

The maximum call open interest is accrued at the strike price of 18,000, with 1.8 lakh contracts, and the next highest at 17,500 and 17,600, with 1.3 lakh each, according to the data. exchange. On the other hand, the maximum open interest to sell is 16,000, with 1.2 lakh contracts, and 17,000, with one lakh.

This indicates a strong hurdle at 18,000 and an immediate base at 17,000.

Here is a stock that saw an increase in open interest as well as price:

Store Current IO CPM Price change (%) Change in OI (%)
CIPLA 7,655,050 1,064.45 0.42% 0.29%

Long relaxation

Store Current IO CPM Price change (%) Change in OI (%)
ZEEL 87,255,000 259.4 -5.50% -26.41%
AUROPHARMA 12,184,000 515.5 -1.39% -19.48%
UPL 22,670,700 701.25 -3.12% -18.35%
INDHOTEL 25,274,248 326.25 -2.44% -16.49%
CANFINHOME 4,031,625 517.7 -4.62% -16.18%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change (%) Change in OI (%)
DEPTH 1,788,750 2,165.60 0.07% -13.70%
LALPATHLAB 1,178,750 2,502.60 3.42% -7.83%
AMBUJACEM 43,097,400 536.55 0.31% -7.29%
TATASTEEL 210 634 250 104.3 0.29% -6.00%
METROPOLIS 849,600 1,460.20 0.84% -5.37%

(Increase in price and decrease in open interest)

Store Current IO CPM Price change (%) Change in OI (%)
ELECTRICAL NETWORK 35,826,300 202.7 -8.18% 5.12%
MFSL 1 806 350 781.85 -3.81% 4.21%
NMDC 51,043,950 127.65 -2.85% 1.40%
BEAUTIFUL 72,048,000 106.85 -3.26% 1.27%
GUJGASLTD 5,667,500 488.2 -3.97% 1.24%

(Decrease in price and increase in open interest)

52 Week Highs

A total of 33 stocks from the BSE 500 universe – the stock market’s broadest index – reached the milestone:

ABFRL AUTOIND TINDIA
AGI BARODARY TRINITYLEA
AT LEAST BCONCEPTS VALENCE
AIML BHARATAGRI VCKCAP
AKASHDEEP BUTTERFLY MOUNT VESUVIUS
ALSTONE CAMPUS VIDLI
AMBARPIL CFEL VINAYAKPOL
ANUBHAV CJGEL VIERGOGLOB
ARCHITECTURE COMPUPN WIRED FABRIC
ARISINT TAJGVK ZENLABS
ASHNI THEMISMED ZMULTIPU

52 week lows

Eleven stocks hit their lowest level in 52 weeks:

BIOCON LICI ZENSARTECH
GLAND MASTEK
IEX MEDPLUS
IOC SANOFI
JCHAC SIS


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