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SGX Nifty down, Nifty technical view, options open interest; key things to watch out on Tuesday

Nifty futures were trading 16.50 points down at 17,681 on Singaporean Exchange on Tuesday, hinting at a gap-down start for BSE Sensex and Nifty 50.

Nifty futures were trading 16.50 points down at 17,681 on Singaporean Exchange on Tuesday, hinting at a gap-down start for BSE Sensex and Nifty 50. In the previous session, headline indices ended 1.6 per cent higher, starting the new calendar year 2022 on a strong note. Equity investors added nearly Rs 3.52 lakh crore to their wealth in the previous session, as the overall market capitalisation of BSE-listed companies soared to Rs 269.52 lakh crore. Asian peers were also seen trading with gains in early trade on Tuesday. In overnight trade on Wall Street, the S&P 500 and Dow Jones Industrial Average posted closing record highs on the first trading day of the year on Monday, helped by gains in Tesla Inc and bank shares.

FII, DII data: On Monday, foreign institutional investors (FIIs) lapped up shares worth Rs 902.64 crore, while domestic institutional investors (DIIs) acquired shares worth Rs 803.11 crore on a net basis in the Indian stock market.

Call, Put OI: Maximum Call open interest of 19.92 lakh contracts was seen at 17500 strike, followed by 18000 strike, and 18500 strike. Call writing was seen at 18200 strike, and Call unwinding at 17300 strike. On the other hand, maximum Put open interest was seen at 17000 strike followed by 17500 and 17200 strike. Put writing was seen at 17500 and Put unwinding at 16800.

Stocks under F&O ban: At the beginning of the January series, not a single stock was under the F&O ban for January 4. If the open interest of any stock crosses 95% of the MWPL (market-wide positions limits), all F&O contracts of that stock enter a ban period.

Bank Nifty technical view: Bank Nifty formed a bullish candle on the daily chart as it rallied 2.65 per cent. Now, the next hurdle is at 36,660. “Any dip near its 21-day exponential moving average which is at Rs.35836 can be considered as an immediate buying opportunity. The first sign of real weakness would come only if we start sliding below the lower range of Rs 35,435-35,400. For now momentum indicators are not showing any sign of negative divergence,” Aprajita Saxena, Research Analyst, Trustline Securities, told Financial Express Online. Saxena added that for intraday traders 36600-36570 would be the key support level, trading above the same, the index can move up to 36930-37280 levels. If Index trades below the said levels it may slide down towards 36380-36250 levels.

Nifty support, resistance: On daily charts, the Nifty has formed long bullish candle which supports a further uptrend, said an analyst. “In addition, after a long time, the Nifty succeeded to close above 50 days of SMA. We are of the view that, the market is into the strong uptrend but due to temporary overbought situation market may witness some profit booking at higher levels. Hence, buying on intraday correction and selling on rallies would be the ideal strategy for the day traders. For traders, 17550-17500 would be the key support levels to watch on the Nifty. On the other side, 17700-17735 would act as a key resistance level. Below 17475 on the Nifty uptrend would be vulnerable,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities, said.

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