Trade setup for Tuesday, July 26, 2022: Key things to know before stock market’s Opening Bell today | Mint – Mint

Benchmark indices Sensex and Nifty snapped their six-day winning run on Monday to close lower by over a half per cent as automakers slid and index heavyweight Reliance Industries (RIL) dragged after its earnings fell short of expectations.

Stock market today: Things to know before opening bell –

Global cues: Wall Street witnessed a choppy trade with a mixed finish for stock indexes Monday, as investors brace for another sharp interest rate hike by the Federal Reserve this week as the central bank combats inflation. Meanwhile, Asian stocks were mixed amid wariness ahead of a looming Federal Reserve interest-rate hike.

SGX Nifty: SGX Nifty indicates a lower start for the Indian stock markets on Tuesday. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening.

Nifty technical outlook: “Nifty is currently placed at the significant overhead resistance as per change in polarity around 16800 levels as per daily and weekly timeframe chart. Previously, the either side moves from this hurdle have resulted in a sharp movement. Hence, one may expect decent downward correction in coming sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

The positive sequence of higher tops and bottoms is intact and present weakness could be in line with the formation of higher bottom reversal at the lower levels. Therefore, further weakness from here could open chances of higher bottom reversal formation at the lows in the near term, Shetti added.

“The Nifty index will likely consolidate in the range of 16,400-16,800 ahead of the US FED meet. The trend remains on the upside and one should keep a buy-on-dip approach,” said Kunal Shah, Senior Technical Analyst at LKP Securities.

Nifty Call Option data: Maximum total Call open interest was seen at 16700, 17000 and 17200 strikes with total open interest of 130304, 176865 and 108000 contracts respectively.

Nifty Put Option data: Maximum Put open interest addition was seen at 16500, 16300 and 16000 strikes which added 123857 , 102293 and 129184 contracts respectively.

FII DII data: Foreign institutional investors (FIIs) have net sold 844 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold 72 crore worth of shares on July 25, as per provisional data available on the NSE.

Oil prices: Oil dipped ahead of a Federal Reserve meeting this week that’s expected to result in another large interest-rate hike to combat surging inflation, escalating concerns of an economic slowdown.

 

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