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Top 15 things to know before Opening Bell

Before we proceed further, you need to understand what Opening Bell is. It is the exact moment when a securities exchange opens for the normal daily trading session. The Indian government’s latest infrastructure push has failed to propel the benchmark indices of Nifty and Sensex. That is because both logged only minor gains during the first trading session of 2020. The Sensex went up to 52.28 points. It further ended at 41,306.02. On the other hand, Nifty closed with 14 points up and ended at 12,182.50. Thus, they formed a ‘Spinning Top’ on the daily charts. The broader markets have outperformed the frontliners in the fifth consecutive session.

Current statistics

Nagaraj Shetti, Technical & Derivative Analyst, HDFC Securities talked to Money Control about the current situation. He said, “The short-term trend of Nifty is rangebound with weak bias. The overall chart pattern indicates similar market action for the next sessions. Lack of sharp follow-through weakness could prompt bulls to make a comeback from the lower supports. Important cluster support is placed at 12,100 levels.” The Smallcap index gained 0.71 percent and the Nifty Midcap rose to 0.24 percent.

Siddhartha Khemka, Head, Retail Research at Motilal Oswal Financial Services, also commented on the same. He said, “Going ahead, markets are likely to remain in a narrow range due to mixed cues. While global markets will resume from their year-end holidays, Indian markets would be looking ahead for the December quarterly results and any significant developments from the government before the Union Budget.”

15 points to keep in mind before Opening Bell

  1. The pivot charts show the key support level of Nifty as 12,157.8, followed by 12,133.1. So, one should watch out for the key resistance levels of 12,214.7 and 12,246.9 if the index continues moving up.
  2. The bank closed at 32,102.90 by 0.18 percent. The important pivot level here is 31,990.73, followed by 31,878.57.
  3. A strike price of 12,500 was seen in a Maximum Call open interest (OI) of 23.20 lakh contracts. That will act as crucial support in the January series.
  4. A strike price of 12,500 was seen in a Maximum Call open interest (OI) of 35.41 lakh contracts. That will also act as crucial support in the January series.
  5. A high delivery percentage means that the investors are showing interest in the stocks.
  6. 30 stocks witnessed a long buildup.
  7. 39 stocks witnessed long unwinding.
  8. 41 stocks witnessed a short buildup.
  9. 34 stocks witnessed a short covering.
  10. The Foreign institutional investors (FIIs) sold shares worth Rs 58.87 crore.
  11. The domestic institutional investors (DIIs) also bought shares worth Rs 208.47 crore in the Indian equity market.
  12. Yes Bank is currently under the F&O ban. During this period, the security has crossed a 95 percent mark.
  13. The next board meeting of Can Fin Homes is scheduled for considering the quarterly earnings of October-December.
  14. The merger of JBM MA Automotive and JBM Auto System with the JBM auto is effective from January 1.
  15. CARE has reaffirmed ratings of the non-convertible, redeemable, unsecured bonds issued by the Dhanlaxmi bank.
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