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ICICIdirect Research Posted on 12:44pm 23-Sep-2022

For the day, the SGX Nifty is suggesting another gap down opening. Immediate support for the Nifty can be seen at 17500.

Nifty                                                                                                        

The Nifty came under pressure on weak global cues and a depreciating rupee as it closed with loss of more than 0.50%. Profit booking in banking names triggered the weakness. For the day, the SGX Nifty is suggesting another gap down opening. Immediate support for the Nifty can be seen at 17500. Further weakness can be expected only below these levels.

 

Bank Nifty

Banking stocks witnessed renewed long liquidation at higher levels amid rate hike expectations from the RBI in the coming week. According to options data, 41000 Call and Put strikes still hold the major options bases and are is likely to continue their consolidation in the current range of 40000-41500. A move below 40000 may trigger further selling pressure.

 

Stocks in F&O Ban

Ambuja Cement, Can Fin Homes, Delta Corp, PNB, RBL Bank

 

Recommendations

Intraday – Federal Bank, ONGC

Positional – Jubilant Foodworks, IRCTC, Hindustan Unilever

 

For details, click on the link below

https://www.icicidirect.com/mailimages/Derivatives_View.pdf

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