After making fresh record highs in the week, both Sensex and Nifty ended marginally in the red after a volatile session on Friday. The Nifty ended at 22,212, while Sensex ender 15 points lower at 73,142. The elections in the upcoming days and the cues from global markets will set the tune of markets going forward, believe analysts.
On Friday, the Foreign Portfolio Investors (FPIs) Long-Short ratio rose from 42.33% on 21st February to 44.29% on 22nd February as the FPIs continued to build long positions steadily in Index futures for the fifth consecutive day.
F&O cues to watch today: The Foreign Institutional Investors net sold shares worth Rs 6,391 crore in Index Options on Friday, while they net bought shares worth Rs 3,495.88 crore in stock futures on Friday.
Stocks in F&O ban today:
New in F&O ban
CANBK
Out of F&O ban
INDUS TOWER, NATIONALUM, BANDHANBNK
Already in F&O ban
ABFRL, SAIL, HINDCOPPER, ZEEL, BIOCON, BALRAMCHIN, GMRINFRA, GNFC, RBLBANK, ASHOKLEY, PEL, PVRINOX
“Technically, Nifty continued its ascent, maintaining higher highs and higher lows in the daily timeframe, above the 20 and 50 Simple Moving Averages (SMA). The Relative Strength Index (RSI) stood strong at 62. Support levels are at 22,000 and 21,900, with resistance at 22,500,” said Om Mehra of SAMCO Securities. On the Nifty Bank, he believes that the index is trading above the 20-day SMA. A critical resistance level remains at 47,800 for next week, if broken, which may initiate a next upside rally. The volume profile analysis identified 46,000 as a strong support level for the upcoming trading sessions.
