Trade setup for Wednesday: SGX Nifty, key things to know before stock market's opening bell today

Equity indices made a strong start to the week on Monday, with the Sensex and Nifty closing at near four-month highs, tracking gains in index majors amid positive global market trends. The Indian stock market was closed on Tuesday for a public holiday.

Stock market today: Key things to know before opening bell

Global market

Stocks dipped in Asia on Wednesday following a Wall Street retreat and caution ahead of US inflation data. Meanwhile, Wall Street extended losses on Tuesday as investors reviewed disappointing earnings reports and looked ahead to the release of an inflation snapshot closely watched by the Federal Reserve.

SGX Nifty

SGX Nifty indicates a lower start for the Indian stock markets on Wednesday. Singapore 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

“The positive sequence of higher tops and bottoms is intact and the swing low of at 17,161 could now be considered as a new higher bottom of the sequence. Now one may expect further upside towards the formation of higher top in the short term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Nifty Call Option data

As per data on 08 August, major total Call open interest was seen at 17600, 17700 and 17800 strikes with total open interest of 107684, 86257 and 103064 contracts respectively. Major Call open interest addition was seen at 17700, 17800 and 17900 strikes which added 20503, 32060 and 28418 contracts respectively. Call unwinding was seen at 17400, 17450 and 17500 strikes which shed 12916, 17518 and 31593 contracts respectively.

Nifty Put Option data

As per data, major total Put open interest was seen at 17500, 17400 and 17300 strikes with total open interest of 109130, 139668 and 109950 contracts respectively. Major Put open interest addition was seen at 17500, 17400 and 17300 strikes which added 81966, 83645 and 52224 contracts respectively. No major Put unwinding was seen at strikes ranging from 17200 to 17800.

FII DII data

Foreign institutional investors (FIIs) have net bought 1,449 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold 140 crore worth of shares on August 8, as per provisional data available on the NSE.


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