ETMarkets Evening Podcast: Financial market updates you need to have before the day ends
Hi there! Good Evening. This is Kshitij Anand from ETMarkets.com taking you through the facts and figures from Wednesday's session on Dalal Street and bringing you cues and trading tips from market veterans for tomorrow's trade.
Bears took charge of D-Street from the word go. The selling pressure intensified in the second half of trading session led by losses in Tata Motors after top global brokerage firms slashed earnings estimates for the global auto giant and lowered earnings per share estimates by 25-30 per cent for FY18-19.
Investors got spooked after Janet Yellen on Tuesday said that the Fed will probably need to raise interest rates at an upcoming meeting in March, and that delaying rate increases could leave the Fed's policymaking committee behind the curve.
The S&P BSE Sensex closed 183 points lower or 0.65 per cent at 28,155.56 while Nifty50 ended 67.60 points down at 8,724.70. However, the correction was more pronounced in the broader market.
The S&P BSE Smallcap index ended 1.5 per cent lower while the S&P BSE Midcap index plunged 1.16 per cent on Wednesday.
In the sectoral landscape only the FMCG stocks saw some gain while auto, realty, consumer durable, healthcare and PSU stocks saw some profit booking decline.
So, what moved the market today? We have Rahul Shah, VP-Equity Advisory at MOSL, giving us a lowdown.
Byte 1 Rahul Shah
On the derivatives front, maximum Put OI was seen at strike price 8,500 followed by 8,700 while maximum Call OI was seen at strike price 9,000 followed by 8,800.
We have seen significant Call writing at strike prices 8,800, 8,700 and 8,900 which is keeping its restricted upside while Put unwinding at strike price 8,800, 8,700 and 8,600 are shaking the confidence of bulls.
To give us a perspective on what the F&O market is signalling on where the market stands, we have with us Vijay Singhania, Founder-Director, Trade Smart Online. Over to you, Mr. Singhania.
Byte 2 of Singhania
On the technical front, Nifty50 formed a negative candle on chart followed by an inside candle pattern. The index closed near to its support trend line by connecting the lows of 8685 and 8715 levels.
A hold below this trend line may attract for long liquidation as well as opportunity for fresh selling position. Both the Mechanical indicator like MACD and RSI have given a sell signal as it turned from its overbought state with the decline in the broader market.
So, does this technical setup signal a cautious undertone in the market? Vaishali Parekh, Head - Technical Desk at Prabhudas Lilladher, explains.
Byte 3 Parekh
That's all, for now, folks. Do come back for our pre-market podcast tomorrow morning. Have a great evening ahead!
Bears took charge of D-Street from the word go. The selling pressure intensified in the second half of trading session led by losses in Tata Motors after top global brokerage firms slashed earnings estimates for the global auto giant and lowered earnings per share estimates by 25-30 per cent for FY18-19.
Investors got spooked after Janet Yellen on Tuesday said that the Fed will probably need to raise interest rates at an upcoming meeting in March, and that delaying rate increases could leave the Fed's policymaking committee behind the curve.
The S&P BSE Sensex closed 183 points lower or 0.65 per cent at 28,155.56 while Nifty50 ended 67.60 points down at 8,724.70. However, the correction was more pronounced in the broader market.
The S&P BSE Smallcap index ended 1.5 per cent lower while the S&P BSE Midcap index plunged 1.16 per cent on Wednesday.
In the sectoral landscape only the FMCG stocks saw some gain while auto, realty, consumer durable, healthcare and PSU stocks saw some profit booking decline.
So, what moved the market today? We have Rahul Shah, VP-Equity Advisory at MOSL, giving us a lowdown.
Byte 1 Rahul Shah
On the derivatives front, maximum Put OI was seen at strike price 8,500 followed by 8,700 while maximum Call OI was seen at strike price 9,000 followed by 8,800.
We have seen significant Call writing at strike prices 8,800, 8,700 and 8,900 which is keeping its restricted upside while Put unwinding at strike price 8,800, 8,700 and 8,600 are shaking the confidence of bulls.
To give us a perspective on what the F&O market is signalling on where the market stands, we have with us Vijay Singhania, Founder-Director, Trade Smart Online. Over to you, Mr. Singhania.
Byte 2 of Singhania
On the technical front, Nifty50 formed a negative candle on chart followed by an inside candle pattern. The index closed near to its support trend line by connecting the lows of 8685 and 8715 levels.
A hold below this trend line may attract for long liquidation as well as opportunity for fresh selling position. Both the Mechanical indicator like MACD and RSI have given a sell signal as it turned from its overbought state with the decline in the broader market.
So, does this technical setup signal a cautious undertone in the market? Vaishali Parekh, Head - Technical Desk at Prabhudas Lilladher, explains.
Byte 3 Parekh
That's all, for now, folks. Do come back for our pre-market podcast tomorrow morning. Have a great evening ahead!
