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Indian equity benchmarks rose on Monday as strength in financial and FMCG stocks aided a rebound on Dalal Street following three back-to-back sessions of losses. Globally, aggressive hikes in COVID-era interest rates and their impact on economic growth kept investors cautious.

What do the charts suggest for Dalal Street now?

The Nifty50 has formed a long bull candle on the daily chart, suggesting more upside ahead, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

The short-term trend of the index continues to be positive with rangebound movement, he said.

All eyes on the 16,000 hurdle

The hourly chart shows the 50-scrip gauge is inching towards the 15,900-16,000 band structurally, said Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas.

The Nifty is poised to take out the 16,000 barrier, he said. "On the other hand, short-term support is placed at 15,650 and 15,500," he said.

Here are key things to know about the market ahead of the July 5 session:

SGX Nifty

Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — rose as much as 70.5 points or 0.4 percent to 15,894 ahead of the opening on Dalal Street.

Global markets

Equities in other Asian markets gained on Tuesday as investors waited for Wall Street to return to trade later in the day following a long weekend. MSCI's broadest index of Asia Pacific shares outside Japan was up one percent at the last count.

Japan's Nikkei 225 was up 0.9 percent, China's Shanghai Composite 0.3 percent and Hong Kong's Hang Seng 1.4 percent.

S&P 500 futures were up half a percent — mirroring the gain in the pan-European Stoxx 600 index led by oil & gas shares on Monday, suggesting a positive start ahead in the US.

What to expect on Dalal Street

Shetti of HDFC Securities expects a decisive breakout at the major hurdle of 15,900 in the next 1-2 sessions.

"A sustainable upmove above 15,900-15,950 is expected to pull the Nifty50 towards next resistance at 16,300 in the short term, with immediate support at 15,750," he said.

Important levels to track

The Nifty50 continues to be about eight percent below its long-term simple moving average.

FII/DII activity

Call/put open interest

The maximum call open interest is accumulated at the strike prices of 16,200 and 16,500, with 1.2 lakh contracts each, according to exchange data. The maximum put open interest is at 15,000, with 1.2 lakh contracts, and the next highest at 15,700, with 1.1 lakh contracts.

This suggests immediate resistance at 16,200 and immediate support at 15,700.

Long build-up

Here are five stocks that saw an increase in open interest as well as price:

Long unwinding

(Decrease in open interest as well as price)

Short covering

(Increase in price and decrease in open interest)

Short build-up

(Decrease in price and increase in open interest)

52-week highs

Seven stocks on the BSE 500 — the broadest index on the bourse — touched the milestone: ITC, AIA Engineering, Blue Dart, Chalet Hotels, Jamna Auto, Mahindra Lifespace and KSB.

52-week lows

Three stocks on the 500-strong index hit 52-week lows: GR Infraprojects, IndiaMART and ICICI Securities.

First Published:Jul 4, 2022 7:03 PM IST