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

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Equity benchmark Sensex rallied nearly 1% to re-visit the 59,000-mark on Monday, propelled by sharp gains in metal, banking and capital goods stocks amid a weak trend in global equities. The NSE Nifty advanced 126 points to 17,665.8.

Stock market today: Key things to know before Opening Bell

Global cues

Stocks in Asia stabilized Tuesday as investors weighed higher energy costs and an inflation outlook that’s prompting a slew of central banks to keep hiking interest rates. Shares climbed in Japan, Australia and South Korea. The US stock market was closed on Monday on account of Labor Day.

SGX Nifty 

SGX Nifty indicates a higher opening for the Indian stock markets on Tuesday. 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 Nifty remained in the green during the day; however, it stayed from challenging the 17,700 mark which remained a crucial resistance on Monday. The market may remain buy on dips as long as it sustains above 17,400. On the higher end, a decisive move above 17,700 may induce a rally in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.

Nifty Call Option data

As per data shown by nseindia.com September 5, major total Call open interest was seen at 17700, 17800 and 18000 strikes with total open interest of 115595, 111794 and 137669 contracts respectively. Major Call open interest addition was seen at 17700, 17900 and 18000 strikes which added 26964, 23170 and 30901 contracts respectively. Call unwinding was seen at 17500 strike which shed 8025 contracts.

Nifty Put Option data

Major total Put open interest was seen at 17600, 17500 and 17400 strikes with total open interest of 141724, 147667 and 103264 contracts respectively. Major Put open interest addition was seen at 17600, 17500 and 17400 strikes which added 95312, 72230 and 51852 contracts respectively. No major Put unwinding was seen at strikes ranging from 17400 to 17800, said Profitmart Securities.

FII DII data

Foreign institutional investors (FIIs) net sold 811 crore worth of shares, whereas domestic institutional investors (DIIs) net bought 533 crore worth of shares on September 5, as per provisional data available on the NSE.

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