ETMarkets Evening Podcast: What changed your financial fortunes all through the day

Hi there! Good Evening.

This is Abhinav Kaul from ETMarkets.com and I will take you through the motions of Monday's session on Dalal Street and will bring you cues and trading tips from market veterans for tomorrow's trade.

The domestic equity market ended in the red on Monday, tracking weak global cues, which triggered heavy selling pressure on the pharma and IT counters.

The S&P BSE Sensex closed 188 points lower at 29,233. The 30-share index, which opened at 29,395 against the previous close of 29,421, hit an intraday high and low of 29,420 and 29,163, respectively. Industry heavyweights Reliance Industries, HDFC Bank and Sun Pharma were the major contributors to the fall of the index.

The broader Nifty50 of the National Stock Exchange (NSE) shed 63 points to settle at 9,045.

Metal stocks fell the most, pushing the S&P BSE Metal index 308 points down to 11,551 with Tata Steel, Coal India and Hindalco being the major contributors to the fall in the index.

Energy stocks were the second worst performers, thanks to a slide in the shares of Reliance Industries, Coal India and ONGC.

G Chokkalingam of Equinomics Research sums up the day’s market proceeding for you in this exclusive chat with ETMarkets.com

Byte 1: Chokkalingam

The Nifty50 witnessed a small bounce from lower levels during the session and finally closed with a loss of just over 60 points.

Maximum Put open interest stood at strike prices 9,000 and 8,800, while maximum Call open interest stood strike price 9,200 followed by 9,100. There was significant Call writing at strike prices 9,100 and 9,050 while Put writing was intact at strike price 9,000.

Nirav Chheda of Nirmal Bang Securities gives you a lowdown on the F&O market.

Byte 2: Nirav

On the technical front, the Nifty50 formed a Bearish Belt Hold kind of pattern as it witnessed continuous selling pressure throughout the session from the word go.

In this process, it breached its crucial supports as it closed below its one month old ascending channel with multiple touch points and its 13 Day EMA. This is likely to put the indices under much pressure going forward in next few trading sessions.

Hence, it is inevitable for it to stage a comeback in immediate trading session to breathe some life into bulls, who are otherwise looking on humble foot.

We have with us Mazhar Mohammad of Chartviewindia.in to give us some insights on Nifty behaviour on the technical front.

Byte 3: Mazhar Mohammad

That's all for now folks. Do come back for our pre-market podcast on Tuesday morning. Have a great evening ahead!