Trade Setup For Wednesday: Key Factors To Know Before Opening Bell: HUL, M&M, PFC Are Intraday Picks

The Indian markets may see a bearish start on Wednesday ahead of FOMC's rates decisions later in the day. Sensex and Nifty 50 will trade after a holiday on September 19 due to the celebration of Ganesh Chaturthi. In early trade, Gift Nifty traded in red, while Asian cues are under pressure tracking losses of Wall Street. On the contrary, treasuries and the dollar steadied. Apart from a pause in rates and hold in hawkish commentary, the focus will also be on the US Federal Reserve's updated quarterly rate projections In the previous session, Indian benchmarks ended lower, however, PSU banks outperformed.

On September 18, Sensex shed 241.79 points or 0.36% to end at 67,596.84. While Nifty 50 plunged by 59.05 points or 0.29% to settle at 20,133.30. Bank Nifty dipped by 251.65 points or 0.54% to finish at 45,979.85.

PSU bank stocks were the star performer of this day with Nifty PSU Bank index skyrocketing by 3.4%. FMCG and consumer durables stocks also saw gaining momentum. However, realty, IT, media, private banks, financials, pharma and metal stocks dragged the benchmarks. Also, the Nifty Midcap 100 and Smallcap 100 also faced bears and ended lower at 40,658.20 and 12,725.20 respectively on Monday.

Gift Nifty:

Gift Nifty, formerly known as SGX Nifty, traded at 20,080, down by 20 points or 0.10% at around 7.27 a.m. The index opened at 20,100 and traded in the range of 20,110.5 and 20,076.0 respectively.

Day Trading Guide For Today:

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher expects a support level in the range of 20,000/19,950 for Nifty 50 on Wednesday, however, resistance is factored around 20,300/20,350. While she sees Bank Nifty to have a support level of 45,700/45,650 with resistance around 46,400/46,450,

Buy Or Sell Stocks In Intraday:

Vaishali Parekh has recommended buying three stocks in the intraday trade on Wednesday. These are:

1. Mahindra & Mahindra: The buying range is Rs 153.15 with a stop loss of Rs 150 for a target price of Rs 162.

2. Hindustan Unilever: Buying range at Rs 2488 with a stop loss of Rs 2450 for a target price of Rs 2620.

3. Power Finance: Buying range is at Rs 287.40 with a stop loss of Rs 282 for a target price of Rs 310.

Bulk And Block Deals:

Visa Steel: In a block deal, Visa Industries purchased 35,20,000 equity shares in the company at an average price of Rs 12.91 per share, while Abhishek Agarwal and M Prasad & Co offloaded shares to the tune of 6,50,005 equity shares and 23,94,405 equity shares respectively.

Panacea Biotec: Serum Institute of India dumped 8 lakh shares in the open market transactions at an average price of Rs 156.36 per share.

Other stocks to see block deals on September 18 were Emkay Taps & Cutting Tools, GI Engineering Solutions, Jiwanram Sheodutra Industries, and Vartex Cotfab.

Stocks In News:

Tata Motors, Biocon, RR Kabel, Amber Enterprises India, Blue Star, Prakash Industries and BL Kashyap and Sons will be in the news.

Further, stocks like Mold-Tek Technologies, Jindal Stainless, Star Health and Allied Insurance Company, Quick Heal Technologies, HEG, Gravita India, Welspun Corp, eMudhra, Uniparts India, and Paras Defence and Space Technologies will have an investor meeting on September 15.

FII and DII data:

On Monday, foreign institutional investors (FIIs) turned into net sellers, however, while the domestic institutional investors (DIIs) showed an opposite trend.

In Indian stocks, on September 18, FIIs carried an outflow of Rs 1,236.51 crore, while DIIs made buying of Rs 552.55 crore.

Stocks banned under F&O on NSE:

The exchange NSE added two stocks namely Delta Corp, and Punjab National Bank to the futures and options (F&O) ban list on Wednesday. Stocks like Balrampur Chini Mills, BHEL, Chambal Fertilizers & Chemicals, Indiabulls Housing Finance, Indian Energy Exchange, Manappuram Finance, REC and Zee Entertainment Enterprises were retained as well in the list. However, Hindustan Copper, and India Cements were excluded from the list.

Securities which are banned in the F&O list are those that have crossed 95% of the market-wide position limit.