Moneycontrol
Jun 15, 2017 08:52 PM IST | Source: Moneycontrol.com

Trade Setup for Friday: Top 10 things you should know before Opening Bell

The Nifty50 closed below its crucial support level for 9,600 on Thursday and made a strong bearish candle on the daily candlestick charts.

Trade Setup for Friday: Top 10 things you should know before Opening Bell

Kshitij Anand

Moneycontrol News

The Nifty50 closed below its crucial support level for 9,600 on Thursday and made a strong bearish candle on the daily candlestick charts.

The Nifty50 opened at 9,617 and rose marginally to 9,621.40 which made a small upper shadow. It slipped to its intraday low of 9,560.80 before closing at 9,578, down 40 points from its previous close of 9,621.40.

Traders are advised to tread cautiously as the Nifty50 still closed below its support of 9,580. Now a slip below 9,521- 9,550 could extend selling pressure but if bulls manage to close above 9,600-9,650 bulls might be able to make a comeback.

If bulls manage to defend the levels of 9,520 on closing basis then we can once again expect a resumption of the upmove.

We have collated top ten data points on how to help you in spotting profitable trade:
 

Key Support & Resistance Level for Nifty:

The Nifty closed 40 points lower or 0.42 percent at 9,578. According to Pivot charts, the key support level for Nifty50 is placed at 9,552, followed by 9,526. If the index starts to move higher then key resistance levels to watch out are 9,612, followed by 9,647.

Nifty Bank:

Nifty Bank closed 106 points lower or 0.46 percent at 23,391 on Thursday. Important Pivot level which will act as crucial support for the index is placed at 23,311 followed by 23,230. On the upside, the key resistance level is 23,472 followed by 23,553.

Call Options Data:

Maximum Call open interest (OI) of 69 lakh contracts stands at strike price 9,700 which will act as a crucial resistance level for the index in June series, followed by 9,600 which now holds 51 lakh contracts in open interest and 9,800 which has accumulated 48 lakh contracts in OI.

Call Writing was seen at strike prices 9,600 (5.3 lakh contracts added), followed by 9,700 (9.8 lakh contracts added), 9,800 (3.9 lakh contracts added), 9,900 (3.5 lakh contracts added), and 10,000 (2.3 lakh contracts added).

Call unwinding was seen at strike prices 10,100 (0.5 lakh contracts shed), 9,500 (0.29 lakh contracts shed), 9,300 (0.18 lakh contracts shed) and 9,000 (0.24 lakh contracts shed).

1111

Put Options Data:

Maximum Put OI of 72 lakh contracts was seen at strike price 9,500 which will act as a crucial base for the index in June series followed by 9,600 which has accumulated 56 lakh contracts in open interest, and 9,400 which now holds 52 lakh contracts in open interest.

Put Writing was seen at strike prices 9,500 (0.2 lakh contracts added) while Put unwinding was seen at strike prices 9,600 (5.1 lakh contracts shed), 9,700 (0.48 lakh contracts shed), 10,000 (0.5 lakh contracts shed), and 9,300 (2.2 lakh contracts shed).

2222

FII & DII Data:

The foreign institutional investors (FIIs) sold shares worth Rs 645 crore compared to domestic institutional investors who bought shares worth Rs 855 crore in Indian equity market.

Stocks with high Delivery percent:

High delivery percentage suggests that investors are accepting the delivery of the stock which means that investors are bullish on the stock.

3333

56 stocks saw Long Buildup:

4444

43 stocks saw short covering:

A decrease in open interest along with an increase in price mostly indicates short covering.

5555

26 stocks saw Long Unwinding:

Long Unwinding happens when there is a decrease in OI as well as in price.

6666

87 stocks saw Short Buildup:

An increase in open interest along with a decrease in price mostly indicates short positions being built up.

7777
X
Sections
Follow us on
Available On