The Nifty50 reclaimed its crucial resistance level of 9,150 on Thursday to close the March series at a record high fuelled by short coverings in strike prices 9,000, 9,100 and 9,150.
The Nifty50 rallied over 200 points in March series and is all set to surge past its record high of 9,281 in April series.
The Nifty50 made a short bulls candle on the daily candlestick charts and as long as Nifty50 trades above 9,133-9,119, the index is on track to hit fresh record highs.
The index has been holding above its support trendline by connecting the lows of 8,713, 8,903 and 9,024 levels. In case it starts drifting south then multiple supports are placed at 9,119 and 9,075.
We have collated top ten data points on how to help you in spotting profitable trade:
Key Support & Resistance Level for Nifty:
The Nifty50 closed above its crucial 5-DEMA and 10-DEMA placed at 9,127 and 9,101 respectively on the March expiry day.
According to Pivot charts, the key support level for Nifty50 is placed at 9,117, followed by 9,098. If the index starts to move higher then key resistance levels to watch out are 9,192, followed by 9,211, and 9,239.
Nifty Bank:
Nifty Bank which hit a record high of 21,696 closed 229 points higher at 21,620. Important Pivot level which will act as crucial support for the index is placed at 21,403, followed by 21,185, and 21,038. On the upside, the key resistance level is 21,767, followed by 21,913 and 22,131.
“Nifty Bank has been outperforming the Nifty index a registered a fresh lifetime high of 21,696 mark. It has shifted its support from 21,000 to 21,250 while on the upside hurdles are seen at 21,800 and then 22,000 zone,” Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol.com.
Call Options Data:
On the options front, maximum Call open interest (OI) of 69 lakh contracts stands at strike price 9,200 which will act as a crucial resistance level for the index, followed by 9,400 which now holds 31.56 lakh contracts in open interest and 9,300 which has accumulated 31.16 lakh contracts in OI.
Call Writing was seen at strike prices 9200 (4.4 lakh contracts added), followed by 9250 (12 lakh contracts added), and 9,400 (9.4 lakh contracts added)
Call unwinding was seen at strike prices 9,100 (24 lakh contracts were shed), followed by 9,150 (19 lakh contracts were shed), 9,000 (11.4 lakh contracts shed), and 8,900 (4.7 lakh contracts shed).
Put Options Data:
Maximum Put OI of 64 lakh contracts was seen at strike price 9,100 which will now act as a crucial base for the index from 8,800 earlier which has accumulated 48.18 lakh contracts in open interest. The strike price 9,000 accumulated 46 lakh contracts in open interest.
Put writing was seen at strike prices 9,100 (12 lakh contracts added), and 9,150 (9 lakh contracts added). Put unwinding was seen at strike prices 9,200 (7.2 lakh contracts shed), followed by 9,000 (2.4 lakh contracts shed).
“In the April series maximum Put OI was seen at strike prices 9,000 followed by 8,900 while maximum Call OI was seen at strike prices 9,500 followed by 9,200. Higher option OI congestion is shifting the market base to higher zone thus giving the scope to register a fresh lifetime zone,” said Taparia.
FII & DII Data:
The foreign institutional investors (FIIs) bought shares worth Rs 68 crore compared to domestic institutional investors who bought Rs 1,702 crore in Indian equity market.
Stocks with high Delivery %
High delivery percentage suggests that investors are accepting the delivery of the stock which means that investors are bullish on the stock.
Stocks with high Rollover %
A rollover involves carrying forward of futures positions from one series to the next one. It is an indicator of traders' willingness to carry forward the bets on the market.
4 stocks saw Long Buildup:
79 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
92 stocks saw Long Unwinding
Long Unwinding happens when there is a decrease in OI as well as in price.
2 stocks saw Short Buildup
An increase in open interest along with a decrease in price mostly indicates short positions being built up.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
