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Trade setup for Friday: Top 15 things to know before Opening Bell

Based on the open interest future percentage, here are 133 stocks including NTPC, Oracle Financial Services Software, Escorts, Indus Towers, and United Breweries, in which short-covering was seen.

April 29, 2022 / 08:27 AM IST

Bulls staged a strong comeback on April 28, the last of the F&O contracts for the April series, after a day of one percent loss. Positive global cues and buying by FIIs lifted sentiment.

The BSE Sensex surged 702 points or 1.23 percent to 57,521, while the Nifty50 jumped 207 points or 1.21 percent to 17,245 and formed a small-bodied bullish candle on the daily charts.

"With the Thursday's close, the index has broken out its past 15 sessions' "Down-Sloping Trendline" resistance at 17,100 levels. The daily price action has formed a bullish candle carrying either side shadows representing volatility," Rajesh Palviya, VP - Technical and Derivative Research at Axis Securities said.

He further said Nifty has also extended its nine sessions' consolidation within 17,400-16,800 levels indicating the absence of strength on either side.

On the downside, he feels crucial support zones are placed around 17,000-16,800 levels. Hence the short-term traders are advised to continue long positions with 17,000-16,800 as stop-loss, Palviya said, adding on the upside, the index is expected to rebound towards 17,500-17,800 levels in the coming sessions.

Close

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The broader markets failed to perform in line with benchmarks with market breadth turning slightly in favour of bears. The Nifty Midcap 100 index gained six-tenth of a percent and Smallcap 100 index gained four-tenth of a percent.

We have collated 15 data points to help you spot profitable trades:

Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.

Key support and resistance levels on the Nifty

As per the pivot charts, the key support level for the Nifty is placed at 17,103, followed by 16,961. If the index moves up, the key resistance levels to watch out for are 17,355 and 17,464.

Nifty Bank

Bank Nifty also traded in line with benchmarks and played a key role in Thursday's upside, rising 393 points or 1 percent to 36,422. The important pivot level, which will act as crucial support for the index, is placed at 36,082, followed by 35,741. On the upside, key resistance levels are placed at 36,632 and 36,841 levels.

Call option data

Maximum Call open interest of 82.56 lakh contracts was seen at 17,300 strike, which will act as a crucial resistance level in the May series.

This is followed by 17,500 strike, which holds 68.17 lakh contracts, and 17,400 strike, which has accumulated 65.47 lakh contracts.

Call writing was seen at 17,400 strike, which added 6.74 lakh contracts, followed by 17,300 strike which added 3.93 lakh contracts.

Call unwinding was seen at 17,100 strike, which shed 52.46 lakh contracts, followed by 17,000 strike which shed 51.44 lakh contracts and 17,200 strike which shed 48.51 lakh contracts.

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Put option data

Maximum Put open interest of 84.86 lakh contracts was seen at 17,200 strike, which will act as a crucial support level in the May series.

This is followed by 17,000 strike, which holds 65.03 lakh contracts, and 16,400 strike, which has accumulated 53.25 lakh contracts.

Put writing was seen at 17,200 strike, which added 66.60 lakh contracts, followed by 17,300 strike, which added 20.46 lakh contracts and 16,700 strike which added 18.15 lakh contracts.

Put unwinding was seen at 17,000 strike, which shed 27.95 lakh contracts, followed by 16,400 strike which shed 21.04 lakh contracts, and 16,500 strike which shed 16.95 lakh contracts.

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Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks. The highest delivery was seen in Shriram Transport Finance, HDFC Bank, Honeywell Automation, Infosys, and Bharti Airtel, among others.

16 stocks saw long build-up

An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the top 10 stocks, including Coromandel International, Divi's Laboratories, Pidilite Industries, Sun Pharma, and MCX India, in which a long build-up was seen.

41 stocks saw long unwinding

A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks including Metropolis Healthcare, ONGC, Vedanta, Punjab National Bank, and M&M, in which long unwinding was seen.

8 stocks saw short build-up

An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, here are the 8 stocks including Atul, Dr Lal PathLabs, Indian Energy Exchange, Bajaj Auto, and Laurus Labs, in which a short build-up was seen.

133 stocks witnessed short-covering

A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks including NTPC, Oracle Financial Services Software, Escorts, Indus Towers, and United Breweries, in which short-covering was seen.

Rollovers

Here are top 10 stocks which saw highest rollovers on expiry day including The Ramco Cements, Divi's Laboratories, Info Edge, Sun TV Network, and Shree Cements.

Bulk deals

Chennai Petroleum Corporation: Ace investor Dolly Khanna bought 10 lakh shares in the company via open market transactions. These shares were bought at an average price of Rs 263.15 per share.

(For more bulk deals, click here)

Results on April 29 and April 30

Maruti Suzuki India, IndusInd Bank, UltraTech Cement, Wipro, SBI Cards and Payment Services, Can Fin Homes, Geojit Financial Services, Gillette India, GNA Axles, Gokaldas Exports, HFCL, Just Dial, L&T Finance Holdings, Lloyds Metals and Energy, RPG Life Sciences, Shriram City Union Finance, Solara Active Pharma Sciences, Sonata Software, Star Health and Allied Insurance Company, Supreme Industries, Tanla Platforms, Tata Chemicals, and Thyrocare Technologies will release their quarterly earnings on April 29.

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YES Bank, IDFC First Bank, Usha Martin, Bliss GVS Pharma, GHCL, LG Balakrishnan & Brothers, Mitsu Chem Plast, Selan Exploration Technology, Yasho Industries, and Jay Bharat Maruti are slated to declare their quarterly earnings on April 30.

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Stocks in News

Axis Bank: The private sector lender registered a massive 54 percent year-on-year growth in standalone profit at Rs 4,118 crore, largely driven by significant fall in provisions and improved asset quality performance for the quarter ended March 2022. Net interest income grew by 16.7 percent year-on-year to Rs 8,819 crore with credit growth of 15 percent and deposits growth of 19 percent for March 2022 quarter.

IIFL Finance: The company clocked nearly 30 percent year-on-year growth in consolidated profit at Rs 321 crore on healthy growth in topline and operating profit. Revenue from operations during the quarter grew by 16 percent to Rs 1,856.2 crore compared to the year-ago period.

Fineotex Chemical: Profit after tax of the group has increased by 42 percent year-on-year to Rs 17 crore on strong topline and operating income. Revenue rose by 62 percent YoY to Rs 121.4 crore in the quarter ended March 2022, and operating EBITDA surged 67 percent to Rs 21.52 crore in the same period.

Ambuja Cements: Profit fell sharply by 30.3 percent year-on-year to Rs 856.5 crore due to higher power & fuel cost and muted topline growth in the quarter ended March 2022. Revenue increased by 2.4 percent to Rs 7,900 crore during the same period.

Vedanta: Billionaire Anil Agarwal-owned Vedanta reported a 5 percent year-on-year decline in consolidated profit at Rs 7,261 crore in the quarter ended March 2022, impacted by higher tax cost and expenses, supported by healthy topline and operating income. Revenue during the quarter grew by 41 percent YoY to Rs 39,342 crore and there was highest ever quarterly EBITDA at Rs 13,768 crore in Q4FY22 which increased by 51 percent YoY, driven by higher volumes, operational efficiencies and supportive commodity prices. The company announced first interim dividend of Rs 31.5 per share for the financial year 2022-23.

Sterlite Technologies: The company in a BSE filing said the board has approved raising of funds up to Rs 1,000 crore.

Tata Power Company: The company has collaborated with National Real Estate Development Council to install 5,000 electric vehicle charging points across Maharashtra.

Fund Flow

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FII and DII data

Foreign institutional investors (FIIs) turned net buyers for the first time in last 15 consecutive sessions, buying shares worth Rs 743.22 crore, while domestic institutional investors (DIIs) have net purchased shares worth Rs 780.94 crore on April 28, as per provisional data available on the NSE.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Sunil Shankar Matkar
first published: Apr 28, 2022 10:23 pm
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