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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 the 99 stocks including Maruti Suzuki India, Bosch, Coforge, Shriram Transport Finance, and REC, in which a long build-up was seen.

June 24, 2022 / 08:46 AM IST

The market rebounded after a day's fall on June 23 and settled nearly a percent higher, backed by positive Asian cues. The buying in sectors like banking & financial services, FMCG, IT, auto and pharma supported the market.

The BSE Sensex gained 443 points to close at 52,266, while the Nifty50 rose 143 points to 15,557 and formed bullish candle which resembles Spinning Top kind of formation, indicating indecisiveness among bulls and bears.

"On the daily charts, the Nifty formed Spinning Top candle pattern, which is a reversal pattern, however, it has filled a gap completely which was made on couple of day's back and sustained above that level," Vidnyan Sawant, AVP - Technical Research at GEPL Capital said.

He further said the strong support level for the Nifty would be 15,367 followed by 15,180 & 15,000 levels for the short to medium term, whereas on the higher side, it has strong resistance placed at 15,650 & 15,886 levels.

On the indicator front, the relative strength index (RSI) is giving bullish hinge and moving upward after making higher low at 35 levels indicating early signs of positive momentum for the short to medium term, the market expert said.

Close

Sawant feels the Nifty may give bounce back if it sustains above 15,650 levels then it will move further up until 15,886 followed by 16,000 levels. "Our bounce back view will be negated if it breaches below 15,367 levels."

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India VIX, the fear index also supported the market by favouring bulls, falling by 2 percent to 20.88 levels. The further decisive fall below 20 mark may bring more stability in the market, experts said.

The rally was also seen Nifty Midcap 100 and Smallcap 100 indices, rising 1.2 percent and 1.3 percent respectively.

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 15,407, followed by 15,257. If the index moves up, the key resistance levels to watch out for are 15,668 and 15,779.

Nifty Bank

Nifty Bank gained 290 points to close at 33,135 on Thursday. The important pivot level, which will act as crucial support for the index, is placed at 32,714, followed by 32,293. On the upside, key resistance levels are placed at 33,494 and 33,853 levels.

Call option data

Maximum Call open interest of 56.65 lakh contracts was seen at 16,000 strike, which will act as a crucial resistance level in the June series.

This is followed by 16,500 strike, which holds 47.59 lakh contracts, and 17,000 strike, which has accumulated 32.59 lakh contracts.

Call writing was seen at 16,500 strike, which added 22.17 lakh contracts, followed by 16,000 strike which added 21.44 lakh contracts and 16,300 strike which added 10.19 lakh contracts.

Call unwinding was seen at 15,400 strike, which shed 5.88 lakh contracts, followed by 15,500 strike which shed 2.51 lakh contracts and 15,300 strike which shed 2.02 lakh contracts.

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Put option data

Maximum Put open interest of 60.65 lakh contracts was seen at 14,000 strike. This is followed by 15,500 strike, which holds 52.03 lakh contracts, and 14,500 strike, which has accumulated 41.49 lakh contracts.

Put writing was seen at 14,000 strike, which added 28.17 lakh contracts, followed by 14,200 strike, which added 10.91 lakh contracts and 13,900 strike which added 8.7 lakh contracts.

Put unwinding was seen at 16,300 strike, which shed 35,850 contracts, followed by 16,500 strike which shed 23,800 contracts, and 17,500 strike which shed 13,650 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 Ipca Laboratories, ICICI Lombard General Insurance, GMR Infrastructure, TCS, and Crompton Greaves Consumer Electricals, among others.

99 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 Maruti Suzuki India, Bosch, Coforge, Shriram Transport Finance, and REC, in which a long build-up was seen.

6 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 6 stocks - Petronet LNG, ONGC, Torrent Power, Bandhan Bank, Reliance Industries, and Tata Chemicals, in which long unwinding was seen.

20 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 top 10 stocks including Syngene International, Oberoi Realty, NALCO, Vedanta, and GAIL India, in which a short build-up was seen.

73 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 NBCC, City Union Bank, Federal Bank, Kotak Mahindra Bank, and United Breweries, in which short-covering was seen.

Bulk deals

(For more bulk deals, click here)

Investors Meetings on June 24

Investor 2406_001

Nuvoco Vistas Corporation: Officials of the company will meet Nikko Asset Management, and DAM Capital.

Eicher Motors: Officials of the company will meet Sundaram Mutual Fund, and Segantii Capital.

FSN E-Commerce Ventures: Officials of the company will meet Invesco.

Larsen & Toubro: Officials of the company will attend Morgan Stanley Virtual Asia BEST Conference.

PI Industries: Officials of the company will meet Motilal Oswal Securities.

Brigade Enterprises: Officials of the company will attend Axis Capital India Real Estate Conference 2022.

Polycab India: Officials of the company will meet Canara HSBC Life.

Sudarshan Chemical Industries: Officials of the company will meet Prabhudas Lilladher, and Max Life Insurance.

Stocks in News

Hero MotoCorp: The company will increase ex-showroom prices of its motorcycles and scooters, with effect from July 1, 2022, to partially offset the steadily growing overall cost inflation, including commodity prices. The price revision will be up to Rs 3,000. The exact quantum of increase will be subject to the specific model and market.

Jammu & Kashmir Bank: The bank said the board will hold a meeting on June 28 to consider the raising of capital (Tier I/Tier II) during the financial year 2022-23.

Thermax: Subsidiary First Energy (FEPL) has acquired two companies - Jalansar Wind Energy (JWEPL) and Kanakal Wind Energy (KWEPL). JWEPL and KWEPL will become wholly owned step-down subsidiaries of Thermax. Both the companies are belong to renewable energy sector.

DCM Shriram: The company informed exchanges that the board approved to invest upto Rs 65 crore for minimum 26 percent equity stake in a special purpose vehicle (SPV) to be created for setting up a wind solar hybrid renewable power project. The company will get 50 MW of renewable power supply (25 MW round the clock) from the said SPV. It will also invest upto Rs 57.10 crore to manufacture sulphate of potash (K2SO4) with a capacity of 4,600 TPA at Hariawan (UP) sugar facility and the objective is to optimize the circular economy and derive value from byproducts.

ONGC: ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation, has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Earlier ONGC Videsh has discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing at 20,000 barrels oil per day.

Century Plyboards: The company has made further investments of Rs 20.95 crore in its wholly owned subsidiary company, Century Panels by subscribing 2.09 crore shares through rights issue.

Fund Flow

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FII and DII data

Foreign institutional investors (FIIs) have net sold Rs 2,319.06 crore worth of shares, whereas domestic institutional investors (DIIs) remained net buyers, to the tune of Rs 2,438.31 crore worth of shares on June 23, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

Four stocks - Delta Corp, Indiabulls Housing Finance, RBL Bank, and Sun TV Network - are under the NSE F&O ban for June 24. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

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.

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Sunil Shankar Matkar
first published: Jun 24, 2022 08:06 am
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