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

Shabbir Kayyumi of Narnolia Financial Advisors said Nifty managed to close above psychological mark of 11,500 suggesting strong upside wave.

March 29, 2019 / 12:07 AM IST

The market hit a fresh six-month high and closed the March series expiry day on a strong note on March 28. The Nifty50 crossed its recent swing high and moved closer to 11,600 levels while the Bank Nifty ends at record closing high on hope of rate cut in April policy meeting and recapitalisation of PSU banks.

The BSE Sensex rallied 412.84 or 1.08 percent to 38,545.72 while the Nifty50 climbed 125 points or 1.09 percent to 11,570 and formed bullish candle on daily charts.

In March series, BSE Sensex surged 7.5 percent and Nifty50 jumped 7.2 percent, the biggest gains in a series since January 2015.

"Nifty witnessed a sharp comeback today, after a choppy trend of the last session. A long bull candle was formed today at a new swing high of 11,588 levels. This pattern is indicating a strength of an upmove and lack of profit booking at the highs," Nagaraj Shetti – Senior Technical & Derivative Analyst, HDFC Securities told Moneycontrol.

He said the market is expected to form a new higher top above 11,650 levels, in the next few sessions.

Close

Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors also said Nifty managed to close above psychological mark of 11,500 suggesting strong upside wave.

"Also, Nifty has formed the cup and handle pattern on the hourly chart suggesting an upside target of 11,780. The current bullish thesis will be under question mark only if the index closes below 11,488," he added.

The market breadth was positive throughout day with advance decline ratio almost near 2:1. The Nifty Midcap and Smallcap indices also gained a percent each.

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

Key support and resistance level for Nifty

The Nifty closed at 11,570 on March 28. According to the Pivot charts, the key support level is placed at 11,485.5, followed by 11,401. If the index starts moving upward, key resistance levels to watch out are 11,621.5 and 11,673.

Nifty Bank

The Nifty Bank index closed at 30,420.55, up 400.75 points on March 28. The important Pivot level, which will act as crucial support for the index, is placed at 30,094.43, followed by 29,768.27. On the upside, key resistance levels are placed at 30,621.43, followed by 30,822.27.

Call Options Data

Maximum Call open interest (OI) of 32.80 lakh contracts was seen at the 11,600 strike price. This will act as a crucial resistance level for the April series.

This was followed by the 11,700 strike price, which now holds 20.79 lakh contracts in open interest, and 12,000 which has accumulated 11.30 lakh contracts in open interest.

There was hardly any Call writing seen.

Call unwinding was seen at the strike price of 11,500 that shed 28.11 lakh contracts, followed by 11,400 strike that shed 8.88 lakh contracts and 11,700 strike, which shed 4.72 lakh contracts.

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Put Options Data

Maximum Put open interest of 48.15 lakh contracts was seen at the 11,500 strike price. This will act as a crucial support level for the April series.

This was followed by the 11,400 strike price, which now holds 33.99 lakh contracts in open interest, and the 11,300 strike price, which has now accumulated 19.40 lakh contracts in open interest.

Put writing was seen at the strike price of 11,500, which added 34.21 lakh contracts, followed by 11,400 strike, which added 7.43 lakh contracts.

Put unwinding was seen at the strike price of 11,600, which shed 4.62 lakh contracts, followed by 11,300 strike that shed 2.36 lakh contracts and 12,000 strike that shed 1.78 lakh contracts.

Image1128032019

FII & DII Data

Foreign Institutional Investors (FIIs) bought shares worth Rs 3,594.51 crore while Domestic Institutional Investors (DIIs) sold Rs 2,080.22 crore worth of shares in the Indian equity market on March 28, as per provisional data available on the NSE.

Fund Flow Picture

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Stocks with a high delivery percentage

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

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9 Stocks saw a long buildup

Image1428032019

114 stocks saw short covering

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

Image1428032019

4 stocks saw a short build-up

An increase in open interest along with a decrease in price mostly indicates a build-up of short positions.

Image1628032019

71 stocks saw long unwinding

Image1728032019

Rollovers

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Bulk Deals on March 28

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(For more bulk deals, click here)

Analyst or Board Meet/Briefings

Eicher Motors: Company's officials will meet Banyan Tree Advisors Pvt Ltd on March 29.

Manappuram Finance: Company's officials will meet Fidelity Management & Research on March 29.

Garware Polyester: Board meeting is scheduled on April 5 to consider the appointment of Chief Financial Officer (CFO) of the company.

ICICI Lombard General Insurance Company: Board meeting is scheduled on April 18 to consider the Audited Financial Results for the quarter and financial year ending on March 31, 2019 and to consider recommendation of dividend, if any, for the financial year ending on March 31, 2019.

Kolte-Patil Developers: Board meeting will be held on March 31 to consider declaration of interim dividend for the financial year 2018-19.

Adhunik Metaliks: Board meeting is scheduled on April 2 to consider issue equity shares/other convertible securities on preferential basis.

Stocks in News

NRB Industrial Bearings: Board approved the allotment of 17,50,000 cumulative, redeemable, non-convertible preference shares of Rs 10 each aggregating to Rs 1.75 crore of the company on private placement basis to Devesh Singh Sahney, Chairman, Managing Director and Promoter of the company.

TCPL Packaging: Commercial production of company's new unit situated in Kundaim, Goa has commenced.

Bharat Financial Inclusion: Company assigned a pool of receivables of an aggregate value of Rs 837.40 crore to one of the largest private sector banks on a Direct Assignment basis. With this transaction, the company has completed Direct Assignment transactions worth Rs 9,032.47 crore in FY19.

Lupin: Company launches Fluocinonide Ointment USP in the US. The drug is indicated for the relief of the inflammatory and pruritic manifestations of corticosteroidresponsive dermatoses.

Sheela Foam: SBI MF buys 3.63 percent stake in the company on March 27.

Indiabulls Integrated Services: IRDA approves R1/first level approval for Indiabulls Integrated General Insurance business - CNBC-TV18 Sources.

Adani Enterprises: Adani Defence Systems and Technologies Limited - a wholly owned subsidiary of the company has incorporated a company namely Adani Rave Gears India Limited.

HT Media: NCLT approved a Scheme of Arrangement between the company and Digicontent Limited and their respective shareholders.

Wipro: Company and IIT Kharagpur partner for advanced research in 5G and AI.

Abhishek Finlease: Company appointed Mahendra M Shah as Chief Flnancial Officer.

Apcotex Industries: Board appointed Suraj Badale as the Chief Financial Officer.

Lincoln Pharmaceuticals: Board appointed Darshit Ashvinkumar Shah as a Chief Financial Officer.

Adhunik Industries: Board approved appointment of Ajay Bhuwania as Chief Financial Officer.

Listing: MSTC to list on exchanges

IPO: Rail Vikas Nigam IPO opens today.

Jet Airways: Repayment of the external commercial borrowing, availed by the company for working capital purposes, falling due on March 28, has been delayed owing to temporary liquidity constraints and the company has engaged with the lender in relation to the same.

Tata Metaliks: Tata Steel acquired 27,97,000 equity shares, aggregating to Rs 1,79,56,74,000, and 34,92,500 convertible warrants, aggregating to Rs 2,24,21,85,000 of company on preferential basis. Tata Steel holding in company stands increased from 50.09 percent to 55.06 percent.

Federal Bank: Bank has entered into a partnership with Ripple Inc, a blockchain supported global remittance company, for cross border remittance through its network.

Adani Ports: Subsidiary Adani Logistics approved the proposal for acquisition upto 100 percent equity shares of Innovative 828 Logistics Solutions Pvt. Ltd. out of which 97.03 percent of shares will be acquired upon closing from True North and its affiliates and balance shares consisting upto 2.97 percent held by other shareholders within 60 days of the closing.

Tata Power: Company signed the Power Purchase Agreement (PPA) with Brihanmumbai Electric Supply and Transport Undertaking, for 676.69 MW of power supplied from its Trombay Thermal and hydro plants, for a period of five years.

HUDCO: Ministry of Housing and Urban Affairs accorded its approval for extension of tenure of M Ravi Kanth, as Chairman & Managing Director (CMD), HUDCO for a period of six months, or until further orders, whichever is earlier.

IL&FS Transportation Networks: Delhi High Court had dismissed the petition filed by NHAI and has affirmed the arbitral award passed in favour of Pune Sholapur Road Development Company Limited (PSRDCL), a subsidiary of company.

Apunka Invest Commercial: Company invested Rs 99,84,000 in Panorama Studios Private Limited, increasing shareholding in same to 53.73 percent.

Wabco India: WABCO Holdings Inc. entered into a definitive merger agreement with ZF Friedrichshafen AG.

Visagar Polytex: Board approved resignation tendered by Sagar Tilokchand Kothari from the position of Chief Financial Officer of the company.

HIL Limited: Parador (Shanghai) Flooring Trading Co., Ltd, China [JV of Parador GmbH, Germany (step down subsidiary of HIL International GmbH, Germany)] has opened its first showroom in Shanghai.

DB Corp: Stitex Global Limited, one of the promoter group companies of DB Corp, amalgamated with DB Consolidated Private Limited (another promoter group company.

Trent: Board passed an enabling resolution for raising of funds through issue of Commercial Paper upto an amount not exceeding Rs 100 crore, in one or more tranches.

Gateway Distriparks: Company allotted 5,500 rated, listed, secured, redeemable non-convertible debentures having face value of Rs 10,00,000 each, with coupon rate of 11.25% - 11.50%, for cash aggregating Rs 550 crore, to identified investors on private placement basis.



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Sunil Shankar Matkar
first published: Mar 28, 2019 09:33 pm
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