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Last Updated : Feb 07, 2019 09:18 PM IST | Source: Moneycontrol.com

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

The index has to hold above 27,150 to extend move toward 27,500. Support exists at 27000-26850 zones, suggest experts.

Uttaresh Venkateshwaran @UttareshV

The Nifty 50 which reclaimed its crucial resistance level of 11,100 in intraday trade failed to hold on gains as traders preferred to book profits at higher levels. The index closed around the same levels that it opened making a ‘Doji’ kind of candle on the daily charts.

A 'Doji' is formed when the index opens and then closes approximately around the same level. However, it remains volatile throughout the trading day which is indicated by its long shadow on either side. The candle appears like a cross or a plus sign.

A Doji usually means indecisiveness among the bulls as well as bears. However, experts feel as long as Nifty 50 stays above 10,987, bulls have nothing to worry. Short term traders can look to book profits below 11,043.

The Nifty 50 opened at 11,070 and rose to an intraday high of 11,118 but then witnessed selling pressure at higher levels pushing the index below 11,100. The index hit an intraday low of 11,043 before closing the day at 11,069, up 6.95 points.

The Bank Nifty traded in a range from 27,350 to 27,600 zones as buying interest was seen at lower levels while selling pressure at higher zones. It formed a bearish candle with the long upper shadow which indicates that follow up is missing at higher zones.

The index has to continue to hold above 27,150 zones to extend its move towards 27,500 then 27,750 zones while on the downside support exists at 27,000-26,850 zones, suggest experts.

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

Key support and resistance level for Nifty

The Nifty closed at 11,069.4. According to Pivot charts, key support level is placed at 11,035.97, followed by 11,002.53. If the index starts moving upwards, key resistance levels to watch out are 11,110.47 and 11,151.53.

Nifty Bank

The Nifty Bank index closed at 27,387.2. The important Pivot level, which will act as crucial support for the index, is placed at 27,276.8, followed by 27,166.4. On the upside, key resistance levels are placed at 27,543.71, followed by 27,700.2.

Call Options data

In terms of open interest, the 11,000 Call option has seen the most call writing so far at 30.57 lakh contracts. This could act as a crucial resistance level for the index in the February series.

The second-highest buildup has taken place in the 11,300 Call option, which has seen 22.77 lakh contracts getting added so far. The 11,200 Call option has accumulated 22.73 lakh contracts.

Call writing was seen at the strike price of 11,400, which added 4.21 lakh contracts, followed by 11,500, which added 3.72 lakh contracts, and 11,100 strike price, which added 3.45 lakh contracts.

Meanwhile, Call unwinding was seen at the strike price of 11,000, which shed 3.09 lakh contracts, followed by 10,900, which shed 1.91 lakh contracts, and 10,700, which shed 1.11 lakh contracts.

Image1

Put Options data

Maximum open interest in put options was seen at a strike price of 11,000, in which 36.60 lakh contracts been added till date. This could be a crucial resistance level for the index in February series.

The 10,700 put option comes next, having added 34.92 lakh contracts so far, and the 10,900 put option, which has now accumulated 30.43 lakh contracts.

Put writing was seen at the strike price of 11,000, which shed 5.35 lakh contracts, followed by 11,200, which added 4.27 lakh contracts and 11,100, which added 3.06 lakh contracts.

Put unwinding was seen at the strike price of 10,900, which shed 2.04 lakh contracts.

Image2

FII & DII data:

Foreign institutional investors (FIIs) bought shares worth Rs 418.01 crore, while domestic institutional investors bought shares worth Rs 294.11 crore in the Indian equity market, as per provisional data available on the NSE.

Fund flow picture:

Image3

Stocks with high delivery percentage:

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

Image4

65 stocks saw long buildup

Image5

68 stocks saw short covering:

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

Image6

42 stocks saw short build-up:

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

Image7

24 stocks saw long unwinding

Image8

Bulk Deals:

Chalet Hotels: DB International Asia sold 19.26 lakh shares at Rs 293.54 apiece.

Reliance Communication: L&T Finance sold 2 crore shares at Rs 5.14 apiece.

Skyveil trade Solutions bought 2.92 crore shares at Rs 5.20 apiece.

Reliance Infrastructure: Alphagrep Securities traded 78.4 lakh shares at Rs 121.92-121.93 apiece.

(For more bulk deals click here)

Analyst or Board Meet/Briefings:

Datamatics: Lucky Securities Equity Intelligence will be meeting representatives of the company on February 8, 2019.

Mphasis: The company will host an analysts’ call between February 12 and 15, 2019.

Thyrocare: The company will be meeting investors between February 11 and 12, 2019.

Elgi: The company will be meeting investors on February 28, 2019.

Stocks in news:

Results on Friday: BPCL, Tata Steel, M&M, Sun TV Network, UCO Bank, Alkem Laboratories, Allcargo Logistics, Inox Wind, Cochin Shipyard, Engineers India, HFCL, Sonata Software, Jk Lakshmi Cement, KRBL, Marksans Pharma, SJVN, VIP Industries

Coffee Day Enterprises: The company reported a profit of Rs 64 crore.

Tata Motors: The company posted a consolidated loss of Rs 26,961 crore.

Borosil Glass: The net profit has risen to Rs 14.7 crore.

Fortis Health approves appointment of Ashutosh Raghuvanshi as CEO

Khadim: Net profit fell 56 percent at Rs 3.9 crore.

Aurobindo Pharma: Q3 net profit at Rs 712 crore.

Varun Beverages: To Acquire PepsiCo's Franchise Rights In 3 States

6 stocks under ban period on NSE

Security in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.

For February 8, 2019 stocks such as Adani Enterprises, DHFL, IDBI, Jet Airways, Reliance Infra, and Reliance Power are present in this list.
First Published on Feb 7, 2019 09:16 pm
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