Shabbir Kayyumi of Narnolia Financial Advisors said a close below the strong support (10,740) will push prices lower towards 10,680 levels.
The market fell for fifth consecutive session and closed below 10,750 levels on the Nifty, dragged by Reliance Industries, HDFC Group and IT stocks on Thursday.
The 30-share BSE Sensex declined 157.89 points to 35,876.22 while the Nifty50 dropped 47.60 points to 10,746.05 amid consolidation and formed bearish candle on daily scale.
The index traded in a tight range of 10,760-10,730 levels throughout the day, with negative sentiments.
"Index trading above Thursday's high (10,792) will accelerate upmove taking it higher towards immediate resistance zone of 200 DMA placed around 10,850 levels," Shabbir Kayyumi, Head of Technical Research at Narnolia Financial Advisors told Moneycontrol.
However, a close below the strong support (10,740) will push prices lower towards 10,680 levels, he said.
The broader markets bucked the trend with the Nifty Midcap and Smallcap indices rising 0.6 percent each.
We have collated top 10 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 10,746 on February 14. According to Pivot charts, key support level is placed at 10712.3, followed by 10678.6. If the index starts moving upward, key resistance levels to watch out are 10786.2 and then 10826.4.
The Nifty Bank index closed at 26970.6 on February 14. The important Pivot level, which will act as crucial support for the index, is placed at 26849.14, followed by 26727.67. On the upside, key resistance levels are placed at 27061.04, followed by 27151.47.
Call Options Data
Maximum Call open interest (OI) of 30.31 lakh contracts was seen at the 10,900 strike price. This will act as a crucial resistance level for the February series.
This was followed by the 10,800 strike price, which now holds 30.26 lakh contracts in open interest, and 11,000 added 18.22 lakh contracts in open interest.
Meaningful Call writing was seen at 10,800, which added 23.55 lakh contracts and followed by 10,900 strike which added 8.63 lakh contracts.
There was hardly any Call unwinding seen.
Put Options data
Maximum Put open interest of 16.95 lakh contracts was seen at the 10,700 strike price. This will act as a crucial support level for the February series.
This was followed by the 10,600 strike price, which now holds 6.16 lakh contracts in open interest, and the 10,500 strike price, which accumulated 2.03 lakh contracts in open interest.
Significant Put writing was seen at the strike price of 10,700, which added 11.02 lakh contracts, followed by 10,600 strike which added 2.09 lakh contracts.
Put unwinding was seen at the strike price of 10,800, which shed 6.37 lakh contracts, followed by 10,900 strike which shed 2.96 lakh contracts and 11,000 strike which shed 0.61 lakh contracts.
FIIs & DIIs Data
Foreign Institutional Investors (FIIs) sold shares worth Rs 250.23 crore while Domestic Institutional Investors bought Rs 1,225.24 crore worth of shares in the Indian equity market on February 14, as per provisional data available on the NSE.
Fund Flow Picture
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.
59 stocks saw a long buildup
70 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
41 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.
29 stocks saw long unwinding
Bulk Deals on February 14
Automotive Axles: UTI Mutual Fund A/C UT160 (UTI-Mid Cap Fund) sold 1,89,511 shares of the company at Rs 1,130 per share.
Suumaya Lifestyle: Bakulesh Omprakash Agarwal sold 1,60,000 shares of the company at Rs 31 per share.
Tara Jewels: Punjab National Bank sold 2,00,000 shares of the company at Rs 0.55 per share.
Zee News: IFCI sold another 59,59,344 shares of the company at a price of Rs 13.38 per share.
Automotive Axles: UTI Mutual Fund also sold 1,50,000 shares of the company at Rs 1,130 per share on the BSE.
Punj Lloyd: IFCI sold 20,34,050 shares of the company at Rs 1.56 per share whereas Alpha Leon Enterprises LLP bought 28,00,000 shares of the company at Rs 1.56 per share.
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Aurobindo Pharma: Company's officials will be attending investor conference on February 15 hosted by IIFL Securities in Mumbai.
Tata Global Beverages: Meetings proposed to be held with Institutional Investors in Mumbai on February 21.
Quick Heal Technologies: Officials of the company will be attending investor conference hosted by Edelweiss Securities on February 15 in Mumbai.
Wipro: Company's officials will be meeting analysts/investors on February 15 and February 20.
Havells India: Company's officials will be attending Kotak Conference organized by Kotak Securities on February 18 at Mumbai.
Phoenix Mills: Company's officials will be attending Edelweiss India Conference organized by Edelweiss Securities on February 15 at Mumbai and Kotak Conference organized by Kotak Securities on February 18 at Mumbai.
HeidelbergCement India: Company's representatives Jamshed Naval Cooper, Managing Director; Anil Sharma, CFO and Amit Angra, Senior General Manager - Finance will be meeting the representatives of various institutional investors/fund houses at meetings organised by Edelweiss Securities on February 15 at Mumbai.
Som Distilleries & Breweries: Senior management of the company is scheduled to meet investors in 1x1 / group meetings at the Edelweiss India Conference on February 15 in Mumbai.
Nestle India: Board approved the convening of 60th annual general meeting of the company on April 25, 2019.
Stocks in news
Results on February 15: Amtek Auto, Garg Furnace, Integrated Technologies, Siddha Ventures, VCU Data Management
Jet Airways: Board approved a Bank led Provisional Resolution Plan (BLPRP) which proposes restructuring under the provisions of the RBI circular in order to meet a funding gap of nearly Rs 8,500 crore.
Minda Industries: Board approved composite scheme of amalgamation amongst Harita Limited and Harita Venu Private Limited and Harita Cheema Private Limited and Harita Financial Services Limited and Harita Seating Systems Limited and Minda Industries Limited and their respective shareholders.
Prime Focus Q3: Profit at Rs 26.8 crore versus loss Rs 8.65 crore; revenue jumps to Rs 645 crore versus Rs 590 crore YoY.
JK Tyre & Industries: Board approved issue of equity shares of Rs 2 each of the company to the promoter group on preferential basis, upto an amount aggregating to Rs 200 crore.
JK Tyre & Indusries Q3: Consolidated profit jumps to Rs 26.7 crore versus Rs 11 crore; revenue rises to Rs 2,731 crore versus Rs 2,123 crore YoY.
Nitco Q3: Loss Rs 8.9 crore versus loss Rs 8.1 crore; revenue rises Rs 166.2 crore versus Rs 137.8 crore YoY.
Liberty Shoes Q3: Profit dips to Rs 1.21 crore versus Rs 2.65 crore; revenue declines to Rs 145.44 crore versus Rs 163.2 crore YoY.
Donear Industries Q3: Profit rises to Rs 5.14 crore versus Rs 4.74 crore; revenue increases to Rs 152 crore versus Rs 131.5 crore YoY.
S Chand & Company Q3: Consolidated loss at Rs 81.5 crore versus loss Rs 26 crore; revenue Rs 4.6 crore versus Rs 68 crore YoY.
Kitex Garments Q3: Profit down 30 percent to Rs 12 crore versus Rs 17.6 crore; revenue down 7.6 percent to Rs 136 crore versus Rs 147.3 crore YoY
Tata Teleservices Q3: Net loss at Rs 409.4 crore versus loss of Rs 480.7 crore; revenue down 27 percent at Rs 305 crore versus Rs 418.3 crore YoY
CCL Products Q3: Consolidated net profit down 19.3 percent at Rs 33 crore versus Rs 40.4 crore; consolidated revenue down 14.6 percent at Rs 234.1 crore versus Rs 274 crore YoY
Surya Roshni Q3: Profit up 0.3 percent at Rs 31.1 crore versus Rs 31 crore; revenue up 22.3 percent at Rs 1,605.3 crore versus Rs 1,312.8 crore YoY
Eveready Industries Q3: Profit down 99 percent at Rs 0.2 crore versus Rs 20.9 crore; revenue up 2.6 percent at Rs 379.2 crore versus Rs 369.6 crore YoY.
Nesco Q3: Profit down 4.1 percent at Rs 42 crore versus Rs 43.8 crore; revenue up 9.8 percent at Rs 88.5 crore versus Rs 80.6 crore YoY.
Jet Airways Q3: Net loss of Rs 587.8 crore versus profit of Rs 165.2 crore; revenue up 1 percent at Rs 6,148 crore versus Rs 6,086.2 crore YoY.
Ahluwalia Contracts Q3: Net profit down 7.6 percent at Rs 27 crore versus Rs 29.1 crore; revenue up 15.9 percent at Rs 418.5 crore versus Rs 361.1 crore YoY.
Deep Industries Q3: Net profit down 18.3 percent at Rs 15 crore versus Rs 18.3 crore; revenue down 21.2 percent at Rs 61 crore versus Rs 77.6 crore YoY.
Adhunik Metaliks Q3: Net loss of Rs 125 crore versus loss of Rs 123.8 crore; operating revenue nil versus Rs 159.4 crore YoY.
ONGC Q3: Net profit at Rs 8,262.7 crore; revenue at Rs 27,694 crore YoY
Cox Kings Q3: Consolidated net profit down 46.6 percent at Rs 31.9 crore versus Rs 59.7 crore; revenue up 15.8 percent at Rs 1,308.1 crore versus Rs 1,129.9 crore YoY.
Indian Acroreylics Q3: Net profit at Rs 5 crore versus Rs 0.62 crore; revenue up 12 percent at Rs 101.2 crore versus Rs 90.3 crore YoY.
Glenmark Pharma Q3: Net profit up 15.2 percent at Rs 107.6 crore versus Rs 93.4 crore; revenue up 15.9 percent at Rs 2,555 crore versus Rs 2,203.6 crore YoY.
MTNL Q3: Net loss at Rs 832.3 crore versus loss of Rs 639 crore; revenue at Rs 514.5 crore versus Rs 580.1 crore YoY.
Finolex Cables Q3: Net profit up 1.4 percent at Rs 75.9 crore versus Rs 74.9 crore; revenue up 14.1 percent at Rs 749.5 crore versus Rs 656.8 crore YoY.
ITDC Q3: Profit down 56 percent at Rs 5.9 crore versus Rs 13.4 crore; revenue down 4 percent at Rs 95.7 crore versus Rs 99.7 crore YoY.
Time Technoplast Q3: Consolidated net profit up 15.9 percent at Rs 56 crore versus Rs 48 crore; revenue up 15.6 percent at Rs 872.7 crore versus Rs 754.7 crore YoY.
Kohinoor Foods Q3: Net loss at Rs 59.4 crore versus profit of Rs 0.8 crore; revenue down 3.6 percent at Rs 198.4 crore versus Rs 205.9 crore YoY.
Indiabulls Real Estate Q3: profit at Rs 202.4 crore versus loss of Rs 3.3 crore; revenue at Rs 1,271.1 crore versus Rs 242.1 crore YoY.
Talwalkars Better Value Q3: Profit up 43.8 percent at Rs 2.3 crore versus Rs 1.6 crore; revenue up 76.6 percent at Rs 22.6 crore versus Rs 12.8 crore YoY.
Nestle Q4: Profit up 9.6 percent at Rs 341.8 crore versus Rs 311.8 crore; revenue up 11.4 percent at Rs 2,897.3 crore versus Rs 2,601.5 crore YoY.
Unitech Q3: Loss at Rs 97.8 crore versus profit of Rs 18.1 crore; revenue down 86.3 percent at Rs 50.8 crore versus Rs 370.9 crore YoY.
Gayatri Projects Q3: Profit up 3 percent at Rs 47.9 crore versus Rs 46.5 crore; revenue down 2.9 percent at Rs 877.9 crore versus Rs 903.9 crore YoY.
Ujaas Energy Q3: Profit down 46.2 percent at Rs 2 crore versus Rs 3.9 crore; revenue down 66 percent at Rs 25.6 crore versus Rs 75.4 crore YoY.
Vivimed Labs Q3: Consolidated net profit down 48.2 percent at Rs 11 crore versus Rs 20.9 crore; revenue down 18.6 percent at Rs 243.9 crore versus Rs 299.6 crore YoY.
Alok Industries Q3: Loss at Rs 1,259.3 crore versus Rs 4,748.6 crore; revenue down 29.1 percent at Rs 676 crore versus Rs 952.3 crore YoY.
India Glycols Q3: Profit down 19.9 percent at Rs 35 crore versus Rs 43.7 crore; revenue down 9.4 percent at Rs 1,230.8 crore versus Rs 1,359.1 crore YoY.
Videocon Industries Q3: Loss at Rs 1,023.1 crore versus loss of Rs 1,272 crore; revenue at Rs 209.6 crore versus Rs 362.9 crore YoY.
Dalmia Bharat Sugar Q3: Profit down 20.1 percent at Rs 43 crore versus Rs 54.2 crore; revenue down 30 percent at Rs 422 crore versus Rs 603.7 crore YoY.
Mcleod Russel Q3: Profit down 20.6 percent at Rs 53.6 crore versus Rs 67.5 crore; revenue down 16.4 percent at Rs 465.2 crore versus Rs 556.4 crore YoY.
Responsive Industries: Board appointed Mrunal Shetty as additional director and chief financial officer on the board of the company.
BGR Energy Systems: Company proposed sale of investments in a wholly owned subsidiary.
Tata Power Solar: Company now launches an extensive residential rooftop solution at Hyderabad.
Deepak Fertilisers & Petrochemicals Corporation Q3: Profit dips to Rs 1.24 crore versus Rs 29.2 crore; revenue falls to Rs 623.7 crore versus Rs 939.5 crore YoY.
Kridhan Infra: Singapore-based subsidiary KH Foges Pte. Ltd. received a new order in Singapore worth S$ 36 million (Rs 187 crore).
Venus Remedies Q3: Loss at Rs 12 crore versus loss Rs 4.2 crore; revenue dips to Rs 69 crore versus Rs 93 crore YoY.
Shree Renuka Sugars Q3: Profit at Rs 68.6 crore versus loss Rs 2294 crore; revenue dips to Rs 1,092.6 crore versus Rs 1,758.8 crore YoY.
BGR Energy Systems Q3: Profit at Rs 10.8 crore versus loss Rs 4.34 crore; revenue rises to Rs 831.5 crore versus Rs 707.6 crore YoY.
Bharat Dynamics Q3: Profit surges to Rs 188.3 crore versus Rs 6.2 crore; revenue rises to Rs 1,038 crore versus Rs 822 crore YoY.
Cox & Kings Q3: Consolidated profit drops to Rs 28.9 crore versus Rs 95 crore; revenue rises to Rs 1,308 crore versus Rs 1,130 crore YoY.
Indo Rama Synthetics Q3: Loss at Rs 40 crore versus loss Rs 19 crore; revenue dips to Rs 508 crore versus Rs 524 crore YoY.
RPP Infra Projects Q3: Profit at Rs 7.2 crore versus loss Rs 9.3 crore; revenue dips to Rs 134 crore versus Rs 137 crore YoY.
Infosys: RBL Bank adopts Finacle Assure for preventive maintenance on AWS cloud.
Mishra Dhatu Nigam Q3: Profit dips to Rs 16.9 crore versus Rs 26.5 crore; revenue rises to Rs 153 crore versus Rs 147 crore YoY.
Kohinoor Foods Q3: Loss at Rs 59 crore versus profit Rs 0.83 crore; revenue dips to Rs 198 crore versus Rs 206 crore YoY.
PNC Infratech: PNC Triveni Sangam Highways Private Limited received the financial closure from National Highways Authority of India.
GlaxoSmithkline Consumer Healthcare Q3: Profit rises to Rs 221 crore versus Rs 164 crore; revenue increases to Rs 1,116.8 crore versus Rs 1,039 crore YoY.
J Kumar Infraprojects: Company received work order worth Rs 444.98 crore of Delhi Metro Rail Corporation.
Tera Software: Company received projects three projects worth Rs 252.74 crore, Rs 33.75 crore and 2.15 crore respectively.
Seven stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.For February 15, Adani Enterprises, CG Power, IDBI Bank, Jet Airways, Jain Irrigation Systems, PC Jeweller and Reliance Power stocks are present in this list.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.