Shabbir Kayyumi of Narnolia Financial Advisors said any decisive move above 200 DMA will push index higher towards 11,000 levels.
The last day of February series was quite volatile for the market amid hope of unlikely escalation of geopolitical tensions and weak global cues on February 28.
Benchmark indices continued to trade lower for third consecutive session, but the Nifty50 managed to stay around 10,800 levels which indicated that there could be possibility of upward move in coming sessions, experts said.
The 30-share BSE Sensex was down 37.99 points to close at 35,867.44 while the Nifty50 fell 14.20 points to 10,792.50 and formed 'Bearish Belt Hold' kind of pattern on the daily charts. The index lost 0.4 percent in February series.
"Market continued the rangebound movement due to F&O expiry while mid & small cap outperformed as investors believe that border tensions won't continue for long," Vinod Nair, Head of Research, Geojit Financial Services told Moneycontrol.
Although market traded in a tight range, buying was seen in the PSU Bank, Metal, Pharma, and infra sectors whereas Nifty ended marginally lower.
Any decisive move above 200 DMA will push index higher towards 11,000 levels, while a close below the strong support of 10,760 will negate buy on dip view, Shabbir Kayyumi, Head - Technical & Derivative Research at Narnolia Financial Advisors said.
The broader markets continued to outperform frontliners as the Nifty Midcap index gained 0.45 percent and Smallcap index rallied 0.77 percent amid positive breadth.
We have collated top 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 10,792.50 on February 28. According to Pivot charts, the key support level is placed at 10,762.97, followed by 10,733.43. If the index starts moving upward, key resistance levels to watch out are 10,843.87 and then 10,895.23.
The Nifty Bank index closed at 26,789.90, down 9.40 points on February 28. The important Pivot level, which will act as crucial support for the index, is placed at 26,728.17, followed by 26,666.43. On the upside, key resistance levels are placed at 26,886.07, followed by 26,982.23.
Call options data
Maximum Call open interest (OI) of 48.54 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the March series.
This was followed by the 10,900 strike price, which now holds 45.25 lakh contracts in open interest, and 10,800, which has accumulated 28.71 lakh contracts in open interest.
Significant Call writing was seen at the strike price of 10,900, which added 16.95 lakh contracts, followed by 10,800 strike which added 8.9 lakh contracts.
Call unwinding was seen at the strike price of 10,700 that shed 7.56 lakh contracts, followed by 10,600 strike that shed 1.74 lakh contracts and 10,500 strike that shed 0.64 lakh contracts.
Put options data
Maximum Put open interest of 34.13 lakh contracts was seen at the 10,700 strike price. This will act as a crucial support level for the March series.
This was followed by the 10,400 strike price, which now holds 30.54 lakh contracts in open interest, and the 10,500 strike price, which has now accumulated 22.42 lakh contracts in open interest.
Put writing was seen at the strike price of 10,700 which added 11.20 lakh contracts, followed by 10,600 strike that added 1.47 lakh contracts.
Put unwinding was seen at the strike price of 10,800 that shed 10.13 lakh contracts, followed by 10,900 strike that shed 7.03 lakh contracts and 11,000 strike which shed 6.88 lakh contracts.
FII & DII data
Foreign Institutional Investors (FIIs) bought shares worth Rs 3,210.6 crore while Domestic Institutional Investors sold Rs 5,240.62 crore worth of shares in the Indian equity market on February 28, as per provisional data available on the NSE.
Fund Flow Picture
Stocks with a high delivery percentage
3 stocks saw a long buildup
92 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
1 stock saw a short build-up
An increase in open interest along with a decrease in price mostly indicates a build-up of short positions.
101 stocks saw long unwinding
Bulk Deals on February 28
C & C Constructions: Alpha Leon Enterprises LLP bought 1,39,271 shares of the company at Rs 11.51 per share on the NSE.
Nagarjuna Oil Refinery: Zuari Investments sold 34,33,321 shares of the company at 30 paise per share.
PG Electroplast: Vicky Rajesh Jhaveri purchased 1,00,000 shares of the company at Rs 84.79 per share.
Reliance Infrastructure: STCI Finance sold 18,24,602 shares of the company at Rs 123.8 per share.
Tata Motors DVR 'A' Ordinary: SBI Mutual Fund bought Rs 37,31,600 shares of the company at Rs 87.74 per share.
Viji Finance: Vijay Kothari sold 4,90,323 shares of the company at 70 paise per share.
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Mphasis: Company is participating in the India Corporate Day Event, organized by Nomura in New York, USA on March 4.
Jyothy Labs: Company's officials will meet JP Morgan on March 6 and Credit Suisse on March 8.
Hero MotoCorp: Company's officials will attend Investor Meet organised by UBS on March 5.
Tube Investments of India: Company's officials will meet analysts/investors on March 1.
Allied Computers International (Asia): Board meeting is scheduled on March 7 to fix day, date, time and venue and approve draft of notice for Extra Ordinary General meeting.Colgate Palmolive: Institutional investors meetings of the company are scheduled between March 1 to March 15 in India, Hong Kong, Singapore and
HDFC: Board meeting is scheduled on March 6 to consider payment of interim dividend, on the equity shares of the corporation for the financial year ending March 31, 2019.
TCS: Company's officials will meet Somerset Capital Management on March 12.
Stocks in news
Results on March 1: ABB India (CY18), Ceenik Exports, Resurgere Mines
DHFL: CARE withdraws rating of the company. CRISIL downgrades commerical papers & short-term deposit rating to A1 from A1+.
Nitin Castings: Company has fixed March 15 as the record date for the purpose of sub-division of each equity share of the face value of Rs 10 each fully paid-up into two equity shares of Rs 5 fully paid-up.
Brigade Enterprises: Company appointed Rajendra Joshi as Chief Executive Officer Designate - Residential [SBU].
Metalyst Forgings Q3: Loss at Rs 63.82 crore versus loss Rs 137 crore; revenue rises to Rs 89.4 crore versus Rs 79.62 crore YoY.
Nu Tek India: Company announced resignation of Ashish Bankar from the post of Chief Financial Officer.
HDFC Bank: The bank has executed an agreement for subscribing to 37,993 equity shares of face value of Rs 1,000 each to be issued by CSC E- Governance Services India Limited (CSC) at Rs. 3,848 per equity share.
Bharti Airtel: Board approved the fund raising of upto Rs 32,000 crore through rights issuance of upto Rs 25,000 crore; and Perpetual Bond with equity credit upto Rs 7,000 crore.
Kotak Mahindra Bank: The bank revises marginal cost of funds based lending rate downwards by up to 5 bps.
Forbes & Company: Board approved the sale of 50 percent business undertaking in Project Vicinia, on a going concern and as-is-where-is basis by way of slum sale for a consideration of Rs 155 crore to Paikar Real Estate Private Limited.
Jet Airways: Additional six aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
Central Bank of India: Board allotted 38,74,39,390 equity shares to President of India (Government of India) on preferential basis, aggregating upto Rs 1,678 crore.
Rossell India: ICRA revised its long term rating on company's line of credit facilities to BBB+ with stable outlook from A- with negative outlook.
Majesco: Company announces major update for distribution management.
National Steel & Agro Industries Q3: Loss at Rs 151.5 crore versus profit Rs 6.26 crore; revenue falls to Rs 196.90 crore versus Rs 1,029 crore YoY.
Infosys: On February 13, Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of company without obtaining preclearance of trade. The trade occurred when the trading window was open. Audit Committee imposed on Mazumdar-Shaw, a penalty of Rs 9.5 lakh which amount shall be payable to a charitable organisation of her choice.
EPC Industrie: Name of the company has been changed to Mahindra EPC Irrigation with effect from February 28.
Kedia Construction: Company fixed March 15 as the record date for the purpose of sub-division of each equity share of the face value of Rs 10 each fully paid-up into two equity shares of Rs 5 each fully paid-up.
Orient Tradelink: Board approved sub-division of face value of equity shares from Rs 10 to Rs 2 per equity share of the company.Circuit Limit Update: BSE revised circuit limit for SREI Infrastructure Finance, Reliance Communications, Adroit Infotech, Andhra Cements, Transwarranty Finance to 20 percent; Sankhya Infotech to 10 percent; Orient Green Power Company to 5 percent; and Ejecta Marketing to 2 percent.The Great Diwali Discount!
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