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Last Updated : Apr 11, 2019 08:52 PM IST | Source: Moneycontrol.com

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

Shabbir Kayyumi of Narnolia Financial Advisors said although index managed to close above the previous day's close, a decisive trade above 11,610 levels will confirm upmove.

Sunil Shankar Matkar

After a sharp fall on April 10, the market remained rangebound throughout the session on April 11 and closed on a flat note. Traders maintained a cautious stance ahead of quarterly earnings of IT heavyweights TCS & Infosys and macro data (CPI inflation and industrial output) due tomorrow.

The BSE Sensex gained 21.66 points to close at 38,607.01 while the Nifty50 rose 12.40 points to 11,596.70 and formed small bullish candle which resembles a 'Doji' kind of formation on daily charts.

Nifty is trading in a zone of 11,550-11,700 from last few days and decisive price action is required to get further direction, experts said.

"We observe a small body positive candle pattern today with lower shadow. This formation indicates a doji or hammer type candle pattern at the support of 11,550 levels. We observe a typical sideways range movement in the Nifty over the last 4-5 sessions," Nagaraj Shetti – Senior Technical & Derivative Analyst, HDFC Securities told Moneycontrol.

One may expect upside bounce in the market in the next 1-2 sessions, he said.

Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors said although index managed to close above the previous day's close, a decisive trade above 11,610 levels will confirm upmove.

Moreover, an aggressive trade below today's low of 11,550 can push prices lower towards 11,400 levels, he added.

The broader markets also remained in a consolidation mode with Nifty Midcap and Smallcap indices closing flat with a positive bias. The sectoral trend was mixed as Auto and FMCG indices gained half a percent each while Metal and IT indices lost ground.

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

Key support and resistance level for Nifty

Nifty closed at 11,596.70 on April 11. According to the Pivot charts, the key support level is placed at 11,562.57, followed by 11,528.43. If the index starts moving upward, key resistance levels to watch out are 11,618.77 and 11,640.83.

Nifty Bank

The Nifty Bank index closed at 29,786.10, down 17.40 points on April 11. The important Pivot level, which will act as crucial support for the index, is placed at 29,666.8, followed by 29,547.5. On the upside, key resistance levels are placed at 29,878.8, followed by 29,971.5.

Call options data

Maximum Call open interest (OI) of 32.98 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the April series.

This was followed by 11,800 strike price, which now holds 23.57 lakh contracts in open interest, and 11,900, which has accumulated 16.97 lakh contracts in open interest.

Significant Call writing was seen at the 11,800 strike price, which added 3.62 lakh contracts, followed by 12,100 strike that added 1.32 lakh contracts and 11,600 strike that added 1.16 lakh contracts.

Call unwinding was seen at the strike price of 11,700 that shed 0.49 lakh contracts, followed by 11,300 strike that shed 0.35 lakh contracts.

Image211042019

Put options data

Maximum Put open interest of 26.59 lakh contracts was seen at 11,500 strike price. This will act as a crucial support level for the April series.

This was followed by 11,200 strike price, which now holds 18.05 lakh contracts in open interest and 11,600 strike price, which has now accumulated 17.63 lakh contracts in open interest.

Put writing was seen at the strike price of 11,500 which added 3.3 lakh contracts, followed by 11,400 strike which added 1.49 lakh contracts and 11,300 strike which added 1.03 lakh contracts.

Put unwinding was seen at the strike price of 11,700 strike, which shed 1.25 lakh contracts, followed by 11,800 strike that shed 1.02 lakh contracts.

Image311042019

FII & DII data

Foreign Institutional Investors (FIIs) bought shares worth Rs 476.51 crore while Domestic Institutional Investors (DIIs) sold Rs 16.58 crore worth of shares in the Indian equity market on April 11, as per provisional data available on the NSE.

Fund Flow Picture

Image1011042019

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.

Image411042019

46 Stocks saw a long buildup

Image511042019

55 stocks saw short covering

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

Image611042019

52 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.

Image711042019

42 stocks saw long unwinding

Image811042019

Bulk Deals on April 11

Image911042019

(For more bulk deals, Click Here)

Analyst or Board Meet/Briefings

Manappuram Finance: Company's officials will meet BOB Capital Markets on April 12.

Sterlite Technologies: Board to consider raising funds by issue of NCDs on private placement basis, March quarter earnings on April 23.

IDBI Bank: Board to consider issuing ESOPs to employees on April 16.

Gateway Distriparks: Company's officials will meet Oldbridge Capital on April 12.

Stocks in news:

Results on April 12: TCS, Infosys, Alpha Hi-Tech Fuel, Ashika Credit Capital, Gangotri Textiles, GTPL Hathway, Integrated Capital Services, Infomedia Press, Minal Industries, Mold-Tek Technologies, Tinplate Company of India

IDBI Bank: Bank reduced MCLR by 5-10 bps across various tenors w.e.f April 12.

Future Retail: Acuite Ratings & Research Limited has reaffirmed its rating on the company's commercial paper at A1+.

Prabhat Dairy: Company completed the sale of its shareholding in wholly owned step down subsidiary, Sunfresh Agro Industries Private Limited (SAIPL) to Tirumala Milk Products Private Limited.

Jet Airways: Etihad Airways submits an expression of interest to acquire substantial stake (up to 49 percent) in the company - CNBC-TV18 sources. Etihad Airways currently holds 24 percent stake in Jet Airways.

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 April 12, Adani Power, DLF, IDBI Bank, Jet Airways, PC Jeweller, Reliance Power and Wockhardt are present in this list.
First Published on Apr 11, 2019 08:32 pm
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