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Last Updated : Jun 13, 2019 09:15 PM IST | Source: Moneycontrol.com

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

Umesh Mehta of Samco Securities advised traders should play this correction smartly and start taking long positions only after the volatility subsides and markets form a base.

Sunil Shankar Matkar

Recovery in the last hour of trade helped the market close flat on June 13, backed by select major banking & financials. Benchmark indices were down in the morning due to mixed macroeconomic data and weak global markets.

The BSE Sensex slipped 15.45 points to 39,741.36 while the Nifty 50 gained 7.80 points to end at 11,914, forming a 'Hammer' kind of pattern on daily charts, which indicated the decline is being bought near day's low.

"A small positive candle was formed with lower shadow, which indicates a minor comeback of bulls from the lows. The overall chart pattern could now suggest a broader range movement around 12,000 to 11,780 levels and the Nifty is expected to move within this range for the next 1-2 sessions. One may expect an emergence of selling interest from near 12,000-mark," Nagaraj Shetti - Technical Research Analyst, HDFC Securities told Moneycontrol.

Close

Umesh Mehta, Head of Research, Samco Securities advised that traders play this correction smartly and start taking long positions only after the volatility subsides and markets form a base since, broadly, we are in a larger bull market.

"Once this correction phase is over in terms of price and valuation, there would be good buying opportunities even for the investors," he added.

The Nifty Midcap and Smallcap indices outperformed frontline indices, falling 0.24 percent and 0.63 percent, respectively.

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

Key support and resistance level for Nifty

Nifty closed at 11,914.05 on June 13. According to the Pivot charts, the key support level is placed at 11,843.57, followed by 11,773.13. If the index starts moving upward, key resistance levels to watch out are 11,957.87 and 12,001.73.

Nifty Bank

The Nifty Bank index closed at 30,976.10, up 10.40 points on June 13. The important Pivot level, which will act as crucial support for the index, is placed at 30,730.57, followed by 30,485.03. On the upside, key resistance levels are placed at 31,129.27, followed by 31,282.44.

Call options data

Maximum Call open interest (OI) of 23.38 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the June series.

This is followed by 12,500 strike price, which now holds 22.78 lakh contracts in open interest, and 12,200, which has accumulated 15.49 lakh contracts in open interest.

Significant Call writing was seen at 12,000 strike which added 2.18 lakh contracts, followed by 11,900 strike that added 2.11 lakh contracts and 11,800 strike which added 1 lakh contracts.

Call unwinding was seen at the strike price of 12,600, which shed 0.37 lakh contracts, followed by 12,300 strike which shed 0.34 lakh contracts.

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Put options data

Maximum Put open interest of 26.81 lakh contracts was seen at 11,500 strike price. This will act as a crucial support level for the June series.

This was followed by 11,800 strike price, which now holds 18.33 lakh contracts in open interest and 11,700 strike price, which has now accumulated 18.06 lakh contracts in open interest.

Put writing was seen at the 11,300 strike price, which added 0.82 lakh contracts, followed by 11,400 strike which added 0.77 lakh contracts.

Put unwinding was seen at the strike price of 11,500, which shed 0.22 lakh contracts, followed by 12,500 strike which shed 0.13 lakh contracts.

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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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59 stocks saw a long buildup

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22 stocks that saw short covering

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

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101 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.

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15 stocks saw long unwinding

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FII & DII data

Foreign Institutional Investors (FIIs) purchased shares worth net Rs 172.35 crore while Domestic Institutional Investors (DIIs) sold Rs 444.87 crore worth of shares in the Indian equity market on June 13, as per provisional data available on the NSE.

Fund Flow picture:

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Stocks in news

Wockhardt: Company received zero 483 observation from USFDA for its Bioequivalence Centre in Aurangabad, Maharashtra after inspection during June 10-12.

Reliance Home Finance: PWC's observations are completely baseless and unjustified. PWC has acted prematurely without even statutory discussions with the Audit Committee.

Nagarjuna Fertilizers and Chemicals: Syed Shahabuddin, Nominee Director (State Bank of India) resigned from the position.

Hindalco Industries: Company fixed June 14 as the record date for the purpose of interest payment on secured redeemable non-convertible debentures.

Veto Switchgears and Cables: Company realised an amount of $1 million against an unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E.

PI Industries: CRISIL reaffirmed its long-term rating at AA/Positive and further reaffirmed the short-term rating at A1+ in respect of the various banking facilities availed by the company.

Bulk Deals

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(For more bulk deals, Click Here)

Analyst or Board Meet/Briefings

Technofab Engineering: Board meeting is scheduled for June 24 to consider financial results for the quarter and year ended March 2019.

PI Industries: Company's officials will meet Asian Market Securities through concall on June 19.

Mirza International: Company has scheduled Conference Call on financial results with analysts on June 14.

Hexaware Technologies: Conference call with investors and analysts has been scheduled on June 14.

Three stocks under F&O ban period on NSE

For June 14, IDBI Bank, Reliance Capital and Reliance Infrastructure are under the F&O ban period.

Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

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First Published on Jun 13, 2019 09:10 pm
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