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Last Updated : Nov 28, 2019 08:07 PM IST | Source: Moneycontrol.com

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

Upcoming macroeconomic data and global cues may result in the marginal profit taking or consolidation, Ajit Mishra of Religare Broking said.

Sunil Shankar Matkar

Positive momentum continued for the second consecutive session helping the market end at record closing high on November 28, the day of expiry for the month's futures and options contracts.

Buying in banks, technology and index heavyweight Reliance Industries -- which became the most valued company by crossing market capitalisation of Rs 10 lakh crore -- pushed the market higher.

The BSE Sensex rose 109.56 points to 41,130.17 while the Nifty 50 climbed 50.50 points to 12,151.20, forming a small bullish candle resembling a Hanging Man kind of pattern on daily charts.

Close

"The short term trend of Nifty continues to be positive. Having moved above 12,103 levels, as per closing, the Nifty should accelerate its upside momentum from here onwards. Otherwise, the sharp profit booking from a new all-time high can’t be ruled out. The upside levels to be watched is around 12,300 levels," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.

The Nifty 50 gained 2.3 percent in November series, driven by banking & financials, metals, pharma and Reliance Industries.

The broader markets also joined the party and outperformed benchmark indices. The Nifty Midcap index climbed 1 percent and Smallcap index gained 0.66 percent.

"We are eyeing 12,300 in Nifty. Upcoming macroeconomic data and global cues may result in marginal profit taking or consolidation. Traders should utilise such opportunities to accumulate quality stocks on dips," Ajit Mishra, VP - Research at Religare Broking said.

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

Key support and resistance level for Nifty

Nifty ended at 12,151.15 on November 28. According to the pivot charts, the key support level for Nifty is placed at 12,114.53, followed by 12,077.87. If the index continues moving up, key resistance levels to watch out for are 12,173.33 and 12,195.47.

Nifty Bank

Nifty Bank surpassed 32,000 for the first time, fueled by ICICI Bank. The index closed 0.77 percent higher at 32,122.95 on November 28. The important pivot level, which will act as crucial support for the index, is placed at 31,966.83, followed by 31,810.77. On the upside, key resistance levels are placed at 32,218.03 and 32,313.17.

Call options data

Maximum call open interest (OI) of 40.62 lakh contracts was seen at the 12,200 strike price. It will act as a crucial resistance level in December series.

This is followed by 12,300 strike price, which holds 21.43 lakh contracts in open interest, and 12,100, which has accumulated 13.91 lakh contracts in open interest.

Significant call writing was seen at the 12,200 strike price, which added 15.76 lakh contracts, followed by 12,300 strike price that added 6.08 lakh contracts and 12,600 strike which added 0.4 lakh contracts.

Call unwinding was witnessed at 12,100 strike price, which shed 13.98 lakh contracts, followed by 12,500 which shed 10.24 lakh contracts and 12,000 strike which shed 6.2 lakh contracts.

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Put options data

Maximum put open interest of 44.61 lakh contracts was seen at 12,000 strike price, which will act as crucial support in December series.

This is followed by 12,100 strike price, which holds 41.43 lakh contracts in open interest, and 11,800 strike price, which has accumulated 23.36 lakh contracts in open interest.

Put writing was seen at the 12,100 strike price, which added 14.98 lakh contracts, followed by 11,800 strike, which added 0.79 lakh contracts.

Put unwinding was seen at 11,900 strike price, which shed 5.97 lakh contracts, followed by 11,500 strike which shed 3.08 lakh contracts and 11,600 which shed 2.37 lakh contracts.

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Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks.

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4 stocks saw long buildup

Based on open interest (OI) future percentage, here are those 4 stocks in which long buildup was seen:

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56 stocks saw long unwinding

Here are stocks which witnessed long unwinding on November 28:

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3 stocks saw short build-up

An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on open interest (OI) future percentage, here are 3 stocks in which short build-up was seen:

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87 stocks witnessed short-covering

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

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Rollovers

Here are 10 stocks which saw the highest rollovers:

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Bulk Deals

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(For more bulk deals, click here)

Upcoming analyst or board meetings/briefings

Reliance Communications: 13th meet of Committee of Creditors is scheduled to be convened on November 29.

Mahanagar Gas: Company's officials will meet American Century Investment Management on December 2.

Centrum Capital: Board of Directors meeting is scheduled for December 6 to consider un-audited (standalone and consolidated) financial results of the company for the quarter and half year ended September 3019.

eClerx Services: Company's officials will interact with SAIF Partners (Via Motilal Oswal Financial Services) on November 29.

Sterling and Wilson Solar: Company's officials will meet investors/analysts on November 29.

CreditAccess Grameen: Company's officials will interact with Taiyo Pacific Partners on December 2 and Group of Investors on December 3.

Stocks in news

Aurobindo Pharma: USA unit entered in pact with Profectus BioSciences to buy certain business assets for $11.29 million.

CG Power: Company cancelled royalty pact worth Rs 411.2 crore with Avantha Holdings.

Ashoka Buildcon: Company received Letter of Award for development of Bundelkhand Expressway Project.

Kohinoor Foods: Oriental Bank of Commerce declared the company as wilful defaulters as per RBI guidelines.

IL&FS Engineering Services: Arbitration Tribunal gives an award for Rs 492 crore for a claim filed against NHAI by Bangalore Elevated Tollway Private Ltd.

BEML: Company appointed R Panneer Selvam as Director (Human Resources) on board of the company.

HDFC Bank: The lender formed a 6-member committee to find a successor MD, Aditya Puri.

Indiabulls Housing Finance: Government Affidavit filed provided a true & clear picture about allegations.

Hinduja Global Solutions: Company entered into a definitive agreement for sale of its India domestic Customer Relationship Management (CRM) business to Altruist India Private Limited, based out of Panchkula, Haryana and operates BPO units across the country.

Khadim India: Company redeemed commercial paper of an aggregate amount of Rs 30 crore.

FII & DII data

Foreign institutional investors (FIIs) bought shares worth Rs 1,008.89 crore, whereas domestic institutional investors (DIIs) sold shares of worth Rs 155.47 crore in the Indian equity market on November 28, provisional data available on the NSE showed.

Fund Flow

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First Published on Nov 28, 2019 08:01 pm
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