Benchmark indices rallied for the second consecutive session in a row on April 23 with the Sensex closing 484 points, or 1.54 percent, higher at 31,863.08 and Nifty settling 127 points, or 1.38 percent, up at 9,313.90.
Experts said rotational buying in select heavyweights is helping the index but the upmove lacks decisiveness even as hopes of government stimulus is underpinning the sentiment.
"Hopes are high that the government will soon be announcing the second round of stimulus and that would be a comprehensive one and any disappointment from that front could also push the markets lower. At the same time, an increasing number of COVID-19 cases as well as muted corporate earnings would further impact investor’s sentiments. We reiterate our cautious stance and suggest focusing more on risk management aspects," said Ajit Mishra, VP - Research, Religare Broking.
We have collated 15 data points to help you spot profitable trades:
Note: The OI and volume data of stocks given in this story are the aggregates of the three-months data and not of the current month only.
Key support and resistance level for Nifty
According to the pivot charts, the key support level for Nifty is placed at 9,208.17, followed by 9,102.43. If the index continues moving up, key resistance levels to watch out for are 9,381.62 and 9,449.33.
Nifty Bank closed 2.87 percent up at 20,267.95. The important pivot level, which will act as crucial support for the index, is placed at 19,782.7, followed by 19,297.5. On the upside, key resistance levels are placed at 20,554.8 and 20,841.7.
Call options data
Maximum call open interest (OI) of 17.24 lakh contracts was seen at the 9,500 strike price. It will act as a crucial resistance level in the April series.
This is followed by 9,000 strike price, which holds 13.64 lakh contracts in open interest, and 9,800, which has accumulated 8.11 lakh contracts in open interest.
Significant call writing was seen at the 9,300 strike price, which added 3.09 lakh contracts, followed by 9,800 strike price that added 2.66 lakh contracts.
Call unwinding was witnessed at 9,000 strike price, which shed 1.23 lakh contracts, followed by 9,100 strike which shed 52,350 contracts.
Put options data
Maximum put open interest of 33.96 lakh contracts was seen at 9,000 strike price, which will act as crucial support in the April series.
This is followed by 8,800 strike price, which holds 9.41 lakh contracts in open interest, and 9,500 strike price, which has accumulated 8.49 lakh contracts in open interest.
Put writing was seen at the 9,000 strike price, which added 8.34 lakh contracts, followed by 9,300 strike, which added 5.03 lakh contracts.
A minor put unwinding was seen at 9,800 strike price, which shed 4,725 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
60 stocks saw long build-up
Based on open interest (OI) future percentage, here are the top 10 stocks in which long build-up was seen.
24 stocks saw long unwinding
Based on open interest (OI) future percentage, here are the top 10 stocks in which long unwinding was seen.
40 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 the top 10 stocks in which short build-up was seen.
21 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on open interest (OI) future percentage, here are the top 10 stocks in which short-covering was seen.
Xtglobal Infotech: The board will meet on April 24 to release quarterly results and consider the scheme of arrangements.
Mindtree: The board will meet on April 24 to consider and approve March quarter results.
The respective boards of Tata Steel, Ashiana Agro Industries and Nagarjuna Agritech will meet on April 24 for general purposes.
Stocks in the news
Results: Mindtree, Mahindra EPC Irrigation
Mahindra & Mahindra: Board approved the issuance of unsecured, redeemable NCDs of Rs 1,000 crore on a private placement basis.
Bharti Infratel Q4: Profit up 7 percent to Rs 650 crore, revenue up 1 percent at Rs 3,624 crore YoY. Total towers up 1.2 percent at 95,372 units QoQ.
Mahindra CIE Q4: Profit fell to Rs 20.8 crore versus Rs 153.72 crore, revenue dipped to Rs 1,662.7 crore versus Rs 2,174.4 crore YoY.
Schaeffler India: Company partially resumed operation and restarted Savli plant, Vadodara.
JSW Energy: CARE reaffirmed credit rating at AA-, placed the rating on 'credit watch with negative implications'.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 114.58 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 338.27 crore in the Indian equity market on April 23, provisional data available on the NSE showed.
Stock under F&O ban on NSENo security is under the F&O ban for April 24. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.