Kshitij Anand Moneycontrol News
The Nifty50 closed below its key short-term moving averages of Friday such as 5-days exponential moving average (DEMA), 10-DEMA, and 20-DEMA but managed to close above its crucial resistance level of 9,100.
The Nifty50 closed in red in 4 out of 5 trading sessions last week which suggests consolidation and it looks like the index is gearing up for a big move.
The bias still remains on the upside as the index closed above its crucial resistance level of 9,100; however, if it closes below 9,000 this week, the bias might shift towards the downside, suggests experts.
We have collated top ten data 1points on how to help you in spotting profitable trade:
Key Support & Resistance Level for Nifty:
Bulls pushed the index above its crucial resistance level of 9,100 for a third consecutive session in a row but closed below its short term moving averages such as 5-days exponential moving average (DEMA), 10-DEMA, and 20-DEMA.
According to Pivot charts, the key support level for Nifty50 is placed at 9,077.55, followed by 9,035.7. If the index starts to move higher then key resistance levels to watch out are 9,172.45 followed by 9,225.50.
Nifty Bank:
Nifty Bank closed 60 points higher or 0.28 percent at 21,551 on Friday. Important Pivot level which will act as crucial support for the index is placed at 21,420.2, followed by 21,289. On the upside, the key resistance level is 21,648.60 followed by 21,745.80.
Call Options Data:
Maximum Call open interest (OI) of 61 lakh contracts stands at strike price 9,200 which will act as a crucial resistance level for the index in April series, followed by 9,300 which now holds 43 lakh contracts in open interest and 9,500 which has accumulated 32.8 lakh contracts in OI.
Call Writing was seen at strike prices 9,100 (1.9 lakh contracts added), 9,200 (9.6 lakh contracts added) while Call unwinding was seen at strike prices 9,300 (0.6 lakh contracts were shed), followed by 9,500 (1.7 lakh contracts shed), 8,800 (1.05 lakh contracts shed), and 9,000 (2.1 lakh contracts shed).
Put Options Data:
Maximum Put OI of 51 lakh contracts was seen at strike price 9,000 which will act as a crucial base for the index in April series followed by 9,100 which has accumulated 50.3 lakh contracts in open interest, and 8,900 which now holds 44 lakh contracts in open interest.
There was hardly any Put writing but Put Unwinding was seen at strike prices 9,100 (8.7 lakh contracts shed), followed by 9,200 (4.1 lakh contracts shed), and 9,300 (1.6 lakh contracts shed).
FII & DII Data:
The foreign institutional investors (FIIs) sold shares worth Rs978crore compared to domestic institutional investors who bought Rs 1,132 crore worth of equities in Indian equity market.
Stocks with high Delivery percentage:
High delivery percentage suggests that investors are accepting the delivery of the stock which means that investors are bullish on the stock.
31 stocks saw Long Buildup:
36 stocks saw short covering:
A decrease in open interest along with an increase in price mostly indicates short covering.
46 stocks saw Long Unwinding:
Long Unwinding happens when there is a decrease in OI as well as in price.
77 stocks saw Short Buildup:
An increase in open interest along with a decrease in price mostly indicates short positions being built up.
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