After touching new highs, the market largely remained rangebound on Friday, the day of RBI monetary policy. Benchmark indices finally settled with minor losses as the central bank stuck to its guns by being accommodative despite fears over rising inflation, meeting the expectations of D-Street.
The BSE Sensex was down 132.38 points at 52,100.05, while Nifty50 fell 20.10 points to 15,670.30 to form a bearish candle that resembles a 'Hanging Man' pattern on the daily charts. On a weekly basis, the index gained 1.5 percent and formed a bullish candle.
"The daily price action has formed a small bearish candle carrying either side shadows, indicating indecision at current levels. On the daily chart, the Nifty continues to form a series of higher tops and higher bottom formation indicating sustained strength," said Rajesh Palviya, VP - Technical and Derivative Research at Axis Securities.
"The next higher levels to be watched are around 15,700 levels. Any sustainable move above 15,700 levels may cause momentum towards 15,800-15,850 levels. On the downside, any violation of an intraday support zone of 15,600 levels may cause profit-booking towards 15,550-15,500 levels," he added.
Broader market outperformed benchmark indices as the Nifty Midcap 100 index gained 0.72 percent and the Nifty Smallcap 100 index was up 0.37 percent.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.
Key support and resistance levels on the Nifty
According to pivot charts, the key support levels for the Nifty are placed at 15,617.13, followed by 15,564.07. If the index moves up, the key resistance levels to watch out for are 15,728.43 and 15,786.67.
Nifty Bank
The Nifty Bank declined 357.35 points or 1 percent to 35,291.65 on June 4. The important pivot level, which will act as crucial support for the index, is placed at 35,041.5, followed by 34,791.4. On the upside, key resistance levels are placed at 35,676.3 and 36,061.0 levels.
Call option data
Maximum Call open interest of 25.93 lakh contracts was seen at 16,000 strike, which will act as a crucial resistance level in the June series.
This is followed by 15,500 strike, which holds 13.48 lakh contracts, and 16,200 strike, which has accumulated 11.52 lakh contracts.
Call writing was seen at 16,000 strike, which added 1.83 lakh contracts, followed by 16,100 strike which added 1.6 lakh contracts, and 15,700 strike which added 1.57 lakh contracts.
Call unwinding was seen at 15,500 strike, which shed 1.03 lakh contracts, followed by 15,300 strike which shed 23,550 contracts, and 15,400 strike which shed 18,375 contracts.
Put option data
Maximum Put open interest of 33.49 lakh contracts was seen at 15,000 strike, which will act as a crucial support level in the June series.
This is followed by 15,200 strike, which holds 18.16 lakh contracts, and 15,500 strike, which has accumulated 15.74 lakh contracts.
Put writing was seen at 15,000 strike, which added 3.71 lakh contracts, followed by 15,500 strike which added 2.96 lakh contracts, and 15,700 strike which added 1.44 lakh contracts.
Put unwinding was seen at 16,500 strike which shed 82,725 contracts, followed by 16,000 strike, which shed 66,825 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
41 stocks saw long build-up
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the top 10 stocks in which a long build-up was seen.
42 stocks saw long unwinding
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks in which long unwinding was seen.
34 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 the open interest future percentage, here are the top 10 stocks in which a short build-up was seen.
41 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks in which short-covering was seen.
Bulk deals
IRIS Business Services: Fund manager Porinju V Veliyath acquired 1.24 lakh equity shares in IRIS Business at Rs 102.4 per share on the BSE, the bulk deals data showed.
Globus Spirits: Templeton Strategic Emerging Markets Fund IV LDC sold 2 lakh equity shares in liquor maker Globus Spirits at Rs 354.39 per share on the NSE, the bulk deals data showed.
Paramount Communications: Nomura Singapore offloaded 12,52,644 equity shares in wire & cable manufacturing company Paramount Communications at Rs 13.12 per share on the NSE, the bulk deals data showed.
Zee Entertainment Enterprises: Singapore-based investment company Integrated Core Strategies Asia sold 61,11,423 equity shares in Zee Entertainment at Rs 218.38 per share on the NSE, the bulk deals data showed.
Modern Insulators: Life Insurance Corporation of India sold 3,14,394 equity shares in Modern Insulators at Rs 44.01 per share on the BSE. Rajasthan Global Securities was the buyer in a deal, acquiring 3,06,874 equity shares in the company at Rs 44 per share, the bulk deals data showed.
(For more bulk deals, click here)
Results on June 7
Union Bank of India, Central Bank of India, Mrs Bectors Food Specialities, Dynamatic Technologies, Fairchem Organics, Graviss Hospitality, Jubilant Ingrevia, Landmark Property Development Company, Mold-Tek Technologies, MRF, New India Assurance Company, SEAMEC, Shree Pushkar Chemicals & Fertilisers, SMC Global Securities, SMS Lifesciences India, Tower Infrastructure Trust, Victoria Mills, and Yuken India will release quarterly earnings on June 7.
Stocks in News
Punjab National Bank: The bank reported standalone profit at Rs 586.33 crore in Q4FY21 against profit of Rs 506.03 crore in Q3FY21, net interest income fell to Rs 6,937.55 crore from Rs 8,312.98 crore QoQ.
Power Grid Corporation of India: Power Grid Corporation of India acquired Fatehgarh Bhadla Transco (FBTL) and Sikar New Transmission Limited (SNTL), the project SPVs to establish transmission system strengthening for evacuation of power from solar energy zones in Rajasthan (8.1 GW) on build, own, operate and maintain (BOOM) basis from the bid process coordinator - REC Power Distribution Company.
IFGL Refractories: The company reported consolidated loss at Rs 2.53 crore in Q4FY21 against loss of Rs 13.93 crore in Q4FY20, revenue jumped to Rs 283.52 crore from Rs 222.09 crore YoY.
Welspun Corp: American Petroleum Institute, USA has granted license to the company, to manufacture SAWH pipes as per API Specification 5L & to apply API monogram on the pipes from company's Madhya Pradesh facility.
Foods & Inns: The company reported higher consolidated profit at Rs 4.64 crore in Q4FY21 against Rs 2.88 crore in Q4FY20, revenue rose to Rs 162.66 crore from Rs 138.42 crore YoY.
RBL Bank: The Reserve Bank of India (RBI) approved the re-appointment of Vishwavir Ahuja as the Managing Director & CEO of the bank, for further period of one year, with effect from June 30, 2021.
Fund flow
FII and DII data
Foreign institutional investors (FIIs) net acquired shares worth Rs 1,499.37 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,175.01 crore in the Indian equity market on June 4, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Four stocks - Indiabulls Housing Finance, Punjab National Bank, SAIL, and Sun TV Network - are under the F&O ban for June 7. 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.
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