It turned out to be a Black Friday for the market as the BSE Sensex witnessed this year's third biggest single-day fall on 26 November tracking a negative trend in global peers. Fears of a new COVID-19 variant detected in South Africa, increasing COVID cases in Europe and constant FII selling rattled the investors. The selling pressure was visible across most sectors barring Pharma.
On Friday, the BSE Sensex tanked 1,687.94 points or 2.87 percent to close at 57,107.15, while the Nifty50 fell 509.80 points or 2.91 percent to 17,026.50 and formed large bearish candle on the daily charts. The index corrected more than 4 percent for the week, forming bearish candle on the weekly scale.
"A long negative candle was formed on the daily chart with gap down opening. Technically, this action indicates sharp downside breakout in the market after a minor upside bounce. This also reflects a strength of a down trend compared to minor recent upside bounce. This signal chances of more weakness in the coming weeks," says Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
"The next lower targets to be watched for Nifty around 16,500 levels in the next couple of weeks. Any pullback rally from here could find strong resistance around 17,200 levels," he adds.
The broader markets also saw kneejerk reaction, with the Nifty Midcap 100 and Smallcap 100 indices falling around 3 percent each, while the Volatility Index spiked by 24.84 percent to 20.80 on Friday.
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 16,889.6, followed by 16,752.8. If the index moves up, the key resistance levels to watch out for are 17,259.3 and 17,492.2.
Nifty Bank
The Nifty Bank plummeted 1,339.30 points or 3.58 percent to close at 36,025.50 on November 26. The important pivot level, which will act as crucial support for the index, is placed at 35,663.44, followed by 35,301.37. On the upside, key resistance levels are placed at 36,628.23 and 37,230.96 levels.
Call option data
Maximum Call open interest of 27.20 lakh contracts was seen at 18000 strike, which will act as a crucial resistance level in the December series.
This is followed by 17500 strike, which holds 18.48 lakh contracts, and 17000 strike, which has accumulated 14.36 lakh contracts.
Call writing was seen at 17200 strike, which added 4.48 lakh contracts, followed by 17300 strike which added 4.28 lakh contracts, and 18000 strike which added 3.94 lakh contracts.
Call unwinding was seen at 17800 strike, which shed 8,650 contracts.
Put option data
Maximum Put open interest of 39.39 lakh contracts was seen at 17000 strike, which will act as a crucial support level in the December series.
This is followed by 16500 strike, which holds 22.54 lakh contracts, and 18000 strike, which has accumulated 20.66 lakh contracts.
Put writing was seen at 16500 strike, which added 3.28 lakh contracts, followed by 16700 strike which added 2.24 lakh contracts and 16600 strike which added 2.17 lakh contracts.
Put unwinding was seen at 17500 strike, which shed 7.37 lakh contracts, followed by 17700 strike which shed 2.19 lakh contracts, and 17000 strike which shed 1.65 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
12 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.
76 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.
92 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.
11 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.
Aro Granite Industries: Lodha Chanchal Devi bought additional 1 lakh shares in the company at Rs 78.45 per share on the NSE, the bulk deals data showed.
Meghmani Organics: Abakkus Asset Manager LLP bought 27,41,787 equity shares in the company at Rs 82 per share, however, DBS Nominees Private Limited sold 46.1 lakh equity shares in the company at Rs 82.15 per share on the NSE, the bulk deals data showed.
Tarsons Products: Pacific Assets Trust PLC acquired 6,14,773 equity shares in the company at Rs 751.8 per share, and First Sentier Investors ICVC SI Indian Subcontinent Sustainability Fund bought 8,17,029 equity shares in the company at Rs 751.8 per share on the NSE, the bulk deals data showed.
Welspun Corp: Capri Global Holdings bought 15 lakh equity shares in the company at Rs 167.45 per share on the NSE, the bulk deals data showed.
(For more bulk deals, click here)
Analysts/Investors Meeting
Cipla: The company's officials will meet Capital Research Global Investors on November 29, and ENAM Asset Management Company on December 1.
Kirloskar Ferrous Industries: The company's officials will meet investors and analysts to discuss on proposed acquisition of ISMT, on November 29.
Escorts: The company's officials will meet ENAM Asset Management on November 30, and Axiom International on December 3.
Max Healthcare Institute: The company's officials will meet Motilal Oswal Financial Services on November 30.
Rossari Biotech: The company's officials will attend Kotak's India Chemicals Conference on November 30, and Edelweiss Emerging Ideas Conference on December 9.
Jubilant Ingrevia: The company's officials will participate in 'Motilal Oswal Ideation Conference' during December 1-3.
Pidilite Industries: The company's officials will meet Stewart Investors, and Evli Group on December 2.
Stocks in News
Sharika Enterprises: The company has received order from LS Cable India for supply of optical ground wire amounting Rs 10.47 crore.
Welspun Corp: The company has acquired entire share capital of Mahatva Plastic Products and Building Materials Private Limited, a newly incorporated company with objects of Polymer products business, from an unrelated party for Rs 10,000 with an intention to make it a Special Purpose Vehicle for organic / inorganic growth.
Salasar Techno Engineering: The company has secured orders worth Rs 170 crore from RITES.
Bhageria Industries: The company has completed acquisition of 51% equity shares of Bhageria and Jajodia Pharmaceuticals. BJPPL has become a subsidiary of the company.
Hero MotoCorp: The company has appointed Rajnish Kumar as an Additional and Independent Director, and Vasudha Dinodia as an Additional and Non-Executive Director.
Sterlite Technologies: The company has completed the divestment of minority stake in Metis Eduventures.
Fund Flow
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 5,785.83 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,294.11 crore in the Indian equity market on November 26, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
One stock - Indiabulls Housing Finance - is under the F&O ban for November 29. 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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