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Last Updated : Nov 24, 2019 06:08 PM IST | Source: Moneycontrol.com

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

Rajesh Palviya advised buying on dips as the Nifty continues to remain in an uptrend in the medium term.

Sunil Shankar Matkar

The market continued to consolidate its gains for the third consecutive week and closed on a flat note due to lack of strong global and domestic cues.

The BSE Sensex gained 2.72 points to close at 40,359.41 though touched a record high of 40,816.38 during the week that ended on November 22.

The Nifty50 failed to hold on to the psychological 12,000 level, and rose 18.95 points to end at 11,914.40. It formed a Doji candlestick pattern for the third consecutive week, indicating indecisiveness amongst market participants regarding the direction.

Close

Experts expect volatility to continue in coming week as well, given the lack of major news and the expiry of November futures and options contracts on November 28.

"The chart pattern suggests that if Nifty crosses and sustains above 12,035 level, it would witness fresh buying action that would lead the index towards 12,100-12,150 levels, while if index breaks below 11,800 level it would witness selling which would take the index towards 11,700-11,620," Rajesh Palviya, DGM - Research ( Head Technical & Derivatives Research) at Axis Securities told Moneycontrol.

Nifty is trading above its 20, 50, 100 and 200 day SMAs, which are important short term moving average that indicate a positive bias in the short term, he said. He expects the Nifty to trade in the range of 12,100-11,750 with mixed bias in the coming week.

Palviya advised buying on dips as the Nifty continues to remain in an uptrend in the medium term.

The broader markets also remained lacklustre during the week, as the BSE Midcap index was down 0.23 percent while Smallcap index gained 0.2 percent.

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

Key support and resistance level for Nifty

According to the pivot charts, the key support level for Nifty is placed at 11,875.9, followed by 11,837.4. If the index continues moving up, key resistance levels to watch out for are 11,960.5 and 12,006.6.

Nifty Bank

The Nifty Bank closed 0.76 percent lower at 31,111.60 on November 22. The important pivot level, which will act as crucial support for the index, is placed at 30,979.8, followed by 30,848. On the upside, key resistance levels are placed at 31,318.8 and 31,526.

Call options data

Maximum call open interest (OI) of 48.72 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the November series.

This is followed by 11,900 strike price, which holds 25.33 lakh contracts in open interest, and 12,100, which has accumulated 25.24 lakh contracts in open interest.

Significant call writing was seen at the 11,900 strike price, which added 11.89 lakh contracts, followed by 12,000 strike price that added 10.80 lakh contracts and 12,100 strike that added 5.45 lakh contracts.

Call unwinding was witnessed at 12,200 strike price, which shed 1.68 lakh contracts, followed by 11,700 which shed 0.38 lakh contracts.

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Put options data

Maximum put open interest of 29.79 lakh contracts was seen at 11,500 strike price, which will act as crucial support in November series.

This is followed by 11,900 strike price, which holds 28.16 lakh contracts in open interest, and 11,800 strike price that accumulated 25.03 lakh contracts in open interest.

Put writing was seen at the 11,500 strike price, which added nearly 1.64 lakh contracts, followed by 12,400 strike that added 3,975 contracts.

Put unwinding was seen at 11,700 strike price, which shed 7.13 lakh contracts, followed by 12,000 strike that shed 3.9 contracts and 11,600 strike that shed 3.04 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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41 stocks saw long buildup

Overall, 41 stocks witnessed a long buildup on November 22. Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.

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39 stocks saw long unwinding

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50 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.

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20 stocks witnessed short-covering

As per available data, 20 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering.

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Bulk Deals

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(For more bulk deals, click here)

Upcoming analyst or board meetings/briefings

Tilaknagar Industries: A board meeting is scheduled to be held on November 27 to consider preferential issue of equity shares to strategic investors towards raising of additional capital.

Thyrocare Technologies: The company's officials will hold a con-call with the representative(s) of Eternity Capital Management on November 25 and a meeting with the representative(s) of Capital Investment Research Services Private Limited (Capital Group) on December 2.

Affle India: The company's officials will hold a con-call with Edelweiss Securities, Spark Capital Advisors and Soros Capital Management on November 26, and with Helios Capital on November 27.

Amber Enterprises India: Officials of the company will be meeting with a group of institutional investors in a Non-Deal Roadshow hosted by Edelweiss Securities in Mumbai on November 25.

Mahindra Logistics: The company's officials will interact with Wellington Management on November 27 and will hold meeting with several investors on November 28.

Stocks in news

CSB Bank: The IPO will remain opened for subscription. It has already been fully subscribed on first day of bidding.

Unichem Labs: Company gets US FDA approval for generic of Tenormin tablets.

Tata Motors: Tata Motors, Tata Motors DVR, Vedanta, Yes Bank to exit BSE Sensex from December 23

Titan Company: Titan, UltraTech Cement, Nestle India to be included in BSE Sensex from December 23.

InterGlobe Aviation: InterGlobe Aviation, Info Edge and SBI Life Insurance to be included in S&P BSE 100 index from December 23.

Glenmark Pharmaceuticals: Glenmark, Cadila Healthcare and Edelweiss Financial Services to be excluded from S&P BSE 100 index from December 23.

Power Grid: The company has been declared as successful bidder in 2 intra-state transmission system projects of UP under tariff based competitive bidding.

IDBI Bank: Muthoot Finance to buy bank's AMC subsidiary for Rs 215 crore.

Ashoka Buildcon: Subsidiary bagged order from NHAI for project in Telangana worth Rs 1,000 crore.

FII & DII data

Foreign institutional investors (FIIs) bought shares worth Rs 305.72 crore, whereas domestic institutional investors (DIIs) sold shares of worth Rs 177.37 crore in the Indian equity market on November 22, provisional data available on the NSE showed.

Fund flow

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No stock under F&O ban on NSE

There is no stock under F&O ban for November 25. 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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First Published on Nov 24, 2019 05:58 pm
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