The market rebounded after two-day losses and closed above the 18,100 mark on the Nifty50 on November 4, backed by positive global cues and fall in volatility.
The BSE Sensex climbed 114 points to 60,950, while the Nifty50 rose 65 points to 18,117 and formed bullish candle on the daily charts with taking support at around 17,900-18,000.
"A reasonable positive candle was formed on the daily chart, which indicates an attempt of upmove post consolidation movement in the market. The positive chart pattern like smaller degree higher tops and bottoms is intact on the daily chart and Thursday's low of 17,959 could now be considered as a new higher bottom of the sequence," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
He feels the short-term trend of Nifty remains up and the market is now placed to show a decisive upmove above the hurdle of 18,100-18,200 levels.
A further sustainable upmove from here is expected to pull Nifty towards 18,500-18,600 levels in the near term, the market expert said, adding immediate support is placed at 17,950 levels.
On the broader markets, there was a mixed trend with the Nifty Midcap 100 index falling 0.25 percent and Smallcap 100 index rising 0.4 percent.
India VIX, which measures the expected volatility in the market, fell by 1.8 percent to 15.66 levels, making the trend favourable for bulls.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data, and not just of the current month.
Key support and resistance levels on the Nifty
As per the pivot charts, the key support level for the Nifty is placed at 18,045, followed by 18,017 & 17,972. If the index moves up, the key resistance levels to watch out for are 18,135 followed by 18,163 and 18,208.
The Nifty Bank underperformed broader markets, falling 40 points to 41,258 and formed high wave kind of pattern on the daily charts on November 4. The important pivot level, which will act as crucial support for the index, is placed at 41,097, followed by 40,988 and 40,810 levels. On the upside, key resistance levels are placed at 41,453 followed by 41,563 & 41,740 levels.
The maximum Call open interest of 23.13 lakh contracts was seen at 18,000 strike, followed by 19,500 strike, which holds 23.01 lakh contracts, and 19,000 & 18,500 strikes, which have more than 20 lakh contracts.
Call writing was seen at 18,100 strike, which added 5.74 lakh contracts, followed by 18,000 strike which added 3.66 lakh contracts, and 19,500 strike which added 2.34 lakh contracts.
Call unwinding was seen at 17,500 strike, which shed 28,950 contracts, followed by 19,000 strike which shed 26,650 contracts and 17,700 strike which shed 25,200 contracts.
Maximum Put open interest of 36.15 lakh contracts was seen at 17,000 strike, which can act as a crucial support level in the November series.
This is followed by 18,000 strike, which holds 29.37 lakh contracts, and 17,500 strike, which has accumulated 23.76 lakh contracts.
Put writing was seen at 18,000 strike, which added 5.83 lakh contracts, followed by 17,000 strike, which added 4.73 lakh contracts, and 18,100 strike which added 2.57 lakh contracts.
Put unwinding was seen at 16,900 strike, which shed 3.17 lakh contracts, followed by 16,500 strike which shed 2.04 lakh contracts and 16,800 strike which shed 1.63 lakh contracts.
A high delivery percentage suggests that investors are showing interest in these stocks. The highest delivery was seen in Max Financial Services, Kotak Mahindra Bank, Larsen & Toubro, Hindustan Unilever, and Samvardhana Motherson International, among others.
64 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 top 10 stocks including Bajaj Finserv, Coal India, Amara Raja Batteries, Honeywell Automation, and ABB India, in which a long build-up was seen.
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 including Syngene International, M&M Financial Services, Abbott India, Granules India, and Persistent Systems, in which long unwinding was seen.
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 include Aditya Birla Fashion and Retail, Hero MotoCorp, Bandhan Bank, SRF, and SBI Card.
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 include UPL, LIC Housing Finance, UltraTech Cement, Torrent Power, and Rain Industries.
Raghav Productivity Enhancers: Ace investor Ashish Rameshchandra Kacholia bought 2.31 lakh shares in the company via open market transactions. These shares were acquired at an average price of Rs 842 per share.
RateGain Travel Technologies: Plutus Wealth Management LLP bought 10.5 lakh shares in the company at an average price of Rs 281.16 per share.
(For more bulk deals, click here)
Results on November 7: Coal India, Divis Laboratories, One 97 Communications (Paytm), PB Fintech (Policybazaar), Bharat Petroleum Corporation, Aditya Birla Capital, Affle India, Ceat, Cera Sanitaryware, Endurance Technologies, Greenply Industries, India Cements, KEC International, RateGain Travel Technologies, Sun Pharma Advanced Research Company, Sundaram-Clayton, Tata Teleservices (Maharashtra), Ujjivan Small Finance Bank, and Vascon Engineers will be in focus ahead of September FY23 quarter earnings on November 7.
Results on November 8: Aegis Logistics, Arvind, Bajaj Electricals, Bosch, CARE Ratings, Godrej Consumer Products, Honeywell Automation, Jubilant FoodWorks, Dr Lal PathLabs, Laxmi Organic Industries, Metropolis Healthcare, MRF, NCC, Piramal Pharma, Shankara Building Products, Sundram Fasteners, VST Industries, and Welspun India will be in focus ahead of September FY23 quarter earnings on November 8.
State Bank of India: The country's largest bank reported highest ever quarterly net profit at Rs 13,265 crore, growing 74 percent YoY as loan loss provisions fell sharply by 25 percent during the same period. Its operating profit for Q2FY23 at Rs 21,120 crore increased 16.82 percent YoY and net interest income rose by 12.83 percent YoY to Rs 35,183 crore with loan book growing 20 percent and deposits rising 10 percent in the same period.
Bank of Baroda: The public sector undertaking recorded a 59 percent YoY growth in profit at Rs 3,313 crore for the quarter ended September FY23 as total provisions at Rs 1,628 crore fell by 41 percent YoY and other income fell 18.4 percent to Rs 745 crore in the same period. Net interest income for the quarter jumped 34.5 percent YoY to Rs 10,174 crore, with global deposits rising 13.6 percent and global advances growing 19 percent YoY.
Power Grid Corporation of India: The state-owned company reported 8 percent year-on-year growth in consolidated profit at Rs 3,650 crore for the quarter ended September FY23, with EBITDA growing 3.4 percent YoY to Rs 9,426 crore in the same quarter. Revenue from operations at Rs 11,151 crore increased by 8.6 percent compared to year-ago period.
Britannia Industries: The food company recorded a 28.5 percent year-on-year growth in consolidated profit at Rs 490.6 crore for the quarter ended September FY23, driven by strong operating performance and top line. Consolidated revenue from operations at Rs 4,379.6 crore for the quarter increased by 21.4 percent compared to year-ago period aided by mid-single digit volume growth, with market share reaching to new 15-year high. EBITDA at Rs 711.7 crore for the quarter grew by 27.5 percent and margin expanded by 78 bps YoY to 16.25 percent in Q2FY23.
DreamFolks Services: The airport lounges access aggregator clocked a massive 745 percent on-year growth in profit at Rs 14.78 crore for the quarter ended September FY23 as operating and top line numbers were strong. Revenue from operations grew by 183 percent to Rs 171.24 crore during the quarter YoY, while EBITDA increased by 195 percent to Rs 21.1 crore and margin nearly doubled to 12.33 percent compared to same period last year on healthy growth in number of passengers availing lounge access & other touchpoints.
TVS Motor Company: The two-and-three-wheeler company reported a 59.3 percent year-on-year increase in consolidated profit at Rs 373.4 crore for the quarter ended September FY23 supported by strong operating as well top line performance. Revenue for the quarter at Rs 8,561 crore increased by 32 percent compared to same period last year and EBITDA rose by 31 percent to Rs 737 crore during the same period.
InterGlobe Aviation: The IndiGo operator posted loss of Rs 1,583 crore for the quarter ended September FY23 (including foreign exchange loss of Rs 1,201.5 crore), widening from Rs 1,435.7 crore in same period last year, as EBITDAR fell 33 percent to Rs 229.2 crore during the same period on higher fuel prices, but revenue from operations increased by 122.8 percent YoY to Rs 12,497.6 crore during the quarter.
Titan Company: The company recorded a 30.3 percent year-on-year growth in consolidated profit at Rs 835 crore for the quarter ended September FY23 despite higher input cost, supported by strong operating performance and top line growth. Total income for the quarter grew by 22 percent YoY to Rs 9,224 crore with jewellery business growing 18 percent, and watches & wearables segment showing a 21 percent growth YoY.
Foreign institutional investors (FIIs) have net bought shares worth Rs 1,436.25 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 548.59 crore on November 4, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The NSE has retained LIC Housing Finance under its F&O ban list for November 7. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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