The positive momentum built up from the start of week fizzled out in the last session after Finance Minister Nirmala Sitharaman presented the Budget and Nifty ended with 0.2 percent gains for the week ended July 5, forming Shooting Star formation on the weekly scale.
But on July 5, the index lost over a percent to close at 11,811.15, forming large bearish candle on daily charts while Sensex also shed a percent to end at 39,513.39.
"The chart pattern suggests that if Nifty crosses and sustains above 11,860, it would witness buying which would lead the index towards 11,980-12,100," Rajesh Palviya, DGM - Research ( Head Technical & Derivatives Research), Axis Securities told Moneycontrol.
However, if the index breaks below 11,750 it would witness selling that would take the index towards 11,650-11,500, he said.
For the week, he expects Nifty to trade in the range of 11,900-11,600 with negative bias.
The BSE Midcap and Smallcap indices underperformed frontliners, falling 1.4 percent on July 5 and over half a percent for the week.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
Nifty closed at 11,811.15 on July 5. According to Pivot charts, the key support level is placed at 11,745.47, followed by 11,679.73. If the index starts moving upward, the key resistance levels to watch out are 11,929.37 and 12,047.53.
Nifty Bank closed at 31,475.80, up 3.95 points on July 5. The important Pivot level, which will act as crucial support for the index, is placed at 31,312.4, followed by 31,149.0. On the upside, key resistance levels are placed at 31,650, followed by 31,824.2.
Call options data
Maximum Call open interest (OI) of 23.12 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level for the July series.
This is followed by 12,500 strike price, which now holds 18.90 lakh contracts in open interest, and 12,100, which has accumulated 14.20 lakh contracts in open interest.
Significant Call writing was seen at 12,000 strike price, which added 6.48 lakh contracts, followed by a 12,200 strike price which added 4.67 lakh contracts and 12,100 strike that added 4.56 lakh contracts.
Call unwinding was seen at 12,400 strike, which shed 3.32 lakh contracts, followed by 11,500 strike that shed 0.23 lakh contracts.
Put options data
Maximum Put open interest of 16.07 lakh contracts was seen at 11,500 strike price. It will act as a crucial support level for the July series.
This was followed by 11,300 strike price, which now holds 16.05 lakh contracts in open interest and 11,700 strike price, which has now accumulated 13.30 lakh contracts in open interest.
Put writing was seen at 11,400 strike price, which added 2.22 lakh contracts, followed by 11,200 strike price that added 1.83 lakh contracts and 11,700 strike, which added 1.64 lakh contracts.
Put unwinding was seen at the 11,900 strike, which shed 1.77 lakh contracts, followed by 11,500 strike that shed 0.53 lakh contracts.
Stocks with a high delivery percentage
High delivery percentage suggests that investors are accepting the delivery of the stock, which means that investors are bullish on it.
13 stocks saw a long buildup
10 stocks that saw short covering
A decrease in open interest, along with an increase in price, mostly indicates short covering.
85 stocks saw a short build-up
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.
56 stocks saw long unwinding
Analyst or Board Meetings/Briefings
Navkar Builders: Board meeting is scheduled on July 12 to appoint Saurabh Jayswal as Company Secretary of the company, to declare dividend for FY19.
Kesoram Industries: Separate meetings of the equity shareholders, secured creditors and unsecured creditors of the company are being held on August 6 for considering, and if thought fit, the Scheme of Arrangement between Kesoram Industries Limited and Birla Tyres Limited and their respective shareholders.
Speciality Restaurants: Company's officials will meet Paradice Investment Management, USA on July 8 in Mumbai.
ABB India: As per NCLT, Bengaluru Bench's order it is proposed to convene meetings of shareholders and unsecured creditors on August 9.
Jindal Stainless: Investors meeting to be held on July 8.
Sical Logistics: Company will announce June quarter earnings on August 2.
IndusInd Bank: Bank will announce June quarter earnings on July 12.
Dhanlaxmi Bank: Bank will announce June quarter earnings on July 17.
Kotak Mahindra Bank: Bank will announce June quarter earnings on July 22.
Tinplate Company of India: Company will announce June quarter earnings on July 15.
SKF India: Company will announce June quarter earnings on July 23.
AstraZeneca Pharma India: One-on-one meeting with Finvest Advisors is scheduled to be held on July 8.
Balrampur Chini Mills: Company's representative(s) would be interacting on July 11 in a one-to-one meeting with official(s) of Spark Capital Funds.
Infibeam Avenues: Company's ninth Annual General Meeting to be held on July 30.
Infosys: Company to announce first quarter results on July 12.
Stocks in news
Mindtree: K Natarajan, NS Parthasarathy, Rostow Ravanan resigned.
Adhunik Industries: Mahesh Kumar Agarwal, Non-Executive Director (Chairman) of the company, has resigned from the post of directorship.
Siemens: Company transferred its leasehold interest in the property at Halol Industrial Area (Phase III) in Gujarat to LM Wind Power Blades (India) Private Limited for Rs 158.5 crore.
TeamLease Services: Company acquired an additional 25 percent stake in Cassius Technologies Private Limited (Fresher's World).
Aster DM Healthcare: Company incorporated a limited liability partnership, Aster Clinical Lab LLP, in India.
City Union Bank: Bank is registered as a mutual fund distributor with BSE Star Mutual Fund platform for distribution and redemption of mutual fund units in India through a web-based platform.
Unichem Laboratories: Company incorporated wholly owned subsidiary in China under the name "Younikaimo Pharmaceutical (Shanghai) Pvt Ltd" [Unichem (China) Pvt. Ltd].
PPAP Automotive: Manish Dhariwal has resigned from the position of Chief Financial Officer of the company.
Asit C Mehta Financial Services: Mamta Gautam has resigned from the position of Chief Financial Officer (CFO) of the company.
Quick Heal Technologies: Company received US patent for anti-ransomware technology.
BHEL: India Ratings has assigned rating for company's commercial paper (issue size Rs 4,000 crore) at A1+ and affirmed rating on commercial paper (issue size Rs 4,000 crore at A1+.
Bharti Infratel: Company has received a credit rating of A1+ from CRISIL for the commercial paper programme.
IFCI: CARE downgraded the rating on company's long term instruments to BBB-/Negative from BBB/Negative.
Tata Global Beverages: CARE reaffirmed rating on company's commercial paper at A1+.
Frontline Securities: Board has taken on record the completion of buyback of 18,85,151 equity shares of Rs 40 each amounting to Rs 7.54 crore.
SunEdison Infrastructure: Company approved the acquisition of Megamic Electronics Private Limited and Enrecover Energy Solutions Private Limited.
Edelweiss Financial Services: CARE reaffirmed the credit rating of A1+ assigned to short term borrowing programmes of the company and revised credit rating of long term borrowing programmes from AA; Positive to CARE AA-; Stable.
Olympic Cards: The company said term loan EMI amount of Rs 0.1564 crore has been paid on July 3 to ICICI Bank and there is no default amount payable to the bank as on date.
Zuari Agro Chemicals: Urea/ammonia plants of the company have been shut down due to tube leak of the PG- Reboiler in the CO2 removal section of the Ammonia plant.
KPI Global: Company signed Power Purchase Agreement (PPA) with B N Papers, Surat for sale of 1.10MW solar power for a period of 15 years under the category of Independent Power Producer (IPP).
Competent Automobiles Company: Company has concluded the sale of its immovable property situated at Dada Bari, Mehrauli, New Delhi for a total consideration of Rs 31 crore.
JK Tyre: CARE revised credit rating on company's long term bank facilities to A from A+ with a negative outlook.
IndusInd Bank: Bank's Finance Committee approved the allotment of equity shares of IndusInd Bank to Bharat Financial Inclusion shareholders; allotment of share warrants to promoters of IndusInd Bank; and took on record appointment of Catalyst Trusteeship Ltd. to hold fractional entitlements arising from allotment of IndusInd Bank shares to the Bharat Financial shareholders in Trust for purpose of selling on the Stock Exchanges and onward distribution to Bharat Financial shareholders.
JSW Energy: CARE reaffirmed the long term rating of the company at AA-; stable and short term rating at A1+.
SAIL: Global expression of interest for proposed strategic disinvestment of alloy steels plant (ASP) at Durgapur, Visvesvaraya iron & steel plant (VISP) at Bhadravatiand Salem steel plant (SSP) at Salem has been invited.
KM Sugar Mills: External rating which was BBB- and has been upgraded to BBB with a stable outlook by Brickwork.
SREI Infrastructure Finance: Brickwork revised credit rating on company's secured long term NCD issues to AA with negative outlook from AA+ with stable outlook.
BLS International Services: Company which was hitherto operating the Premium Lounge and other services as per the contract with Sopra Steria Limited on behalf of the United Kingdom Visas & Immigration (UKVI) have transferred the operational delivery of these services to Sopra Steria Limited.
Reliance Power: CARE revised long-term and short-term ratings of Sasan Power Limited to BB+ (negative outlook) and A4 respectively attributing inter-alia on account of significant weakening in financial risk profile of the parent Company (Reliance Power Limited) coupled with continual uncertainty over the compensatory tariff implementation towards change in law during construction & foreign exchange variations. The company strongly disagrees with the revised ratings assigned by CARE, it said.
JSW Steel: Committee of Creditors of Asian Colour Coated Ispat Limited (ACCIL) has issued a Letter of Intent to company's subsidiary JSW Steel Coated Products Limited (JSWSCPL). Subsidiary had submitted a resolution plan for ACCIL, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code.
NBFCs: RBI announces additional liquidity to banks for purchase of assets from lending to NBFCs and HFCs. Change in norms will enable banks to avail additional liquidity of Rs 1.34 lakh crore.
(For more bulk deals, click here)Fund Flow Picture
FII & DII data
Foreign Institutional Investors (FIIs) sold shares worth Rs 89.38 crore, but Domestic Institutional Investors (DIIs) bought Rs 275.63 crore worth of shares in the Indian equity market on July 5, as per provisional data available on the NSE.
Two stocks under F&O ban period on NSE
For July 8, DHFL and Reliance Capital are under the F&O ban period.
Securities in ban period under the F&O segment include companies in which security has crossed 95 percent of the market-wide position limit.