Rohit Singre of LKP Securities said as Nifty has given double bottom breakout on daily chart, if index managed to sustain above 11,875 zone then it may see further upmove towards immediate hurdle of 12,000 zone.
The market rallied for the second straight day and ended at a two-week closing high on June 26 with the Nifty surpassing its 50-DEMA, backed by optimism over the US-China trade deal.
The BSE Sensex gained 157.14 points to 39,592.08, driven by banks, metals and pharma stocks while the Nifty 50 rose 51 points to 11,847.50, forming a bullish candle on daily charts.
"Index has formed a big body bullish candlestick pattern indicating current momentum to continue unless it trades below 11,750 levels," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors told Moneycontrol.
He said as long as higher high and higher low formation in the index is intact, trading with buy on dip strategy is advised whereas a decisive trade above 11,870 is likely to push prices higher toward the 11,980-12,070 zone.
Rohit Singre, Senior Technical Analyst - LKP Securities also said as Nifty has given a double bottom breakout on the daily chart, if the index managed to sustain above 11,875 zones then it may see further up move towards immediate hurdle of 12,000 zones.
Participation was also seen from broader markets as the Nifty Midcap index gained a percent and Smallcap index rose 0.75 percent.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
Nifty closed at 11,847.55 on June 26. According to the Pivot charts, the key support level is placed at 11,779.4, followed by 11,711.3. If the index starts moving upward, key resistance levels to watch out are 11,893.7 and 11,939.9.
The Nifty Bank closed at 31,162.35, up 315.30 points on June 26. The important Pivot level, which will act as crucial support for the index, is placed at 30,885.1, followed by 30,607.9. On the upside, key resistance levels are placed at 31,321.1, followed by 31,479.9.
Call options data
Maximum Call open interest (OI) of 35.23 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the June series.
This is followed by 11,900 strike price, which now holds 25.98 lakh contracts in open interest, and 12,500, which has accumulated 14.21 lakh contracts in open interest.
Significant Call writing was seen at 11,900 strike price that added 3.12 lakh contracts, followed by 12,000 strike price that added 0.36 lakh contracts.
Call unwinding was seen at the strike price of 11,800, which shed 10.92 lakh contracts, followed by 12,100 strike that shed 2.91 lakh contracts and 11,700 strike which shed 2.57 lakh contracts.
Put options data
Maximum Put open interest of 39.61 lakh contracts was seen at 11,700 strike price. This will act as a crucial support level for the June series.
This was followed by 11,800 strike price, which now holds 34.32 lakh contracts in open interest and 11,600 strike price, which has now accumulated 26.49 lakh contracts in open interest.
Put writing was seen at the 11,800 strike price, which added 14.91 lakh contracts, followed by 11,900 strike price that added 2.43 lakh contracts.
Put unwinding was seen at the strike price of 11,500, which shed 3.53 lakh contracts, followed by 11,600 strike price, which shed 2.98 lakh contracts and 11,400 strike which shed 2.85 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.
128 stocks saw a long buildup
14 stocks that saw short covering
A decrease in open interest, along with an increase in price, mostly indicates short covering.
45 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.
10 stocks saw long unwinding
Analyst or Board Meetings/Briefings
KEC International: 14th Annual General Meeting will be held on July 23.
Welspun Corp: Company's officials will meet analysts and investors in Hong Kong on June 27 and in Singapore on June 28.
Bajaj Holdings & Investment: Board meeting is scheduled on July 26 to consider June quarter earnings.
Ramco Cements: Board meeting is scheduled on August 7 to consider June quarter earnings.
Bajaj Auto: Board meeting is scheduled on July 26 to consider June quarter earnings.
Manappuram Finance: Company's officials will meet analysts and investors on June 27-28.
Pidilite Industries: Company's officials will interact with Ambit India Access on June 28.
Mahindra Holidays: Company's officials will meet Canara Robecco MF on June 28.
Hexaware Technologies: Board to consider Q2 results & interim dividend on August 8.
Dr Reddy's Labs: Board to consider Q1 results & interim dividend on July 29.
ICICI Prudential Life Insurance Company: Board to consider Q1 results & interim dividend on July 24.
Andhra Bank: Annual General Meeting of the shareholders of the bank is scheduled to be held on July 29.
Stocks in news
Graphite India: Company to seek shareholder nod to raise Rs 5,000 crore via debt.
Aurionpro Solutions: Sachin Sangani resigned as Chief Financial Officer of the company.
PTC India Financial Services: Company has designated Shri Devesh Singh (AVP- Risk) as the Chief Risk Officer (CRO).
Cox & Kings: Brickwork Ratings India reaffirmed its credit rating for the company's commercial paper issues at A1+.
Indostar Capital Finance: Sameer Sain resigned as Non-Executive Non-Independent Director of the company.
BT Syndicate: Company issued 4,56,40,000 equity shares of Rs 1 each as fully-paid up bonus equity shares in the ratio of 4:5.
Kakatiya Cement Sugar: Shri Veeraiah Pallempati, one of the promoters, acquired 1,105 shares of the company.
(For more bulk deals, Click Here)Fund Flow Picture
FII & DII data
Foreign Institutional Investors (FIIs) bought shares worth net Rs 106.26 crore but Domestic Institutional Investors (DIIs) sold Rs 51.47 crore worth of shares in the Indian equity market on June 26, as per provisional data available on the NSE.
Two stocks under F&O ban period on NSE
For June 27, Adani Power and IDBI Bank are under the F&O ban period.
Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.Out of F&O Ban: Jet Airways and Reliance Capital