Key support level for Nifty is placed at 11,853.93, followed by 11,797.67. If the index continues moving up, key resistance levels to watch out for are 11,944.83 and 11,979.47.
Buying witnessed at the fag-end of the trading sesion on December 11 helped equity benchmarks Sensex and Nifty close with decent gains.
The BSE Sensex closed 173 points, or 0.43 percent, higher at 40,412.57, while the Nifty index settled at 11,910.15, up 53 points, 0.45 percent."After a subdued trade during most part of the day, the market witnessed a sharp turnaround due to short covering in index heavyweights. Upcoming macro indicators like CPI inflation and IIP data are unlikely to paint a rosy picture which may reduce upside potential in the near-term. On the global front, FOMC meeting, UK election and US tariff deadline remain key
events," said Vinod Nair, Head of Research at Geojit Financial Services.
As per Shrikant Chouhan, Senior VP- Equity Technical Research at Kotak Securities, the market has formed a reversal formation and the rally may extend towards the upper boundary of the trading range, which is at 12,000. Below 11,830, Nifty could fall to 11,750 or 11,650.
We have collated 14 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 11,853.93, followed by 11,797.67. If the index continues moving up, key resistance levels to watch out for are 11,944.83 and 11,979.47.
Nifty Bank closed 0.31 percent up at 31,256.75. The important pivot level, which will act as crucial support for the index, is placed at 31,056.2, followed by 30,855.6. On the upside, key resistance levels are placed at 31,397.6 and 31,538.4.
Call options data
Maximum call open interest (OI) of 28.06 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the December series.
This is followed by 12,200 strike price, which holds 21.7 lakh contracts in open interest, and 12,100, which has accumulated 18.01 lakh contracts in open interest.
Significant call writing was seen at the 11,900 strike price, which added 2.17 lakh contracts, followed by 12,100 strike price that added 2.03 lakh contracts and 12,200 strike which added 1.17 lakh contracts.
Call unwinding was witnessed at 12,300 strike price, which shed 1.65 lakh contracts, followed by 12,400 which shed 1.33 lakh contracts.
Put options data
Maximum put open interest of 33.35 lakh contracts was seen at 11,500 strike price, which will act as crucial support in the December series.
This is followed by 12,000 strike price, which holds 29.84 lakh contracts in open interest, and 11,800 strike price, which has accumulated 24.19 lakh contracts in open interest.
Put writing was seen at the 11,900 strike price, which added nearly 3.63 lakh contracts, followed by 11,600 strike, which added 1.28 lakh contracts and 11,500 strike which added nearly 1.02 lakh contracts.
Put unwinding was seen at 12,000 strike price, which shed 1.23 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
97 stocks saw long buildup
Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
2 stocks saw long unwinding
39 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.
10 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short covering.
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Upcoming analyst or board meetings/briefings
The respective boards of Saraswati Commercial, Winro Commercial, Smartlink Holdings, Shivkamal Impex, Shardul Securities and Scintilla Commercial & Credit will meet on December 12 to consider and approve their quarterly results.
The board of Junction Fabrics and Apparels will meet on December 12 to consider and approve the preferential issue of shares.
The board of Mitsu Chem Plast will meet on December 12 to discuss the bonus issue and increase in authorised capital.
The board of Cholamandalam Investment and Finance Company will meet on December 12 to consider and approve the interim dividend and the preferential issue of shares.
The board of AAVAS Financiers will meet on December 12 for a general purpose.
Stocks in the news
India Rating and Research has affirmed West Coast Paper Mill's long-term issuer rating at 'IND AA-'. The outlook is Stable.
Prakash Industries declared as the successful bidder for Bhaskarpara coal mine.
Akash Infraprojects has received a work order worth Rs 12.57 crore from the Office of the Executive Engineer, National Highway Division, Ahmedabad.
Zydus Cadila launched affordable oral anti-diabetic tablet Vinglyn.
RSWM approved the issuance of fully paid-up equity shares of the company for up to an aggregate amount not exceeding Rs 1500 million by way of the rights issue.
Vodafone Idea denied reports about negotiations are taking place with Brookfields or Edelweiss to sell some assets.
CRISIL has re-affirmed the credit rating for long-term and short-term bank loan facilities and for commercial papers of Vardhman Special Steels.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 605.41 crore, while domestic institutional investors (DIIs), too, bought shares of worth Rs 239.87 crore in the Indian equity market on December 11, provisional data available on the NSE showed.
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