A sustainable move above 13,000 levels in the next few sessions could open the next upside targets of around 13,500-13,600 levels in the near term, says Nagaraj Shetti of HDFC Securities.
Bulls remained in a strong position with the consistency in FII inflow. The market ended at fresh record closing high with the Nifty50 surpassing 12,900 mark on November 18, supported by banking & financials and auto stocks. Positive global cues also aided sentiment.
The BSE Sensex rose 227.34 points to 44,180.05, while the Nifty50 gained 64.10 points to close at 12,938.30 and formed a bullish candle on the daily charts.
"Nifty is in a sharp uptrend and showing positive sequence like higher highs and lows on the daily chart. The sharp weakness or any reversal pattern is not unfolding at the highs and the consolidation or rangebound movement is turning out to be a minor higher low of the positive sequence. This is a positive indication and one may expect further upside in the near term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
"A sustainable move above 13,000 levels in the next few sessions could open the next upside targets of around 13,500-13,600 levels in the near term. Immediate support is placed at 12,800," he said.
The broader markets also looked strong with the Nifty Midcap index rising 1.46 percent and Smallcap index gaining 0.32 percent.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three- month data and not of the current month only.
Key support and resistance levels on the Nifty
According to pivot charts, the key support levels for the Nifty is placed at 12,855.4, followed by 12,772.6. If the index moves up, the key resistance levels to watch out for are 12,984.9 and 13,031.6.
The Bank Nifty continued to outperform Nifty50, surging 568.50 points or 1.95 percent to 29,749.80 on November 18, the highest closing level since February 27 this year. The important pivot level, which will act as crucial support for the index, is placed at 29,276.14, followed by 28,802.47. On the upside, key resistance levels are placed at 30,004.14 and 30,258.47.
Call option data
Maximum Call open interest of 19.23 lakh contracts was seen at 13,000 strike, which will act as a crucial resistance level in the November series.
This is followed by 13,500 strike, which holds 18.08 lakh contracts, and 12,900 strike, which has accumulated 11.53 lakh contracts.
Call writing was seen at 13,400 strike, which added 6.27 lakh contracts, followed by 13,500 strike which added 5.23 lakh contracts and 13,200 strike which added 2.96 lakh contracts.
Call unwinding was seen at 12,700 strike, which shed 1.08 lakh contracts, followed by 12,200 strike which shed 1.02 lakh contracts and 12,800 strike which shed 92,700 contracts.
Put option data
Maximum Put open interest of 29.32 lakh contracts was seen at 12,000 strike, which will act as a crucial support in the November series.
This is followed by 12,500 strike, which holds 21.89 lakh contracts, and 12,800 strike, which has accumulated 16.64 lakh contracts.
Put writing was seen at 12,800 strike, which added 4.9 lakh contracts, followed by 12,900 strike, which added 4.69 lakh contracts and 12,700 strike which added 2.62 lakh contracts.
Put unwinding was seen at 12,100 strike, which shed 2.54 lakh contracts, followed by 12,300 strike, which shed 2.3 lakh contracts and 12,000 strike 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.
47 stocks saw long build-up
Based on the open interest future percentage, here are the top 10 stocks in which long build-up was seen.
23 stocks saw long unwinding
Based on the open interest future percentage, here are the top 10 stocks in which long unwinding was seen.
28 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 the open interest future percentage, here are the top 10 stocks in which short build-up was seen.
39 stocks witnessed short-covering
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.
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Analysts Meets/Board Meetings
Power Mech Projects: A conference call for the analysts and investors to discuss the Q2 & H1 FY 21 financial and operational performance of the company will be held on November 20.
IRB Infrastructure Developers: Company is participating in 23rd Annual CITIC CLSA India Forum 2020 on November 19.
Tata Consumer Products: Company's officials will meet analysts/institutional investors on November 19.
Tata Power: Company will interact with its investors in 23rd Annual CITIC CLSA India Forum on November 18.
Siemens: Meeting of the board of directors of the company will be held on November 25 to consider September quarter results and recommendation of a dividend on equity shares, if any.
Bajaj Finance: Company's officials will meet analysts/institutional investors at Morgan Stanley Virtual Asia Pacific Summit on November 19-20.
Stocks in the news
Hero MotoCorp: Retail sales stood at 14 lakh units in the 32-day festive period and inventory at an all-time low for the festive season.
Pfizer: The company has completed Phase-3 trials of COVID-19 vaccine and the final vaccine efficacy at end of Phase-3 trials is 95 percent.
InterGlobe Aviation, SpiceJet in focus: DGCA says IndiGo's passenger load factor increased to 68.2 percent in October against 65.4 percent in September, and SpiceJet's passenger load factor rose to 74 percent versus 73 percent in same periods. IndiGo market share at 55.5 percent and SpiceJet at 13.4 percent in October.
HFCL: Promoter entity MN Ventures acquired 7.5 lakh equity shares in company via open market transaction.
GPT Infraprojects: Company bagged order valued at Rs 162.83 crore.
Tata Steel Long Products: Tata Steel to sell 4.51 lakh equity shares of company in the open market during November 20 to December 15 this year, for achieving minimum public shareholding of the company.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 3,071.93 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 2,789.85 crore in the Indian equity market on November 18, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
As many as 11 stocks - Bank of Baroda, BHEL, Canara Bank, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, Punjab National Bank, RBL Bank, SAIL, Sun TV Network and Tata Steel - are under the F&O ban for November 19. 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.