The market extended losses amid volatility for second consecutive session but the Nifty50 managed to hold crucial 18,000 mark on November 10, supported by Reliance Industries, ITC and HDFC. However, the selling pressure in FMCG, banks and IT stocks pulled the market down.
BSE Sensex fell 80.63 points to 60,352.82, while the Nifty50 declined 27.10 points to 18,017.20, but formed bullish candle on the daily charts as the closing was higher than opening levels.
"A small positive candle was formed on the daily chart with minor upper and lower shadow. Technically, this pattern could indicate a formation of high wave type candle pattern, which indicate confusion state of mind among market participants," says Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
He feels the short term trend of Nifty continues to be range bound with weak bias. "As long as the lower support of 17,900-17,850 is protected, there is a possibility of another round of upside bounce towards 18,150 in the short term. A decisive move below the support is likely to drag Nifty down to 17,600 levels in the near term."
The broader markets also corrected after uptrend in previous few sessions. The Nifty Midcap 100 index was down 0.44 percent and Smallcap 100 index fell 0.09 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 are placed at 17,934.4, followed by 17,851.6. If the index moves up, the key resistance levels to watch out for are 18,080.6 and 18,144.
The Nifty Bank corrected further, down 345.50 points at 39,023.30 on November 10. The important pivot level, which will act as crucial support for the index, is placed at 38,857.89, followed by 38,692.6. On the upside, key resistance levels are placed at 39,204.39 and 39,385.6 levels.
Call option data
Maximum Call open interest of 22.58 lakh contracts was seen at 19000 strike, which will act as a crucial resistance level in the November series.
This is followed by 18500 strike, which holds 22.11 lakh contracts, and 18000 strike, which has accumulated 21.86 lakh contracts.
Call writing was seen at 18000 strike, which added 3 lakh contracts, followed by 18400 strike, which added 2.35 lakh contracts and 18500 strike which added 1.09 lakh contracts.
Call unwinding was seen at 17700 strike, which shed 20,800 contracts, followed by 17000 strike which shed 9,150 contracts and 17600 strike which shed 8,050 contracts.
Put option data
Maximum Put open interest of 25.1 lakh contracts was seen at 17500 strike, which will act as a crucial support level in the November series.
This is followed by 17000 strike, which holds 22.96 lakh contracts, and 18000 strike, which has accumulated 18.75 lakh contracts.
Put writing was seen at 17400 strike, which added 2.57 lakh contracts, followed by 17500 strike which added 1.87 lakh contracts and 17900 strike which added 1.68 lakh contracts.
Put unwinding was seen at 18100 strike, which shed 67,350 contracts, followed by 18400 strike which shed 12,150 contracts, and 18300 strike which shed 8,550 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
25 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 the top 10 stocks in which a long build-up was seen.
36 stocks saw long unwinding
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 10 stocks in which long unwinding was seen.
82 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 a short build-up was seen.
46 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.
Fairchem Organics: MIT#157G Massachusetts Institute of Technology acquired 82,970 equity shares in the company at Rs 1,875 per share, and MIT#853O-Massachusetts Institute of Technology bought 4,02,368 equity shares in the company at same price. However, FIH Mauritius Investments sold 5 lakh shares in the company at same price.
(For more bulk deals, click here)
Analysts/Investors Meeting & Results Calendar
Results on November 11: Tata Steel, Balkrishna Industries, Bharat Dynamics, Engineers India, Godrej Consumer Products, HUDCO, Natco Pharma, NHPC, NMDC, Power Finance Corporation, Prestige Estates Projects, RailTel Corporation, Suryoday Small Finance Bank, and Zee Entertainment Enterprises among 376 companies that will release September quarter earnings on November 11.
Zee Entertainment Enterprises: The company's officials will meet investors and analysts on November 11 after September quarter earnings.
Nuvoco Vistas Corporation: The company's officials will meet investors and analysts on November 11 after September quarter earnings.
Indiabulls Housing Finance: The company's officials will meet analysts and investors on November 11 post financial results.
IDFC First Bank: The company's officials will attend BofA India Conference - 2021 on November 12, 24th Annual CITIC CLSA India Forum 2021 on November 15, and Kotak Institutional Equities BFSI Forum 2021 on November 17.
Can Fin Homes: The company's officials will meet Axis MF on November 15, UTI AMC & PGIM MF on November 16, and SBI MF & Kotak on November 19.
Bajaj Consumer Care: The company's officials will attend Spark Capital’s Annual CHAMPS Conference on November 15.
RailTel Corporation of India: The company's officials will meet analysts and investors on November 15 post earnings
Advanced Enzyme Technologies: The company's officials will meet Royce Investment Partners, USA on November 17, and Dalton Investments in USA on November 23.
Stocks in News
Pidilite Industries: The company reported higher consolidated profit at Rs 374.6 crore in Q2FY22 against Rs 356.4 crore in Q2FY21, revenue surged to Rs 2,626.3 crore from Rs 1,880.3 crore YoY.
Metropolis Healthcare: The company reported lower profit at Rs 58.4 crore in Q2FY22 against Rs 60.5 crore in Q2FY21, revenue rose to Rs 302.6 crore from Rs 288.4 crore YoY.
MOIL: The company reported lower profit at Rs 60.23 crore in Q2FY22 against Rs 61.79 crore in Q1FY22, revenue increased to Rs 311.7 crore from Rs 293.3 crore QoQ. The company board approved buy back of shares for up to Rs 694 crore.
Berger Paints: The company reported lower profit at Rs 219.2 crore in Q2FY22 against Rs 221 crore in Q2FY21, revenue jumped to Rs 2,225 crore from Rs 1,742.5 crore YoY.
Oil India: The company reported higher consolidated profit at Rs 1,454.3 crore in Q2FY22 against Rs 1,214.6 crore in Q1FY22, revenue jumped to Rs 7,254.1 crore from Rs 6,201.9 crore QoQ.
Zomato: The company approved to acquire 16.1% stake in Samast Technologies for Rs 37.135 crore and 7.89% shares in Bigfoot Retail Solution fro Rs 557.17 crore. The company reported loss at Rs 434.9 crore in Q2FY22 against loss of Rs 229.8 crore in Q2FY21, revenue increased sharply to Rs 1,024.2 crore from Rs 426 crore YoY.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 469.50 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 766.95 crore in the Indian equity market on November 10, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Seven stocks - Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, Punjab National Bank, SAIL and Sun TV Network - are under the F&O ban for November 11. 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.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.