Moneycontrol PRO
UPCOMING EVENT:Are you 45+? Planning for retirement? We have just the right webinar for you - Planning for Retirement with Life Insurance on 27-Jan, 3pm. Register now!

Trade setup for Thursday: Top 15 things to know before Opening Bell

The overall negative chart set-up remains intact and further upside could encounter strong overhead resistance around 17,300-17,400 levels in the next 1-2 sessions, before showing another round of weakness from the highs, says Nagaraj Shetti of HDFC Securities.

December 01, 2021 / 10:26 PM IST

The market had a strong session on December 1 as the BSE Sensex rallied more than 600 points amid positive global cues and economic data. All sectoral indices, barring Pharma, participated in the run with Nifty Bank, Auto, IT and Metals being the prominent gainers.

The BSE Sensex rallied 619.92 points or 1.09 percent to 57,684.79, while the Nifty50 climbed 183.70 points or 1.08 percent to 17,166.90 and formed a bullish candle on the daily charts.

"A reasonable positive candle was formed on the daily chart with a gap-up opening. The opening upside gap remains unfilled (body gap, not a western gap). Technically, this pattern indicates a formation of pullback rally of a downtrend. Hence, this pullback is expected to be short lived and the weakness could emerge again from the higher levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

"The overall negative chart set-up remains intact and further upside from here could encounter strong overhead resistance around 17,300-17,400 levels in the next 1-2 sessions, before showing another round of weakness from the highs. Immediate support is placed at 17,080 levels," he added.

In the broader space, the Nifty Midcap 100 index gained 1 percent and Smallcap 100 index rose 0.12 percent.

Close

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 17,083.03, followed by 16,999.16. If the index moves up, the key resistance levels to watch out for are 17,231.93 and 17,296.96.

Nifty Bank

The Nifty Bank surged 669.60 points or 1.88 percent to 36,364.90 on December 1. The important pivot level, which will act as crucial support for the index, is placed at 35,964.8, followed by 35,564.7. On the upside, key resistance levels are placed at 36,605.2 and 36,845.5 levels.

Call option data

Maximum Call open interest of 31.57 lakh contracts was seen at 18000 strike, which will act as a crucial resistance level in the December series.

This is followed by 17000 strike, which holds 20.45 lakh contracts, and 17500 strike, which has accumulated 19.33 lakh contracts.

Call writing was seen at 17200 strike, which added 4.33 lakh contracts, followed by 17100 strike which added 3.86 lakh contracts, and 17000 strike which added 2.49 lakh contracts.

Call unwinding was seen at 17600 strike, which shed 21,050 contracts, followed by 16500 strike which shed 6,550 contracts.

Image31122021

Put option data

Maximum Put open interest of 49.74 lakh contracts was seen at 17000 strike, which will act as a crucial support level in the December series.

This is followed by 16000 strike, which holds 31.66 lakh contracts, and 16500 strike, which has accumulated 22.15 lakh contracts.

Put writing was seen at 17000 strike, which added 4.08 lakh contracts, followed by 17100 strike which added 4.02 lakh contracts and 17200 strike which added 3.91 lakh contracts.

Put unwinding was seen at 17500 strike, which shed 94,750 contracts, followed by 17600 strike which shed 10,400 contracts, and 16400 strike which shed 9,300 contracts.

Image41122021

Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks.

Image51122021

70 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.

Image61122021

19 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 top 10 stocks in which long unwinding was seen.

Image71122021

38 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.

Image81122021

62 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.

Image91122021

Bulk deals

IIFL Finance: Smallcap World Fund Inc acquired one crore equity shares in the company at Rs 300 per share; however, Hamblin Watsa Investment Counsel Limited A/C HWIC Asia Fund Class A Shares sold 1,21,65,000 equity shares in the company at Rs 300.04 per share on the BSE, the bulk deals data showed.

Image21122021

(For more bulk deals, click here)

Analysts/Investors Meeting

CARE Ratings: The company's officials will meet Artisan Partners on December 2.

Fine Organic Industries: The company's officials will attend an investor conference hosted by Motilal Oswal and Kotak Securities on December 2.

Mangalam Organics: The company's officials will meet analysts and investors on December 2.

INEOS Styrolution India: The company's officials will meet investors on December 2.

Brigade Enterprises: The company's officials will meet ICICI Prudential Mutual Fund on December 3.

IRIS Business Services: The company's officials will meet IRIS Business Services on December 3.

Gujarat Themis Biosyn: The company's officials will meet Monevcurves Analytics on December 9.

Symphony: The company's officials will meet HDFC AMC on December 9.

Stocks in News

RITES: The Ministry of Railways informed the company that a new line between Belgam and Dharwad via Kittur, a new Shimoga-Shikaripura-Ranebennur line, and Tumkur-Devangere via Chitradurga new line project will not be executed by the company.

Maruti Suzuki India: The company produced 1,45,560 vehicles in November 2021, against 1,50,221 vehicles in November 2020.

Raymond: The company approved Rs 800-crore IPO of its subsidiary JK Files & Engineering.

Infosys: The company announced the extension of its strategic collaboration with Proximus, Belgium's leading digital services and communications solutions provider, to digitally transform, develop, and maintain their IT applications with leading AI and automation solutions.

Mahindra Logistics: The company, and LOGOS, a leading Asia Pacific logistics specialist, have announced a long-term lease agreement for 1.4 million square feet of warehouse facilities at the LOGOS Luhari Logistics Estate in DelhiNCR.

India Grid Trust: A consortium of subsidiaries IndiGrid 1 and IndiGrid 2 has received the Letter of Intent from REC Power Development and Consultancy to establish 'transmission system for evacuation of power from Renewable (RE) projects in Osmanabad area (1 GW) in Maharashtra' on build, own, operate and maintain (BOOM) basis.

Fund Flow

Image101122021

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,765.84 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,467.02 crore in the Indian equity market on December 1, as per provisional data available on the NSE.

Stocks under F&O ban on NSE

One stock - Indiabulls Housing Finance - is under the F&O ban for December 2. 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.
Sunil Shankar Matkar
first published: Dec 1, 2021 09:57 pm
Sections
ISO 27001 - BSI Assurance Mark