Moneycontrol
Last Updated : Nov 21, 2018 08:45 PM IST | Source: Moneycontrol.com

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

Put unwinding was seen at the strike price of 10,200, which shed 4.79 lakh contracts, followed by 10,700 which shed 3.90 lakh contracts and 10,500 which shed 3.87 lakh contracts.

Sunil Shankar Matkar

The market extended losses for the second consecutive session on Wednesday following global weakness and dragged by technology stocks.

The Nifty50 fell near 10,550 levels but showed some recovery in later part of the session and defended 10,600 levels. The index lost 56.20 points to close at 10,600 while the Sensex fell 274.71 points to 35,199.80.

The consistent sell-off amid volatility indicated that cautious approach would be prudent strategy now, experts said.

"On the way down, the Nifty broke the support zone of 10,650-10,630, which is not an amusing indication from near term perspective. The hourly chart shows that the selling pressure got absorbed near lower end of a reverse rising channel where the index hovered in the second half," Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas told Moneycontrol.

He said overall structure shows that there aren't sufficient signs to consider a trend reversal yet; however the bulls need to push harder in order to gain the control again.

Hence, a cautious approach would be prudent in the current market scenario, he advised.

The broader markets outperformed frontliners with the Nifty Midcap index rising half a percent. India VIX moved up by 0.45 percent to 19.41 levels.

We have collated the top 15 data points to help you spot profitable trades:

Key support and resistance level for Nifty

The Nifty closed at 10,600 on Wednesday. According to Pivot charts, the key support level is placed at 10,551.1, followed by 10,502.2. If the index starts moving upwards, key resistance levels to watch out are 10,660.1 and then 10,720.2.

Nifty Bank

The Nifty Bank index closed at 26,262.05, up 148.70 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,101.1, followed by 25,940.1. On the upside, key resistance levels are placed at 26,382.6, followed by 26,503.1.

Call Options Data

Maximum Call open interest (OI) of 36.03 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the November series.

This was followed by the 10,800 strike price, which now holds 33.26 lakh contracts in open interest, and 10,700, which has accumulated 32.93 lakh contracts in open interest.

Maximum Call writing was seen at the strike price of 10,600, which added 8.49 lakh contracts, followed by 10,700, which saw the addition of 5.12 lakh contracts and 11,000 which added 1.76 lakh contracts.

Maximum Call unwinding was seen at the strike price of 10,800, which shed 2.87 lakh contracts, followed by 10,900 which shed 0.86 lakh contracts and 11,100 which shed 0.73 lakh contracts.

Image321112018

Put Options data

Maximum Put open interest of 31.13 lakh contracts was seen at the 10,500 strike price. This will act as a crucial support level for the November series.

This was followed by the 10,600 strike price, which now holds 28.04 lakh contracts in open interest, and the 10,200 strike price, which has now accumulated 26.64 lakh contracts in open interest.

Put writing was seen at the strike price of 10,600, which added 1.56 lakh contracts.

Put unwinding was seen at the strike price of 10,200, which shed 4.79 lakh contracts, followed by 10,700 which shed 3.90 lakh contracts and 10,500 which shed 3.87 lakh contracts.

Image421112018

FII & DII data

Foreign institutional investors (FIIs) sold shares worth Rs 1,652.04 crore while domestic institutional investors net bought Rs 606.73 crore worth of shares in the Indian equity market on Wednesday, as per provisional data available on the NSE.

Fund Flow Picture

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Stocks with high delivery percentage

High delivery percentage suggests that investors are accepting delivery of the stock, which means that investors are bullish on it.

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85 stocks saw a long buildup

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53 stocks saw short covering

A decrease in open interest along with an increase in price mostly indicates short covering.

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52 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.

Image821112018

16 stocks saw long unwinding

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Bulk Deals

GSS Infotech: Sarvottam Securities Private Limited bought 1,00,000 shares of the company at Rs 123 per share on the NSE.

Manaksia Steels: Payal Agrawal purchased 3,78,214 shares of the company at Rs 24.18 per share on the NSE.

Veto Switchgear Cable: Pushpa Devi Gurnani bought 1,55,000 shares of the company at Rs 74.69 per share on the NSE.

(For more bulk deals, click here)

Analyst or Board Meet/Briefings

Tata Steel: Company's officials will be meeting Rare Enterprises on November 22 at Mumbai; and Finisterre on November 26 and BNP Asset Management on November 27 at London.

Maithan Alloys: Company's officials will be meeting analysts/investors on November 22 at Mumbai.

Aurionpro Solutions: Company is organising Customer Experience Centre visit and Management meetings with investors and analysts (participants) on November 26.

Blue Star: Company is organising Investors Meet on November 27 at Mumbai.

Zensar Technologies: Company to host Investor and Analyst Day 2018 on November 28 in Mumbai.

CG Power and Industrial Solutions: Company's officials will be meeting Reliance MF, Sell side analysts on November 22, and HDFC MF on November 23.

MIRC Flectronics: Company's officials will be meeting analysts/investors on November 22.

Dion Global Solutions: Annual General Meeting will be held on December 14.

Stocks in news

Huhtamaki PPL: The company received closure directions from Maharashtra Pollution Control Board (MPCB) for its manufacturing activities, within 72 hours and take all precautionary measures for safe closure, in relation to its Thane Plant. The company has filed a Writ Petition in the Bombay High Court on 21st November 2018, challenging and setting aside the closure direction.

GMR Infrastructure: Kakinada Gateway Port Limited (KGPL), a subsidiary of Kakinada SEZ (KSEZ), has signed the Concession Agreement with the Andhra Pradesh Government for development of a

green-field commercial port on design, build, finance, operate and transfer (DBFOT) basis in Kona Village, East Godavari District, Andhra Pradesh.

GAIL: Deoghar, Sheikhpura and Jamui districts will be included within the 50 Geographical Areas under the 10th bidding round of City Gas Distribution to be launched by Prime Minister Narendra Modi on November 22. Company's Jagadishpur — Haldia —- Bokaro — Dhamra pipeline project will serve as the feeder source for natural gas supply to the proposed city gas project at Deoghar, Sheikhpura and Jamui districts, in addition to maintaining supplies to various fertilizer and industrial units enroute.

Deepak Fertiliser and Petrochemicals Corporation: Income Tax Department completed its search & seizure operations at company's premises.

Indoco Remedies: ICRA has reaffirmed rating at A+ for the long term borrowing programme of the company. The outlook on the long term rating is 'Stable'. The short term rating has been revised from A1+ to A1.

IL&FS Transportation: Interest due & payable on November 21 on NCD not paid due to insufficient funds.

Rasoi: Board of Directors considered offer to delist the equity shares of the company. Rs 25,408 is the floor price per equity share for the delisting offer.

Redington India: Redington Gulf FZE, (Redington Gulf) a step-down subsidiary of the company, had acquired additional 24.8 percent stake in Citrus Consulting Services FZ LLC (Citrus), its subsidiary company. With this acquisition, the total holding of Redington Gulf in Citrus had increased from 60 percent to 84.8 percent.

5 stocks under ban period on NSE

Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

For November 22, 2018, Adani Enterprises, Adani Power, DHFL, Jet Airways and PC Jeweller are present in this list.

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First Published on Nov 21, 2018 08:43 pm
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