According to the pivot charts, the key support level for Nifty is placed at 11,423.07, followed by 11,382.13.
Buying in financial, energy and IT counters in late trade on October 16 helped benchmark indices end the trading session on a positive note.
The 30-share BSE Sensex rose 92.90 points to 38,598.99 while the Nifty50 climbed 35.70 points to 11,464, forming a Doji kind of pattern on daily charts.
"The underlying trend of Nifty continues to be positive amidst a range movement. Further upside from here could encounter a strong overhead resistance of around 11,600 levels in the near term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.
Any weakness below 11,400 levels could open up a downward correction in the short term, he said.
Shrikant Chouhan, Senior Vice-President, Equity Technical Research at Kotak Securities said it could be another volatile day for D-Street on October 17.
"We need to focus on strong companies to reduce risks that arise out of volatility," he added.
The broader markets were mixed with Nifty Midcap index falling 0.15 percent while Smallcap index gained 0.37 percent.
We have collated 15 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 11,423.07, followed by 11,382.13. If the index starts moving up, key resistance levels to watch out for are 11,492.97 and 11,521.93.
Nifty Bank closed with marginal loss of 16.30 percent at 28,538.80. The important pivot level, which will act as crucial support for the index, is placed at 28,309.7, followed by 28,080.6. On the upside, key resistance levels are placed at 28,763.6 and 28,988.4.
Call options data
Maximum call open interest (OI) of 23.89 lakh contracts was seen at 12,000 strike price. It will act as a crucial resistance level in the October series.
This is followed by 11,500 strike price, which holds 21.66 lakh contracts in open interest; and 11,700, which has accumulated 19.52 lakh contracts in open interest.
Minor call writing was seen at the 11,900 strike price, which added 0.58 lakh contracts, followed by 11,500 strike that added 0.27 lakh contracts.
Call unwinding was seen at the 11,300 strike price, which shed 1.29 lakh contracts, followed by 11,000 strike which shed 0.72 lakh contracts and 11,600 which shed 0.46 lakh contracts.
Put options data
Maximum put OI of 29.62 lakh contracts was seen at 11,000 strike price, which will act as crucial support in October series.
This is followed by 11,400 strike price, which holds 17.49 lakh contracts in open interest; and 11,200 strike price, which has accumulated 16.76 lakh contracts in OI.
Put writing was seen at the 11,400 strike price, which added 2.23 lakh contracts, followed by 11,500 strike price, which added 1.4 lakh contracts and 11,300 which added 1.12 lakh contracts.
Put unwinding was seen at the 11,000 strike price, which shed 1.18 lakh contracts, followed by 10,700 strike which shed 0.5 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
37 stocks saw long buildup
50 stocks witnessed short-coveringAs per available data, 50 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering. Based on the lowest open interest (OI) future percentage point, here are the top 10 stocks in which short-covering was seen.
34 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.
30 stocks saw long unwindingBased on the lowest open interest (OI) future percentage point, here are the top 10 stocks in which long unwinding was seen.
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Upcoming analyst or board meetings/briefings
Dishman Carbogen Amcis: Board meeting is scheduled on October 23 to consider July-September quarter results.
ICICI Securities: Board meeting is scheduled on October 22 to consider July-September quarter results.
Shree Cement: Board to consider raising of funds by way of issuance of equity shares on October 19.
Bajaj Consumer Care: Company will participate in the earning conference call organized by ICICI Securities on October 18 with regard to the financial results for the quarter ended September 30, 2019.
Rane (Madras): Board meeting convened on October 21 to consider further fund raising plan.
SREI Infrastructure Finance: Board meeting is scheduled on November 11 to consider July-September quarter results.
Tata Elxsi: Investors' Conference call on Q2 FY20 results will be held on October 22.
HPCL: Board meeting is scheduled on November 7 to consider July-September quarter results.
Stocks in news
Results on October 17: Zee Entertainment Enterprises, South Indian Bank, Cyient, Adroit Infotech, Automotive Stampings, Dewan Housing Finance Corporation, 3i Infotech, Larsen & Toubro Infotech, TVS Motor Company, PVR, Mastek, Shemaroo Entertainment, Jay Bharat Maruti, Chennai Petroleum Corporation.
Mindtree: Q2 consolidated profit jumps 45.6 percent to Rs 135 crore versus Rs 92.7 crore QoQ, revenue rises 4.4 percent to Rs 1,914.3 crore versus Rs 1,834.2 crore QoQ.
Nalco: Acute coal shortage affects company's smelter plant operation.
Quess Corp: Company acquired 49 percent stake Trimax Smart Infraprojects for a consideration of Rs 13 crore.
Zee Entertainment: VTB Capital acquired rights to dispose 10.71 percent equity held by Essel Media in company on October 11.
NCC Finance: Shareholders approve voluntary liquidation of company under IBC.
Edelweiss Financial: Competition Commission of India approved Kora Master Fund LP's investment of up to 10 percent ($75 million) in Edelweiss Securities.
Bajaj Consumer: HDFC MF acquired 7.75 lakh shares (5.25 percent equity) in company via open market.
Cox & Kings: Interest due on October 15 on NCD was not paid to debenture holders.
Transformers and Rectifiers India: Company bagged orders worth Rs 158 crore.
Zuari Agro Chemicals: NPK Plant have been shut down due to non availability of raw material.
RMC Switchgears: Company stood as L1 bidder in MGVCL Tender for FRP fencing.
Suven Life Sciences: CRISIL has assigned A rating to company's long-term bank facilities and placed on ‘Rating Watch with Positive Implications'
KNR Constructions: NHAI has notified that the Concession Agreement for KNR Chidambaram Infra Private Limited is deemed terminated w.e.f. April 11, 2019.
Deepak Fertilisers: Company will consider allotment of first tranche of FCCBs of up to $15 million to IFC.
FII & DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 686.33 crore, while domestic institutional investors (DIIs) purchased shares of worth Rs 1,576.73 crore in the Indian equity market on October 16, as per provisional data available on the NSE.
No stock under ban period on NSEFor October 17, not a single stock is under F&O ban. Securities in ban period under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.