A positive global sentiment, underpinned by hopes of a trade deal between the US and China, extended to the Indian market as the benchmarks Sensex and Nifty registered record closing highs on Wednesday, November 27.
"Market was cheerful with hopes that the government will consider new scrappage policy while metals were positive about developments of first phase US-China trade deal. Rate sensitive stocks like banks did well in expectation of a rate cut by the RBI. The market is expecting more measures from the government which may consider an industry-specific policy to support growth," said Vinod Nair, Head of Research at Geojit Financial Services.
Renewed buying interest was seen towards the end of the session that pushed Nifty beyond the daily upper Bollinger Band. Experts think the Bands are now about to get into an expansion phase. This will assist the price action on the way up.
"On the daily chart, Nifty has formed an inside bar today, for which the breakout level is at 12,133. Fresh buy positions can be initiated once the level of 12,133 gets taken out. The subsequent target on the upside will be 12,350. On the downside, the range of 12,030-12,000 will act as a key support zone for any minor dip," said Gaurav Ratnaparkhi, Senior Technical Analyst
at Sharekhan by BNP Paribas.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
Nifty ended the day with a gain of 0.52 percent at 12,100.70. According to the pivot charts, key support level for Nifty is placed at 12,065.63, followed by 12,030.57. If the index continues moving up, key resistance levels to watch out for are 12,125.33 and 12,149.97.
Nifty Bank closed 0.50 percent up at 31,875.95. The important pivot level, which will act as crucial support for the index, is placed at 31,768, followed by 31,660.1. On the upside, key resistance levels are placed at 31,950.3 and 32,024.7.
Call options data
Maximum call open interest (OI) of 29.90 lakh contracts was seen at the 12,100 strike price. It will act as a crucial resistance level in November series.
This is followed by 12,200 strike price, which holds 25.42 lakh contracts in open interest, and 12,000, which has accumulated 21.59 lakh contracts in open interest.
Significant call writing was seen at the 12,200 strike price, which added 2.89 lakh contracts, followed by 12,100 strike price that added 1.18 lakh contracts and 12,500 strike which added 1.14 lakh contracts.
Call unwinding was witnessed at 12,400 strike price, which shed 3.43 lakh contracts, followed by 12,000 which shed 3.06 lakh contracts.
Put options data
Maximum put open interest of 45.48 lakh contracts was seen at 12,000 strike price, which will act as crucial support in November series.
This is followed by 11,900 strike price, which holds 28.88 lakh contracts in open interest, and 12,100 strike price, which has accumulated 26.64 lakh contracts in open interest.
Put writing was seen at the 12,100 strike price, which added 13.22 lakh contracts, followed by 12,200 strike, which added 1.56 lakh contracts.
Put unwinding was seen at 11,600 strike price, which shed 4.50 lakh contracts, followed by 11,800 strike which shed 2.86 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
107 stocks saw long buildup
Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
No stock saw long unwinding
There was not a single stock which witnessed long unwinding on November 27.
42 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.
2 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short covering.
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Upcoming analyst or board meetings/briefings
The respective boards of Frontier Capital, Talwalkars Healthclubs and OCL Iron and Steel will meet on November 28 to consider and approve quarterly results.
The board of Gogia Capital Services will meet on November 28 for general purpose.
The respective boards of Blueblood Ventures, Devoted Construction and Mac Hotels will meet on November 28 to consider and approve their half-yearly results.
Stocks in news
Satin Creditcare: Morgan Stanley sold 2.38 lakh shares (0.46 percent equity) on November 25 via the open market.
Shiva Cement: JSW Cement raised the capacity target to 25 mtpa by 2023, with total capex investment of Rs 2,875 crore.
Rane Holdings: ICRA reaffirmed long-term rating to Rs 50 crore bank facilities of the company at AA- with stable outlook.
BSE Limited: Board approved selling 4 percent stake in CDSL via offer for sale.
Autoline Industries: The company entered into an agreement with Kinetic Green Energy and Power Solutions for E-cycles.
Enkei Wheels: The company entered into Joint Venture Agreement with Nikkei MC Aluminium Co (Japan), Century Metal Recycling, Enkei Corporation (Japan).
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 42.93 crore, while domestic institutional investors (DIIs) also bought shares of worth Rs 439.51 crore in the Indian equity market on November 27, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for November 28. 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.