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Last Updated : Dec 04, 2019 09:15 PM IST | Source: Moneycontrol.com

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

Pivot charts place key support level for Nifty at 11,967.43 and 12,086.83 as key resistance if the index continues moving up.


Equity benchmarks ended in the green on December 4 supported by buying at the fag end of trade on the eve of RBI's monetary policy meet outcome.

Investor sentiment turned positive on news that the US and China were close to signing a trade deal despite the recent heated rhetoric.

Sensex climbed 0.43 percent to close at 40,850, while Nifty reclaimed the psychological mark of 12,000 and closed 0.41 percent higher at 12,043. The BSE Midcap and Smallcap indices ended 0.52 percent and 0.33 percent higher, respectively.

Close

"The market is cautiously awaiting RBI monetary policy outcome tomorrow where it expects the central bank to deliver its sixth rate cut of the year despite higher inflation. A 25 bps rate cut is already factored in by the market and investors would watch out for any surprise on that front and the commentary on the future path," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

"Technically, Nifty formed a bullish candle similar to the bullish piercing line pattern on the daily scale. It took support around the lower end of the channel and 20-EMA on the daily chart for the second consecutive session. Now, it has to hold above 12,000 to witness an up move towards 12,158 and then towards 12,250. Strong support for Nifty is placed at 11,935-11,950 and

11,880 levels,” Khemka said.

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 11,967.43, followed by 11,891.67. If the index continues moving up, key resistance levels to watch out for are 12,086.83 and 12,130.47.

Nifty Bank

Nifty Bank closed 1.16 percent up at 31,979.30. The important pivot level, which will act as crucial support for the index, is placed at 31,609.6, followed by 31,239.9. On the upside, key resistance levels are placed at 32,183.4 and 32,387.5.

Call options data

Maximum call open interest (OI) of 18.82 lakh contracts was seen at the 12,500 strike price. It will act as a crucial resistance level in the December series.

This is followed by 12,000 strike price, which holds 18.41 lakh contracts in open interest, and 12,100, which has accumulated 12.55 lakh contracts in open interest.

Significant call writing was seen at the 12,400 strike price, which added 1.83 lakh contracts, followed by 12,000 strike price that added 78,225 contracts and 12,300 strike which added 69,375 contracts.

Call unwinding was witnessed at 12,200 strike price, which shed 31,800 contracts, followed by 12,100 which shed 30,450 contracts.

Image 1

Put options data

Maximum put open interest of 31.87 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the December series.

This is followed by 11,500 strike price, which holds 24.19 lakh contracts in open interest, and 11,800 strike price, which has accumulated 19.20 lakh contracts in open interest.

Put writing was seen at the 11,800 strike price, which added nearly 99,525 contracts, followed by 11,900 strike, which added 99,375 contracts.

Put unwinding was seen at 12,200 strike price, which shed 22,725 contracts, followed by 12,500 strike which shed 8,625 contracts and 12,400 which shed 7,125 contracts.

Image 2

Stocks with a high delivery percentage

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

High delivery

89 stocks saw long buildup

Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.

Long Buildup

6 stocks saw long unwinding

Long Unwinding

 

32 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.

Short buildup

22 stocks witnessed short-covering

As per available data, 22 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering. Based on open interest (OI) future percentage, here are the top 10 stocks in which short-covering was seen.

Short covering

Bulk deals

Bulk Deal

(For more bulk deals, click here)

Upcoming analyst or board meetings/briefings

The respective boards of Munoth Financial Services, Mideast Portfolio Management, Mayukh Dealtrade, KEI Industries, Bank of India and Allcargo Logistics will meet on December 5 for general purposes.

The respective boards of Ceejay Finance, Inventure Growth & Security and Khaitan India will meet on December 5 for quarterly results.

The board of Manpasand Beverages will meet on December 5 to consider and approve audited financial results along with the audited report for the fourth quarter and year ended March 31, 2019.

Stocks in the news

Vedanta: The board of the company approved raising up to Rs 3,000 crore via NCDs.

HDFC AMC: The company is to use a greenshoe option for 0.86 percent more stake sale via offer for sale.

Gayatri Projects: The company's subsidiary is to sell a 5.95 percent stake in Sembcorp Energy for Rs 410 crore.

Bharti Airtel: The board approved raising up to $3 billion via debt and equity.

SBI: The board of the lender approved selling up to 8.25 percent stake in UTI AMC through IPO by way of offer for sale.

FII and DII data

Foreign institutional investors (FIIs) sold shares worth Rs 781.06 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 904.13 crore in the Indian equity market on December 4, provisional data available on the NSE showed.

Fund flow

Fund Flow

Stock under F&O ban on NSE

Yes Bank is under the F&O ban for December 5. 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.

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First Published on Dec 4, 2019 08:10 pm
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