The Indian market consolidated in a narrow range on December 24 ahead of Christmas and December series expiry amid muted global cues.
BSE Sensex was down 181 points to 41,461 while the Nifty50 fell 48 points to close at 12,215.
Nifty witnessed some selling pressure towards the end of the session that dragged the index down towards the junction of the 40-hour exponential moving average and the hourly lower Bollinger Band.
"The hourly chart shows that the Nifty has reached the lower end of a sideways channel that can offer additional support. Thus 12,210-12,200 becomes a key support zone for the near-term. A leap from this support zone can push the benchmark index towards 12,350," 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
According to the pivot charts, the key support level for Nifty is placed at 12,183.17, followed by 12,151.83. If the index moves up, key resistance levels to watch out for are 12,264.77 and 12,315.03.
Nifty Bank
Nifty Bank closed 0.18 percent down at 32,280.75. The important pivot level, which will act as crucial support for the index, is placed at 32,221.17, followed by 32,161.53. On the upside, key resistance levels are placed at 32,365.37 and 32,449.94.
Call options data
Maximum call open interest (OI) of 34.12 lakh contracts was seen at the 12,300 strike price. It will act as a crucial resistance level in the December series.
This is followed by 12,400 strike price, which holds 19.4 lakh contracts in open interest, and 12,200, which has accumulated 17.33 lakh contracts in open interest.
Significant call writing was seen at the 12,300 strike price, which added 5.23 lakh contracts, followed by 12,200 strike price that added 3.8 lakh contracts.
Call unwinding was witnessed at the 12,500 strike price, which shed 3.18 lakh contracts, followed by 12,000 that shed 2.55 lakh contracts and 12,400 strike price that shed 2.44 lakh contracts.
Put options data
Maximum put open interest of 30.51 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the December series.
This is followed by the 12,200 strike price, which holds 28.33 lakh contracts in open interest, and 11,800 strike price, which has accumulated 24 lakh contracts in open interest.
There was no put writing but put unwinding was seen at 11,800 strike that shed 7.66 lakh contracts, followed by 12,300 strike that shed 7.61 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
12 stocks saw long buildup
65 stocks saw long unwinding
Based on open interest (OI) future percentage, here are the top 10 stocks in which long unwinding was seen.
25 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.
47 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.
Bulk deals
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Upcoming analyst or board meetings/briefings
The board of Khaitan India will meet on December 26 to consider and approve quarterly results.
The respective boards of Vintron Informatics, Sai Moh Auto Links, Genesis Ibrc India, Earum Pharmaceuticals, Anjani Foods, Akshar Spintex and Aanchal Ispat will meet on December 26 for general purposes.
Stocks in the news
Yes Bank: Brickwork Ratings has downgraded the ratings of Yes Bank’s lower Tier II Bonds, from ‘BWR AA-’ to ‘BWR A’, and of upper Tier II Bonds, hybrid Tier I Bonds and innovative perpetual debt instruments from ‘BWR A+’ to ‘BWR A-’. The outlook continues as negative.
HCL Technologies: The company has announced an expansion in Canada with a global delivery center in Moncton, New Brunswick.
Lupin: The company's Ankleshwar facility has won Frost & Sullivan's India manufacturing excellence awards 2019.
Bharti Infratel: Bharti Infratel, Indus Towers merger long stop date extended to February 24, 2020.
Navneet Education: Anil Swarup's designation changed to a non-independent & non-executive director.
Stampede Capital: The company approved the resolution for the re-classification of the promoter Meenavalli Venkat Srinivas.
Apollo Pipes: The company said Ramesh Chandra Jindal has resigned as an independent director of the company.
Federal Bank: The bank's board has approved an investment of Rs 22 lakh in Kerala lnfrastructure Fund Management Ltd. (KIFML) which is more than 5 percent of the paid-up capital of KIFML.
IDBI Bank: CARE has assigned the rating of 'CARE A+/ Stable' for Basel III compliant Tier II Bonds & 'CARE A1+' for Certificate of Deposit.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 114.38 crore, and domestic institutional investors (DIIs), too, sold shares of worth Rs 345.22 crore in the Indian equity market on December 24, provisional data available on the NSE showed.
Fund flow
One stock under F&O ban on NSE
Dish TV is under the F&O ban for December 26. 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.
