Domestic equity market remained under pressure for yet another session due to factors such as caution ahead of the Union Budget, tepid quarterly earnings and mixed global cues.
With a loss of 208 points or 0.50 percent, Sensex ended the session at 41,115.38 while Nifty closed the day at 12,106.90, down 63 points or 0.52 percent. BSE Midcap and Smallcap indices closed 0.32 percent and 0.13 percent lower, respectively.
Nifty continued to consolidate in the range of 11,800-12,500. Market experts said since the index was trading near the upper band of the range, selling pressure has pushed the index towards 12,100 level.
Santosh Meena, Senior Analyst at TradingBells, said the bullish texture of the market has been disturbed but bulls still have hope to make a comeback in 12,100-12,025 zone.
"If Nifty manages to hold this zone then we can expect a pullback where 12,225-12,300 will be immediate supply zone. However, if Nifty slips below 12,100-12,025 zone then it may head towards 11,850-11,700 levels," Meena 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 12,054.87, followed by 12,002.83. If the index moves up, key resistance levels to watch out for are 12,191.97 and 12,277.03.
Nifty Bank closed 0.80 percent down at 30,701.45. The important pivot level, which will act as crucial support for the index, is placed at 30,493.9, followed by 30,286.4. On the upside, key resistance levels are placed at 31,029 and 31,356.6.
Call options data
Maximum call open interest (OI) of 34.76 lakh contracts was seen at the 12,500 strike price. It will act as a crucial resistance level in the January series.
This is followed by 12,300 strike price, which holds 33.73 lakh contracts in open interest, and 12,200, which has accumulated 30.19 lakh contracts in open interest.
Significant call writing was seen at the 12,200 strike price, which added 11.63 lakh contracts, followed by 12,300 strike price that added 5.16 lakh contracts and 12,400 strike that added 5.13 lakh contracts.
Call unwinding was witnessed at 12,700 strike price, which shed 36,375 contracts.
Put options data
Maximum put open interest of 35.47 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the January series.
This is followed by 12,200 strike price, which holds 23.92 lakh contracts in open interest, and 11,800 strike price, which has accumulated 20.28 lakh contracts in open interest.
Put writing was seen at the 12,100 strike price, which added 2.5 lakh contracts, followed by 11,900 strike, which added 2.43 lakh contracts.
Put unwinding was seen at 12,400 strike price, which shed 1.26 lakh contracts, followed by 12,500 strike which shed 42,075 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
49 stocks saw long build-up
Based on open interest (OI) future percentage, here are the top 10 stocks in which long build-up was seen.
6 stocks saw long unwinding
86 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.
4 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
Cholamandalam Investment and Finance Company: The board of the company will meet on January 23 to consider and approve quarterly results and the preferential issue of shares.
Deccan Health Care: The board of the company will meet on January 23 to consider and approve the preferential issue of shares.
GHCL: The board of the company will meet on January 23 to consider and approve the buyback of shares.
GMM Pfaudler: The board of the company will meet on January 23 to consider and approve interim dividend and quarterly results.
Rane Brake Lining: The board of the company will meet on January 23 to consider and approve interim dividend and quarterly results.
Stocks in news
L&T: Q3 profit rises 15.2 percent to Rs 2,352 cr, revenue up 5.9 percent to Rs 36,242.7 cr YoY; order inflow at Rs 41,579 cr.
Axis Bank: Q3 profit increases 4.5 percent to Rs 1,757 cr, NII up 15.2 percent to Rs 6,453 cr YoY, slippages at Rs 5,124 cr.
RBL Bank: Q3 profit dips 69 percent to Rs 70 cr, NII grows 40.8 percent to Rs 922.6 cr YoY, asset quality weakens.
Karnataka Bank: Board will consider raising capital on January 27.
Raymond: Q3 profit jumps to Rs 197 cr versus Rs 40 cr, revenue up 12.5 percent to Rs 1,885 cr versus Rs 1,675 cr YoY.
Ceat: Q3 profit flat at Rs 52.8 cr, revenue rises 1.9 percent to Rs 1,762 cr YoY.
Tata Communications: Q3 profit rises 8.6 percent to Rs 58.5 cr, revenue dips 1 percent to Rs 4,229 cr QoQ.
Oil India: Company filed a plea with Supreme Court on telecom dues claimed by DoT.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 176.43 crore, while domestic institutional investors (DIIs), too, sold shares of worth Rs 326.22 crore in the Indian equity market on January 22, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for January 23. 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.