The Nifty failing to sustaining above the resistance of 12,270-12,280 levels in the short term could drag it down to the lower supports, Nagaraj Shetti of HDFC Securities said.
The market continued its rally for the second consecutive session on February 12 after the positive momentum in global peers amid reports that the risk of coronavirus spreading further is fading away.
The BSE Sensex climbed 349.76 points to 41,565.90, while the Nifty50 rose 93.30 points to 12,201.20 and formed a bullish candle on daily charts.
"The underlying trend of Nifty continues to be positive. A sustainable move above the next overhead resistance of 12,272 (swing high of January 24) could increase the chances of Nifty moving into new all-time highs, just above 12,430 levels," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
"The Nifty failing to sustaining above the resistance of 12,270-12,280 levels in the short term could drag it down to the lower supports. Immediate support is placed at 12,160 levels," he added.
The market breadth was in favour of bears which indicated caution ahead of IIP and CPI data announced later in the day.
Retail inflation in January rose to 7.59 percent against 7.35 percent in December, while industrial output contracted 0.3 percent in December, against a growth of 1.8 percent in November.
About three shares declined for every two shares advancing on exchanges.
"The impact of coronavirus has already affected the supply chains and factory activities across the globe, but the ground reality is improving in China and we can expect improvement in the next quarter. The domestic market is awaiting the January inflation and consensus show a spike in inflation which is expected to impact rate-sensitive stocks," Vinod Nair- Head of Research at Geojit Financial Services said.
Among sectors, Nifty Bank, Auto, IT and Metal indices gained more than half a percent each, while FMCG climbed 1.88 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 12,153.07, followed by 12,104.93. If the index moves up, key resistance levels to watch out for are 12,240.57 and 12,279.93.
Nifty Bank closed at 31,492.90, up 0.61 percent. The important pivot level, which will act as crucial support for the index, is placed at 31,397.87, followed by 31,302.83. On the upside, key resistance levels are placed at 31,588.27 and 31,683.63.
Call options data
Maximum Call open interest (OI) of 27.37 lakh contracts was seen at the 12,500 strike price. It will act as a crucial resistance level in the February series.
This is followed by 12,400 strike price, which holds 20.20 lakh contracts in open interest, and 12,300, which has accumulated 16.42 lakh contracts in open interest.
Significant Call writing was seen at the 12,400 strike price, which added 1.22 lakh contracts, followed by 12,300 strike price that added 0.61 lakh contracts.
Call unwinding was witnessed at 12,100 strike price, which shed 1.61 lakh contracts, followed by 12,000 strike which shed 1.27 lakh contracts and 11,900 strike which shed 0.51 lakh contracts.
Put options data
Maximum Put open interest of 40.35 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the February series.
This is followed by 11,800 strike price, which holds 22 lakh contracts in open interest, and 11,700 strike price, which has accumulated 19.74 lakh contracts in open interest.
Put writing was seen at the 12,000 strike price, which added 6.09 lakh contracts, followed by 12,200 strike, which added 5.17 lakh contracts and 12,100 strike which added 2.1 lakh contracts.
Put unwinding was seen at 11,500 strike price, which shed 1.83 lakh contracts, followed by 11,600 strike, which shed 0.54 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
44 stocks saw long build-up
29 stocks saw long unwinding
Based on open interest (OI) future percentage, here are 10 stocks in which long unwinding was seen.
37 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.
33 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.
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Results on February 13
BPCL, Vodafone Idea, Apollo Hospitals Enterprise, Adani Transmission, Viceroy Hotels, HOEC, Polyplex Corporation, Lux Industries, Jaiprakash Associates, Sunflag Iron, Time Technoplast, GMDC, Cords Cable, Vadilal Industries, Sanghvi Movers, Kohinoor Foods, MM Forgings, Tribhovandas Bhimji Zaveri, Aksh Optifibre, Malu Paper Mills, Burnpur Cement, TNPL, Tera Software, Tantia Constructions, IFCI, Hindustan Aeronautics, Premier Explosives, PBA Infrastructure, Shreyas Shipping, GMR Infrastructure, Arshiya, Tilaknagar Industries, SJVN, Allcargo Logistics, Signet Industries, Deccan Cements, HIL, S Chand and Company, Mcleod Russel, MIRC Electronics, Autoline Industries, Future Retail, Godrej Industries, Winsome Yarns, Page Industries, Talbros Automotive, Igarashi Motors, Ruby Mills, Gillette India, Jindal Poly Films, Hindustan Copper, Tanla Solutions, Vardhman Textiles, ITDC, PC Jeweller, Dhanuka Agritech, Atul Auto, Bombay Burmah Trading Corporation, Marathon Nextgen Realty, Shree Renuka Sugars, Skipper, Vakrangee, Mukta Arts, Himadri Speciality Chemical, Lovable Lingerie, Mawana Sugars, Gujarat State Petronet, Asian Granito India, KNR Constructions, Phillips Carbon Black, Lincoln Pharmaceuticals, Suven Life Sciences, Arrow Greentech, Lemon Tree Hotels, Mercator, Deepak Fertilizers, Gujarat Industries Power Company.
Stocks in news
Ashok Leyland: Q3 profit falls 93% to Rs 27.7 cr, revenue dips 36.5% to Rs 4,015.6 cr YoY.
Torrent Power: Q3 profit rises 77% to Rs 419.4 cr, revenue declines 5.4% to Rs 3,079 cr YoY.
NBCC: Q3 profit slips 40.8% to Rs 49.5 cr, revenue falls 20.9% to Rs 1,930 cr YoY.
Pricol: Q3 loss at Rs 55.1 cr versus a loss of Rs 13 cr, revenue dips 14.3% to Rs 286.13 cr YoY.
Balaji Telefilms: Q3 profit at Rs 13.8 cr versus a loss of Rs 27.31 cr, revenue jumps 95.1% to Rs 187.9 cr YoY.
Future Lifestyle: Q3 profit falls 8.3% to Rs 59.2 cr, revenue rises 2.9% to Rs 1,742.2 cr YoY.
Nagarjuna Fertilizers: Q3 loss at Rs 112 cr versus a loss of Rs 179.1 cr, revenue jumps 209.5% to Rs 450 cr YoY.
PNC Infratech: Company bags a hybrid annuity highway project worth Rs 2,052 cr in Uttar Pradesh.
Yes Bank: India Ratings cut long-term issuer rating to 'A-' from 'A', citing delayed fundraising.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 48.81 crore, and domestic institutional investors (DIIs) purchased shares of worth Rs 339.19 crore in the Indian equity market on February 12, provisional data available on the NSE showed.
One stock under F&O ban on NSEYes Bank is under the F&O ban for February 13. 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.