The market maintained its upward journey for the seventh consecutive session and ended at a fresh record closing high, not only on the benchmark indices but also on Bank Nifty on November 30, ahead of the weekly expiry. The consistent buying interest from FIIs and positive global cues supported the market.
The BSE Sensex rose 418 points to 63,100, while the Nifty50 jumped 140 points to 18,758 and formed a bullish candle on the daily charts with higher highs formation for the sixth straight session.
"A long bull candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates a continuation of upside momentum in the market," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Though the Nifty is placed near the higher top of around 18,800 levels, there is no indication of a reversal pattern forming at the highs, he says.
Immediate support is placed at 18,680 levels and the upside target remains intact around 18,950-19,000 levels (0.786 percent Fibonacci extension), the market expert said.
On the broader markets front, the Nifty Midcap 50 and Midcap 100 indices gained 1 percent each, while Smallcap 100 index rose six-tenth of a percent.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data, and not just of the current month.
Key support and resistance levels on the Nifty
As per the pivot charts, the key support level for the Nifty is placed at 18,654, followed by 18,607 and 18,531. If the index moves up, the key resistance levels to watch out for are 18,806 followed by 18,854 and 18,930.
The Nifty Bank climbed 178 points to end at a record closing high of 43,231 on Wednesday and formed a small-bodied bullish candle on the daily charts. The important pivot level, which will act as crucial support for the index, is placed at 42,975, followed by 42,868 and 42,696 levels. On the upside, key resistance levels are placed at 43,320 followed by 43,427 and 43,600 levels.
We have continued to see the maximum Call open interest at 19,000 strike, with 35.58 lakh contracts, which can act as a crucial resistance level in the December series.
This is followed by 20,000 strike, which holds 24.9 lakh contracts, and 18,500 strike, which have more than 21.15 lakh contracts.
Call writing was seen at 18,700 strike, which added 1.73 lakh contracts, followed by 19,400 strike, which added 1.37 lakh contracts, and 18,900 strike which added 1.32 lakh contracts.
Call unwinding was seen at 18,500 strike, which shed 92,200 contracts, followed by 18,800 strike which shed 91,900 contracts and 19,000 strike which shed 88,950 contracts.
We have seen a maximum Put open interest at 18,000 strike, with 39.13 lakh contracts which can act as a crucial support level in the December series.
This is followed by 18,500 strike, which holds 30.34 lakh contracts, and 17,000 strike, which has accumulated 29.11 lakh contracts.
Put writing was seen at 18,700 strike, which added 4.74 lakh contracts, followed by 18,500 and 18,800 strikes, which added 2.88 lakh contracts each.
Put unwinding was seen at 17,300 strike, which shed 1.32 lakh contracts, followed by 17,400 strike which shed 1.21 contracts and 18,000 strike which shed 1.13 lakh contracts.
A high delivery percentage suggests that investors are showing interest in these stocks. We have seen the highest delivery in ITC, HDFC Bank, Alkem Laboratories, Ipca Laboratories, and Voltas, among others.
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, we have seen a long build-up in 81 stocks on Wednesday, including TVS Motor Company, Ashok Leyland, Shriram Transport Finance, Gujarat Gas, and Tata Communications.
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, 15 stocks have seen long unwinding on Wednesday including Punjab National Bank, L&T Technology Services, Sun Pharma, Dabur India, and Delta Corp.
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, we have seen a short build-up in 18 stocks on Wednesday including Canara Bank, ABB India, Voltas, Crompton Greaves Consumer Electrical, and L&T Infotech.
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, we have 81 stocks in the short-covering list on Wednesday include Indraprastha Gas, Bajaj Auto, Marico, ICICI Prudential Life Insurance, and Hindustan Unilever.
ABB India, Bajaj Holdings and Investments, Tube Investments of India, Varun Beverages: Singapore-based investment company Integrated Core Strategies (Asia) Pte Ltd sold 10.9 lakh shares in ABB India via open market transactions at an average price of Rs 2,997.22 per share. Also it sold 5.83 lakh shares in Bajaj Holdings and Investments at an average price of Rs 6,266.25 per share, offloaded 17.35 lakh shares in Tube Investments at an average price of Rs 2,766.83 per share, and 48.06 lakh shares in Varun Beverages at an average price of Rs 1,245.01 per share. The total selling was worth Rs 1,771 crore.
Easy Trip Planners: I-Shares Core Emerging Markets Mauritius Company picked more than 1.1 percent stake in an online travel company via open market transactions as it bought 24.82 lakh shares at an average price of Rs 62.98 per share.
Indian Hotels Company: Government of Singapore Investment Corporation Pte Ltd A/C C Account purchased 94.74 lakh shares in the hotel company at an average price of Rs 321.77 per share. However, Integrated Core Strategies (Asia) Pte Ltd sold 1.44 crore shares at an average price of Rs 321.47 per share. In addition, BNP Paribas Arbitrage sold 71.94 lakh shares in Indian Hotels at an average price of Rs 321.83 per share, against its holding in the company. which was 1.49 crore shares or 1.06 percent, as of September 2022.
Likhitha Infrastructure: Ace investor Ashish Kacholia acquired 3.97 lakh shares (2 percent stake) in the infrastructure company at an average price of Rs 386 per share. Himalaya Finance and Investment also bought 1.92 lakh shares at the same price. However, promoter Srinivasa Rao Gaddipati offloaded 7.79 lakh shares or a 3.95 percent stake in the company at an average price of Rs 386.88 per share.
Nureca: Mauritius-based hedge fund Hornbill Orchid India Fund sold 97,000 shares or 0.97 percent stake in the B2C company at an average price of Rs 518.32 per share. Hornbill Orchid had held a 1.44 percent stake (1.44 lakh shares) in the company as of September 2022.
PC Jeweller: Capri Global Holdings bought 40 lakh shares in the jewellery company at an average price of Rs 78.5 per share, which is equivalent to 0.86 percent shareholding.
TVS Motor Company: Government of Singapore Investment Corporation Pte Ltd A/C C Account bought 24.69 lakh shares in the two-wheeler maker at an average price of Rs 1,047.81 per share. However, Integrated Core Strategies (Asia) Pte Ltd sold 39.77 lakh shares at an average price of Rs 1,046.69 per share.
Zomato: Foreign investor Alipay Singapore Holding Pte Ltd has sold 26.28 crore shares in the food delivery giant at an average price of Rs 62.06 per share, which was worth Rs 1,631.4 crore. It held a 6.7 percent stake or 55.89 crore shares in Zomato as of September 2022. However, Camas Investments Pte Ltd, the subsidiary of Singapore-based sovereign wealth fund Temasek, picked 9.8 crore shares in the company at an average price of Rs 62 per share.
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Investors Meetings on December 1
Havells India: Officials of the company will participate in the 11th Goldman Sachs India CIO tour.
Hindustan Zinc: Officials of the company will interact with prospective investors via non-deal road shows, for disinvestment of residual government's shareholding in the company.
Global Health: Officials of the company will interact with representatives of Ward Ferry.
Voltas: Officials of the company will interact with Bank of Morgan Stanley Investment Management, and Fidelity International.
HPL Electric & Power: Officials of the company will interact with I-Wealth India.
Alkem Laboratories: Officials of the company will interact with Enam AMC and Mahindra Manulife Mutual Fund.
Aether Industries: Officials of the company will participate in Prabhudas Lilladher Speciality & Agro Chemicals Conference.
Tamilnad Mercantile Bank: The Reserve Bank of India (RBI) has authorised the bank to undertake government business on behalf of the central bank. The agreement has been signed by the bank with the RBI for appointing Tamilnad Mercantile Bank as an agency bank of the RBI for undertaking government agency business.
KPI Green Energy: The board has recommended the issue of bonus shares in the ratio of one bonus equity share against one existing equity share. This is subject to the approval of the shareholders.
Punjab National Bank: The public sector lender has raised lending rates by 5 bps across tenures from December 1.
Apollo Hospitals Enterprises: The hospital chain operator has received board approval for fund raising up to Rs 105 crore via non-convertible debentures (NCDs). The company will issue 1,050 NCDs with a face value of Rs 10 lakh each.
Tata Consultancy Services: The company is selected by Rail Delivery Group (RDG) to design, develop, implement, and operate the UK’s Rail Data Marketplace (RDM). The contract between TCS and RDG is for a term of six years including an extension term opportunity.
Wipro: The IT services company has launched Wipro Data Intelligence Suite running on Amazon Web Services (AWS). The Suite offers reliable and secure means to migrate from existing platforms and fragmented legacy systems to the cloud.
Foreign institutional investors (FIIs) have net-bought shares worth Rs 9,010.41 crore, while domestic institutional investors (DIIs) net-sold shares worth Rs 4,056.40 crore on November 30, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The National Stock Exchange has retained Punjab National Bank, BHEL, Delta Corp and Indiabulls Housing Finance, under its F&O ban list for December 1. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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