The Indian equity benchmarks ended in the green, tracking positive global cues, on August 24.
The 30-share Sensex closed 364 points, or 0.95 percent, higher at 38,799.08 and the Nifty settled at 11,466.45, up 95 points, or 0.83 percent.
As per Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, global cues were positive after US regulators authorised the use of blood plasma from recovered patients as a treatment option.
"On the domestic front, favourable government policies continue to push markets higher, especially midcaps and smallcaps. Chemical stocks were in action after the government imposed anti-dumping duty of $137 per tonne on phosphoric acid import from Korea for five years," Khemka said.
Going forward, he expects the positive momentum in the market to continue in the near term driven by positive news flows around the vaccine development and favourable policies. However, he does not rule out intermittent profit-booking given the tepid economic data and lofty valuations. "Technically, the Nifty may advance towards 11,600 while support exists at 11,200," he added.
We have collated 14 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.Key support and resistance levels on the Nifty
This is followed by 11,600, which holds 29.30 lakh contracts, and 11,700 strikes, which has accumulated 28.19 lakh contracts.
Call writing was seen at 11,800, which added 3.4 lakh contracts, followed by 11,600, which added 2.28 lakh contracts, and 11,700 strikes, which added nearly 2 lakh contracts.
Call unwinding was seen at 11,400, which shed 4.9 lakh contracts, followed by 11,900 strikes, which shed 3.8 lakh contracts.
Put option data
This is followed by 11,400, which holds 34.25 lakh contracts, and 11,200 strikes, which has accumulated 30.43 lakh contracts.
Put writing was seen at 11,400, which added 17.53 lakh contracts, followed by 11,500, which added 6.78 lakh contracts, and 11,100 strikes, which added 6.74 lakh contracts.
Put unwinding was witnessed at 12,000, which shed 18,825 contracts.
Stocks with a high delivery percentage
38 stocks saw long build-up
35 stocks saw long unwinding
36 stocks saw short build-up
29 stocks witnessed short-covering
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