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Trade Setup for Tuesday: Top 14 things to know before Opening Bell

Jayant Manglik of Religare Broking suggests keeping a check on leveraged positions.
Jun 17, 2019 / 09:32 PM IST

With Sensex tumbling 491 points and Nifty slipping over 151 points, investors are looking over their shoulders as fear of India-US trade war looms large.

"With Monday's move, the bears have gained the upper hand from short term perspective. For the day, the index halted near the daily lower Bollinger Band, however strong momentum on the downside suggests that the band is unlikely to hold the Nifty for long," Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas, told Moneycontrol.

On the downside, the index is expected to fill up the gap of 11,591-11,426, which it had left during the May rally, he said, adding overall, the index is likely to touch a rising trendline drawn from the October low. "Thus the trendline target is near 11,200."

On the other hand, 11,800-11,850 shall now act as a key resistance zone, Ratnaparkhi said.

Jayant Manglik, President - Retail Distribution at Religare Broking, suggests keeping a check on leveraged positions.

"Nifty has immediate support at 11,650 and below that selling may intensify further," he said.

The broader markets fell in line with benchmarks. The Nifty Midcap index plummeted 1.17 percent and Smallcap index lost 1.58 percent. About three share declined for every share rising on the NSE.

We have collated 14 data points to help you spot profitable trades:

Key support and resistance level for Nifty

Nifty closed at 11,672.15 on June 17. According to the Pivot charts, the key support level is placed at 11,605.33, followed by 11,538.47. If the index starts moving upward, key resistance levels to watch out are 11,791.53 and 11,910.87.

Nifty Bank

Nifty Bank closed at 30,273.25, down 341.10 points on June 17. The important Pivot level, which will act as crucial support for the index, is placed at 30,120.37, followed by 29,967.54. On the upside, key resistance levels are placed at 30,555.07, followed by 30,836.93.

Call options data

Maximum Call open interest (OI) of 25.80 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the June series.

This is followed by 11,900 strike price, which now holds 18.35 lakh contracts in open interest, and 11,800, which has accumulated 15.10 lakh contracts in open interest.

Significant Call writing was seen at 11,800 strike price that added 9.39 lakh contracts, followed by 11,700 strike price that added 4.98 lakh contracts and 11,900 strike price, which added 4.87 lakh contracts.

Call unwinding was seen at the strike price of 12,100, which shed 2.9 lakh contracts, followed by 12,200 strike price that shed 1.16 lakh contracts.


Put options data

Maximum Put open interest of 25.55 lakh contracts was seen at 11,500 strike price. This will act as a crucial support level for the June series.

This was followed by 11,700 strike price, which now holds 18.78 lakh contracts in open interest and 11,600 strike price, which has now accumulated 17.07 lakh contracts in open interest.

Put writing was seen at the 11,600 strike price, which added 5.38 lakh contracts, followed by 11,700 strike price that added 1.9 lakh contracts.

Put unwinding was seen at the strike price of 11,800, which shed 3.34 lakh contracts, followed by 11,900 strike price that shed 2.37 lakh contracts.


Stocks with a high delivery percentage

High delivery percentage suggests investors are accepting the delivery of the stock, which means that investors are bullish on it.


7 stocks saw a long buildup


16 stocks that saw short covering

A decrease in open interest, along with an increase in price, mostly indicates short covering.


98 stocks saw a short build-up

An increase in open interest along with a decrease in price mostly indicates a build-up of short positions.


75 stocks saw long unwinding


FII & DII data

Foreign Institutional Investors (FIIs) sold shares worth net Rs 331.27 crore while Domestic Institutional Investors (DIIs) bought Rs 1,257.86 crore worth of shares in the Indian equity market on June 17, as per provisional data available on the NSE.

Fund flow pictureImage71762019

Stocks in news

TCS: Company teams up with SAP to transform surgical kit handling with an IoT and Blockchain Solution Powered by SAP Leonardo.

DHFL: Company paid Rs 56.8 lakh interest on NCDs due today.

Repro India: Company approved the draft Scheme of Demerger between company and its wholly owned subsidiary company Repro Innovative Digiprint Limited (demerged company).

Binani Industries: Ratan Kumar Sarawagi, Independent Director of the company has resigned from the directorship.

Cox & Kings: CARE reaffirmed rating on commerical paper issue of Rs 375 crore at A1+, but revised rating on non-convertible debenture issue from AA/Stable to AA-/Stable.

Santosh Fine Fab: Company appointed Sunil R Tulsiyan as Chief Financial Officer (CFO).

Bulk dealsImage91762019

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Analyst or Board Meet/Briefings

Crompton Greaves Consumer Electricals: Company's officials will meet Emkay Stock Broking on June 18.

Galaxy Surfactants: Company's officials will meet institutional investors on June 19, 20 and 26, 2019.

Jindal Stainless: Company's officials will be meeting certain funds/ investors on June 18 and June 19.

Allcargo Logistics: Analyst/Institutional investor meeting is scheduled to be held on June 18.

HEG: Senior management of the company is scheduled to meet analysts / investors at New York on June 18 and 20.

eClerx Services: Company's officials will interact with Equitymaster Research Pvt. Ltd on June 18.

Wonderla Holidays: Company represented by Geoge Joseph, Joint Managing Director and Jacob Kuruvilla, Chief Financial Officer, are participating in an investors' road show on June 18 and 19 organised at Mumbai by ICICI Securities.
Sunil Shankar Matkar
first published: Jun 17, 2019 09:32 pm