The market rebounded and recouped last week's losses with the Nifty gaining six-tenth of a percent on August 17 backed by auto, FMCG, IT, metals and private banks stocks.
The Sensex closed at 38,050.78, up 173.44 points, and the Nifty climbed 68.70 points to 11,247.1. On the daily technical chart, the index has formed a Doji kind of indecisive formation, which can also be viewed as an Inside Bar due to trading inside the previous session's trading range.
The bounce back after August 14 sharp downtick indicated that the market could see another bout of upside, amid volatility, in the coming session. But if the index breaks the previous week's high decisively, then there could be a sharp rally, experts told Moneycontrol .
"There is a possibility of further upside in the short term, before showing any downward correction again from the new swing highs," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, said. Immediate support is placed around 11,100-11,150 and the key overhead resistance is placed at 11,350-11,380, he added.
Daily 14 period RSI (Relative Strength Index) is placed around 60 levels. According to this pattern, RSI turning up from 60 levels could mean further strengthening of the upside momentum in the market ahead.
The broader markets too participated in today's (August 17) gains with the Nifty Midcap and Smallcap indices rising half a percent and 0.9 percent, respectively.
Ajit Mishra, VP-Research at Religare Broking, advised continuing with a positive yet cautious stance and maintaining its focus on overnight risk management.
We have collated 15 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 11,300, which holds 16.58 lakh contracts, and 11,400 strikes, which has accumulated 12.48 lakh contracts.
Call writing was seen at 11,900, which added 2.76 lakh contracts, followed by 11,600, which added 1.18 lakh contracts, and 11,300 strikes, which added 1.02 lakh contracts.
Call unwinding was seen at 11,500, which shed 1.15 lakh contracts, followed by 11,800 strikes, which shed 4,200 contracts.
Put option data
This is followed by 11,200, which holds 19.87 lakh contracts, and 11,100 strikes, which has accumulated 16.93 lakh contracts.
Put writing was seen at 11,200, which added 4.62 lakh contracts, followed by 11,000, which added 3.01 lakh contracts, and 10,700 strikes, which added 1.99 lakh contracts.
Put unwinding was witnessed at 10,500, which shed 1.48 lakh contracts, followed by 10,600 strikes, which shed 27,825 contracts.
Stocks with a high delivery percentage
38 stocks saw long build-up
22 stocks saw short build-up
61 stocks witnessed short-covering
Rushil Decor: Aspire Emerging Fund sold 75,000 shares in company at Rs 105 per share.
Supreme Engineering: Sanjay R Chowdhari offloaded 2.4 lakh shares in company at Rs 16.53 per share.
McLeod Russel India: IndusInd Bank sold 22 lakh shares in the company at Rs 17.78 per share and Manju Gaggar sold 9 lakh shares at the same price, whereas Niraj Rajnikant Shah acquired 12,12,620 shares at same price.
Satin Creditcare RE: Trishashna Holdings & Investments bought 1,90,842 Rights Entitlement shares in company at Rs 20.15 per share. Linkage Securities net sold 1,47,800 RE shares at Rs 20.2 per share.
(For more bulk deals, click here)Results on August 18
Paisalo Digital will consider raising funds through various options, including issue of debt securities by private placement basis, in August and/or September.
Jump Networks will grow its proprietary blockchain platform across India by partnering and investing with MOS Utility. Partnership is expected to generate a revenue of over Rs 1,000 crore in the next 12 months.
Bharti Airtel: Commercial papers issued on May 18 have been paid by the company on August 17 (on the maturity date).
Orient Paper & Industries: Q1 loss at Rs 17.4 crore versus a profit Rs 8.02 crore, revenue at Rs 80.6 crore versus Rs 149.76 crore YoY.
Emami: Promoters Diwakar Viniyog Pvt, Suraj Viniyog Pvt and Bhanu Vyapaar Pvt released 40,100 pledged shares.
Ajanta Pharma: Promoter Ravi Agrawal and Trustee Ravi Agrawal Trust released 10.5 lakh pledged shares.Fund flow