The upside targets to be watched around 12,750-12,800 levels in the next 1-2 weeks, said Nagaraj Shett of HDFC Securities.
The bull run continued for the sixth consecutive session on November 9, taking the market to fresh record highs following positive global cues and certainty in the United States with the Democratic Party's Joe Biden getting a clear majority to become the 46th president.
The rally seen across sectors helped the benchmark indices end at a record closing high. The BSE Sensex jumped 704.37 points or 1.68 percent to 42,597.43, while the Nifty50 gained 197.50 points or 1.61 percent at 12,461 and formed a bullish candle on the daily charts.
"A long bull candle was formed on Monday with unfilled opening upside gap. We observe three back-to-back opening upside gaps, which are unfilled or partially filled. Hence, Monday's upside gap could be considered as a bullish run away gap and this could indicate more upside in the near term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
"Though Nifty moved up, there is no indication of any reversal pattern at the highs. Daily 14 period RSI is placed at 69 and this has more room up to 75 levels and higher as per its movement in a bullish trend. The overall chart pattern (intraday/daily/weekly) indicates more new highs in the coming sessions. The upside targets to be watched around 12,750-12,800 levels in the next 1-2 weeks," he said.
But the same trend was not seen in the broader markets as the Nifty Midcap index was up 0.87 percent and Smallcap gained 0.33 percent.
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
According to pivot charts, the key support levels for the Nifty is placed at 12,394.2, followed by 12,327.4. If the index moves up, the key resistance levels to watch out for are 12,500.9 and 12,540.8.
The Bank Nifty climbed 735.15 points or 2.74 percent to 27,534.10 on November 9. The important pivot level, which will act as crucial support for the index, is placed at 27,203.67, followed by 26,873.23. On the upside, key resistance levels are placed at 27,729.77 and 27,925.43.
Call option data
Maximum Call open interest of 18.45 lakh contracts was seen at 13,000 strike, which will act as a crucial resistance level in the November series.
This is followed by 12,500 strike, which holds 15.34 lakh contracts, and 12,000 strike, which has accumulated 13.90 lakh contracts.
Call writing was seen at 12,900 strike, which added 4.16 lakh contracts, followed by 13,000 strike which added 1.85 lakh contracts and 13,300 strike which added 1.68 lakh contracts.
Call unwinding was seen at 12,500 strike, which shed 1.78 lakh contracts, followed by 12,000 strike which shed 1.62 lakh contracts and 12,200 strike which shed 1.25 lakh contracts.
Put option data
Maximum Put open interest of 27.35 lakh contracts was seen at 12,000 strike, which will act as crucial support in the November series.
This is followed by 11,500 strike, which holds 25.01 lakh contracts, and 11,600 strike, which has accumulated 13.35 lakh contracts.
Put writing was seen at 12,000 strike, which added 5.22 lakh contracts, followed by 12,400 strike, which added 4.81 lakh contracts and 12,300 strike which added 3.4 lakh contracts.
There was hardly any Put unwinding seen on November 9.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
67 stocks saw long build-up
Based on the open interest future percentage, here are the top 10 stocks in which long build-up was seen.
8 stocks saw long unwinding
Based on the open interest future percentage, here are the 8 stocks in which long unwinding was seen.
16 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 the open interest future percentage, here are the top 10 stocks in which short build-up was seen.
48 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks in which short-covering was seen.
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Results on November 10
GAIL India, Mahindra & Mahindra, Hindalco Industries, Tata Power, Aarti Industries, Aster DM Healthcare, Bata India, Century Plyboards, Chalet Hotels, Endurance Technologies, Exide Industries, GMR Infrastructure, IDFC, JB Chemicals & Pharmaceuticals, Lumax Auto Technologies, Lux Industries, Minda Industries, Motherson Sumi Systems, Info Edge India, NCC, NMDC, PNB Gilts, Raymond, Rashtriya Chemicals & Fertilizers, RITES, Shalimar Paints, Sintex Industries, Suzlon Energy, Symphony, TeamLease Services, TTK Prestige, Varroc Engineering and VST Tillers Tractors are among 535 companies to declare their quarterly earnings on November 10.
Stocks in the news
TCS: The company to acquire Postbank Systems from Deutsche Bank.
PTC India: The company reported a lower consolidated profit at Rs 193.6 crore in Q2FY21 against Rs 201.3 crore, revenue rose to Rs 6,004.6 crore from Rs 5,225.4 crore YoY.
EID Parry: The company reported a higher profit at Rs 317.8 crore in Q2FY21 against Rs 181.6 crore, revenue rose to Rs 5,836.2 crore from Rs 5,675 crore YoY.
Vadilal Industries: The company reported a lower consolidated profit at Rs 0.68 crore in Q2FY21 compared to Rs 22.8 crore, revenue declined to Rs 123.4 crore from Rs 147 crore YoY.
Oil India: The company reported a lower profit at Rs 382 crore in Q2FY21 against Rs 661.5 crore, revenue fell to Rs 2,176 crore from Rs 3,221.2 crore YoY.
JK Cement: The company reported sharply higher profit at Rs 221.1 crore in Q2FY21 against Rs 81.9 crore, revenue increased to Rs 1,634.4 crore from Rs 1,317.6 crore YoY.
FII and DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 4,548.39 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 3,036.31 crore in the Indian equity market on November 9, as per provisional data available on the NSE.
Stock under F&O ban on NSETwo stocks - Jindal Steel & Power and SAIL - are under the F&O ban for November 10. 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.