The market clocked half a percent gain to end at record closing high on June 7, after the easing of lockdown restrictions by several states and further fall in daily Covid cases.
The BSE Sensex rallied 228.46 points to 52,328.51, while the Nifty50 gained 81.40 points to close at 15,751.70 and formed bullish candle on the daily charts as the closing was higher than opening levels.
"A small positive candle was formed with lower shadow, which indicate range bound action in the market with buy on dips opportunity. We observe three back to back such candles over last three sessions and this indicate a breather type formation in the market," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
"Nifty registered a new all time high on Monday at 15,773 and still there is no indication of any profit booking emerging from the new highs. The overall market breadth continued to be positive and performance was seen in the broad market indices like midcap and small cap segments. This could mean a display of inherent strength and lack of selling enthusiasm at the new highs," he said.
"The short term trend of Nifty continues to be positive with rangebound movement. There is a possibility of further upside in the coming sessions. The next upside levels to be watched around 15,950-16,000 levels and this could be achieved in the one week. Immediate support is placed at 15,650," he added.
The broader markets outperformed frontliners, as the Nifty Midcap 100 index was up 1.24 percent and Smallcap 100 index gained 1.56 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 are placed at 15,695.37, followed by 15,639.03. If the index moves up, the key resistance levels to watch out for are 15,790.77 and 15,829.83.
Nifty Bank
The Nifty Bank rose 152 points to 35,443.70 on June 7. The important pivot level, which will act as crucial support for the index, is placed at 35,339.5, followed by 35,235.4. On the upside, key resistance levels are placed at 35,546.8 and 35,650 levels.
Call option data
Maximum Call open interest of 24.11 lakh contracts was seen at 16,000 strike, which will act as a crucial resistance level in the June series.
This is followed by 16,200 strike, which holds 12.53 lakh contracts, and 15,500 strike, which has accumulated 12.07 lakh contracts.
Call writing was seen at 16,400 strike, which added 1.56 lakh contracts, followed by 15,800 strike which added 1.54 lakh contracts, and 16,100 strike which added 1.35 lakh contracts.
Call unwinding was seen at 16,000 strike, which shed 1.82 lakh contracts, followed by 15,500 strike which shed 1.4 lakh contracts, and 15,600 strike which shed 1.1 lakh contracts.
Put option data
Maximum Put open interest of 32.55 lakh contracts was seen at 15,000 strike, which will act as a crucial support level in the June series.
This is followed by 15,200 strike, which holds 17.10 lakh contracts, and 15,500 strike, which has accumulated 16.74 lakh contracts.
Put writing was seen at 15,700 strike, which added 2.81 lakh contracts, followed by 15,400 strike which added 2.27 lakh contracts, and 15,800 strike which added 2.26 lakh contracts.
Put unwinding was seen at 15,200 strike which shed 1.05 lakh contracts, followed by 15,300 strike, which shed 1 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
53 stocks saw long build-up
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, here are the top 10 stocks in which a long build-up was seen.
21 stocks saw long unwinding
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks in which long unwinding was seen.
24 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 a short build-up was seen.
58 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.
Bulk deals
Coastal Corporation: Barclays Securities India bought 2,20,174 equity shares in Coastal Corporation at Rs 249.15 per share. However, investor Satyasree Achanta sold 5 lakh equity shares in the company at Rs 250.14 per share on the BSE, the bulk deals data showed.
(For more bulk deals, click here)
Results on June 8
Engineers India, Petronet LNG, Max Financial Services, Essar Shipping, Galaxy Surfactants, Hester Biosciences, Ion Exchange (India), Jindal Hotels, KM Sugar Mills, Manaksia Aluminium Company, PTC India Financial Services, Prestige Estates Projects, Shemaroo Entertainment, Surana Telecom And Power, Surya India, Suven Pharmaceuticals, Talbros Automotive Components, Titagarh Wagons, Vipul Organics, Winsome Textile Industries, and Wonderla Holidays will release quarterly earnings on June 8.
Stocks in News
Indiabulls Housing Finance: Indiabulls Housing Finance and Indiabulls Commercial Credit entered into a strategic co-lending partnership with Central Bank of India to offer secured retail loans and secured MSME loans respectively at competitive rates.
VA Tech Wabag: Equity Intelligence India Pvt Ltd & EQ India Fund sold 14,800 equity shares (0.02% stake) in VA Tech Wabag via open market transaction, reducing shareholding to 3.01% from 3.03% earlier.
Fairchem Organics: The company reported higher profit at Rs 18.83 crore in Q4FY21 against Rs 11.23 crore in Q4FY20, revenue rose to Rs 159.32 crore from Rs 89.3 crore YoY.
Infosys: The company announced a collaboration with Archrock, the leading provider of natural gas compression services in the US, to integrate digital technologies and mobile tools for its field service technicians.
Surya Roshni: The company received order of Rs 170.52 crore for coated line pipes for gas grid pipeline project from Indradhanush Gas Grid (IGGL).
Union Bank of India: The company reported standalone profit at Rs 1,329.77 crore in Q4FY21 against loss at Rs 2,503.18 crore in Q4FY20, net interest income jumped to Rs 5,402.86 crore from Rs 2,878.11 crore YoY.
Fund flow
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 186.46 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 983.97 crore in the Indian equity market on June 7, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Four stocks - Indiabulls Housing Finance, Punjab National Bank, SAIL, and Sun TV Network - are under the F&O ban for June 8. 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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
