Indian equity benchmarks the Sensex and the Nifty ended in the green on August 23 after a see-saw trade.
The Nifty formed a negative candle with a minor lower shadow. This pattern indicates a lack of strength at higher levels.
The Sensex closed 226 points, or 0.41 percent, higher at 55,555.79 while the Nifty settled at 16,496.45, up 46 points or 0.28 percent.
Though the Sensex and the Nifty closed higher, the overall market breadth was negative and the second-rung mid and smallcap indices underperformed. Experts point out that this is not a good sign as it reflects an inherent weakness in the market.
The BSE Midcap and smallcap indices closed with losses of 0.90 percent and 1.55 percent, respectively.
"With weak inherent strength, the Nifty is unlikely to rally above the recent all-time high of 16,701.85 in the near term and the lower area of 16,250-16,400 could act as crucial support for the market in the short term. Hence, one may expect a rangebound movement in the next few sessions. Immediate resistance is placed at 16,580," said Nagaraj Shetti, a technical research analyst at HDFC Securities.
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 16,397.23, followed by 16,298.07. If the index moves up, the key resistance levels to watch out for are 16,594.04 and 16,691.67.
Nifty Bank
The Nifty Bank rose 91 points, or 0.26 percent, to 35,124.40 on August 23. The important pivot level, which will act as crucial support for the index, is placed at 34,818.8, followed by 34,513.2. On the upside, key resistance levels are placed at 35,428.7 and 35,733 levels.
Call option data
Maximum Call open interest of 55 lakh contracts was seen at 16,600 strike, which will act as a crucial resistance level in the August series.
This is followed by 16,500 strike, which holds 53 lakh contracts, and 16,700 strike, which has accumulated 48.3 lakh contracts.
Call writing was seen at 16,600 strike, which added 10.95 lakh contracts, followed by 16,700 strike, which added 7.16 lakh contracts and 16,900 strike which added 4.27 lakh contracts.
Call unwinding was seen at 16,400 strike, which shed a whopping 13.54 lakh contracts, followed by 16,300 strike which shed 1.20 lakh contracts, and 16,200 strike which shed 88,700 contracts.
Put option data
Maximum Put open interest of 44.3 lakh contracts was seen at 16,000 strike, which will act as a crucial support level in the August series.
This is followed by 16,500 strike, which holds 44.11 lakh contracts, and 16,400 strike, which has accumulated 38.3 lakh contracts.
Put writing was seen at 16,500 strike, which added 8.78 lakh contracts, followed by 16,200 strike which added 4.89 lakh contracts, and 16,100 strike which added 2.78 lakh contracts.
Put unwinding was seen at 16,400 strike, which shed 4.5 lakh contracts, followed by 17,000 strike which shed 26,050 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
28 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.
58 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.
49 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.
29 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 10 stocks in which short-covering was seen.
Bulk deals
(For more bulk deals, click here)
Board meetings
Stocks in News
Sical Logistics: The fifth meeting of the committee of creditors has been scheduled for August 25 through video conferencing.
Nandan Denim: Brickworks Ratings India has revised the outlook of the rating of long-term facilities of the company.
KPI Global: The company has successfully commissioned a new capacity of 5.44 MW (DC) in its existing solar power plant at Village-Sudi & Tancha, Ta-Amod, District- Bharuch.
Atul Auto: Credit rating agency CRISIL has assigned CRISIL A-/ Stable (downgraded from CRISIL A/Stable) to long-term bank facilities and CRISIL A2+ (downgraded from CRISIL Al) to short term bank facilities of the company.
Sanghvi Movers: ICRA upgraded the long-term rating to ICRA A from ICRA A- and also upgraded the short-term rating to ICRA A1 from ICRA A2-.
Eicher Motors: Siddhartha Lal has been reappointed as managing director of the company with effect from May 1, 2021.
NR Agarwal Industries: Production at Unit 2 (writing and printing) of the company has been temporarily shut down due to the lack of market orders.
Fund flow
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,363.36 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,452.51 crore in the Indian equity market on August 23, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Four stocks - Canara Bank, Vodafone Idea, NMDC and Sun TV Network - are under the F&O ban for August 24. 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.
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