The market extended gains for the second consecutive session with the Nifty50 reclaiming the 18,000 mark and the BSE Sensex climbing above 60,500 levels on November 8 despite mixed global cues. The cut in fuel rate tax, higher sales in the festive season and improved PMI numbers boosted sentiment.
The BSE Sensex rallied 477.99 points to 60,545.61, while the Nifty50 rose 151.70 points to 18,068.50 and formed a bullish candle on the daily charts.
"A small positive candle was formed on the daily chart with long lower shadow. Technically, this pattern indicates an upside bounce from the lows and an attempt of upside breakout of the range movement around 18,050-18,100 levels. This is a positive indication and one may expect further upside in the short term," said Subash Gangadharan, Senior Technical and Derivative Analyst at HDFC Securities.
He feels the short term trend of Nifty is positive. "Upside breakout of the current range at 18,060-18,100 levels could open further upside towards the next resistance of 18,250-18,350 levels in the next few sessions. Immediate support is placed at 17,850," he said.
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 17,907.2, followed by 17,745.8. If the index moves up, the key resistance levels to watch out for are 18,158.9 and 18,249.2.
Nifty Bank
The Nifty Bank fell 135.45 points to 39,438.25 on November 8, underperforming frontliners. The important pivot level, which will act as crucial support for the index, is placed at 39,022.17, followed by 38,606.14. On the upside, key resistance levels are placed at 39,764.17 and 40,090.14 levels.
Call option data
Maximum Call open interest of 21.61 lakh contracts was seen at 19000 strike, which will act as a crucial resistance level in the November series.
This is followed by 18000 strike, which holds 20.61 lakh contracts, and 18500 strike, which has accumulated 20.35 lakh contracts.
Call writing was seen at 17900 strike, which added 4.13 lakh contracts, followed by 18000 strike, which added 1.87 lakh contracts and 18600 strike which added 1.29 lakh contracts.
Call unwinding was seen at 17800 strike, which shed 50,500 contracts, followed by 19000 strike which shed 39,950 contracts and 17700 strike which shed 33,200 contracts.
Put option data
Maximum Put open interest of 22.60 lakh contracts was seen at 17500 strike, which will act as a crucial support level in the November series.
This is followed by 17000 strike, which holds 22.25 lakh contracts, and 18000 strike, which has accumulated 19.15 lakh contracts.
Put writing was seen at 17900 strike, which added 5.92 lakh contracts, followed by 18000 strike which added 3.38 lakh contracts and 17800 strike which added 88,600 contracts.
Put unwinding was seen at 17500 strike, which shed 1.82 lakh contracts, followed by 17000 strike which shed 1.02 lakh contracts, and 18100 strike which shed 47,150 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
79 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.
12 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 10 stocks in which long unwinding was seen.
22 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.
78 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
Kirloskar Pneumatic: PGIM India Mutual Fund acquired 5 lakh equity shares in the company at Rs 397 per share, whereas HDFC Mutual Fund was the seller, offloaded 5 lakh shares at the same price on the BSE, the bulk deals data showed.
Poonawalla Fincorp: Microfirm Capital Private Limited sold 1.35 crore equity shares at Rs 172.80 per share and Celica Developers Pvt Ltd sold 1.35 crore shares at Rs 171.65 per share on the BSE, the bulk deals data showed.
(For more bulk deals, click here)
Analysts/Investors Meeting & Results Calendar
Results on November 9: Bosch, Mahindra & Mahindra, Power Grid Corporation, Astrazeneca Pharma, BHEL, HEG, Indraprastha Gas, MRF and Petronet LNG among 160 companies will release September quarter earnings on November 9.
Adani Green Energy: The company's officials will meet Ventura Securities on November 10.
Gufic Biosciences: The company's officials will meet investors and analysts on November 10, to discuss business background/prospects and financial performance.
Suprajit Engineering: The company's officials will meet investors on November 11, to discuss financial results.
Monte Carlo Fashions: The company's officials will meet investors and analysts on November 11 post earnings.
GE T&D India: The company's officials will meet analysts and institutional investors on November 12 to discuss financial results.
Bajaj Electricals: The company's officials will meet investors and analysts on November 12 to discuss financial results.
Gujarat Themis Biosyn: The company's officials will meet investors and analysts on November 12 to discuss financial results.
Advanced Enzyme Technologies: The company's officials will meet Eternity Capital on November 16.
Stocks in News
Aurobindo Pharma: The company reported lower profit at Rs 696.7 crore in Q2FY22 against Rs 807.2 crore in Q2FY21; revenue declined to Rs 5,941.9 crore from Rs 6,483.4 crore YoY.
Reliance Industries: Step-down subsidiary Reliance Eagleford Upstream Holding, LP signed agreements with Ensign Operating III, LLC, a Delaware-based limited liability company, to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA. With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.
Cadila Healthcare: The company received an order to supply 1 crore doses of ZyCoV-D vaccine to the government at Rs 265 per dose.
Britannia Industries: The company reported lower profit at Rs 381.8 crore in Q2FY22 against Rs 495.2 crore in Q2FY21; revenue increased to Rs 3,607.4 crore from Rs 3,419.1 crore YoY.
3i Infotech: The company reported loss of Rs 23.1 crore in Q2FY22 against loss of Rs 12.9 crore in Q2FY21; revenue increased to Rs 177.1 crore from Rs 152.1 crore YoY.
EID Parry (India): The company reported lower consolidated profit at Rs 470.35 crore in Q2FY22 against Rs 562.70 crore in Q2FY21. Revenue jumped to Rs 6,978.41 crore from Rs 5,836.21 crore YoY.
Fund Flow
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 860.65 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,911.77 crore in the Indian equity market on November 8, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Three stocks - Escorts, Punjab National Bank and Sun TV Network - are under the F&O ban for November 9. 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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