According to Pivot charts, the key support level is placed at 10,481.07, followed by 10,438.13. If the index starts moving upwards, key resistance levels to watch out are 10,562.87 and then 10,601.73.
After a blockbuster rally last week, the Indian market consolidated in a narrow range on November 5. The Nifty50 slipped below its crucial support placed at 10550 to form a 'Hanging Man' kind of pattern on the daily charts.
A Hanging Man is a bearish reversal candlestick pattern which is usually formed at the end of an uptrend or at the top. In a perfect 'Hanging Man' pattern either there will be a small upper shadow or no upper shadow at all, a small body and long lower shadow.
The Nifty50, which opened at 10,558.75, rose marginally to hit its intraday high of 10,558.80 which resulted in no upper shadow for the index. The bears' grip on D-Street was from the start and pushed the index below 10,500 in intraday trade.
However, bulls managed to push the index back above 10,500 levels towards the closing which is a positive sign. The Nifty50 finally closed 29 points down at 10,524.
Crucial support for the index is placed at 10,440 and below that at 10,200 levels. On the upside, Nifty50 is likely to face stiff resistance at 10,600-10,700 levels, suggest experts.
India VIX moved up by 6.87 per cent at 19.48 levels. VIX has to go down below 17-16 zones to confirm the short-term reversal and a decent bounce back after the sharp cut of last two months.
We have collated the top 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 10,524 on November 5. According to Pivot charts, the key support level is placed at 10,481.07, followed by 10,438.13. If the index starts moving upwards, key resistance levels to watch out are 10,562.87 and then 10,601.73.
The Nifty Bank index closed at 25,732.2. The important Pivot level, which will act as crucial support for the index, is placed at 25,581.66, followed by 25,431.13. On the upside, key resistance levels are placed at 25,835.46, followed by 25,938.73.
Call Options Data
Maximum Call open interest (OI) of 25.79 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the November series.
This was followed by the 10,800 strike price, which now holds 22 lakh contracts in open interest, and 10,700, which has accumulated 21.19 lakh contracts in open interest.
Maximum Call writing was seen at the strike price of 11,000, which added 6.38 lakh contracts, followed by 11,100 which added 1.96 lakh contracts and 10,600 which added 1.42 lakh contracts.
Maximum Call unwinding was seen at the strike price of 10,700, which shed 62,100 contracts, followed by 10,300 which shed 46,650 units contracts and 10,200 which shed 35,175 contracts.
Put Options data
Maximum Put open interest of 49.54 lakh contracts was seen at the 10,000 strike price. This will act as a crucial support level for the November series.
This was followed by the 10,200 strike price, which now holds 29.78 lakh contracts in open interest, and the 10,500 strike price, which has now accumulated 19.12 lakh contracts in open interest.
Put writing was seen at the strike price of 10,500, which added 2.06 lakh contracts in open interest, followed by 10,600 which added 88,725 contracts and 9,900 which added 65,775 contracts.
Maximum Put unwinding was seen at the strike price of 10,200, which shed 1.57 lakh contracts in open interest, followed by 10,000 which shed 1.47 lakh contracts and 10,100 which shed 33,975 contracts.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 12.34 crore while domestic institutional investors sold shares worth Rs 621.94 crore in the Indian equity market on Monday, as per provisional data available on the NSE.
Fund Flow Picture:
Stocks with high rollovers
High delivery percentage suggests that investors are accepting delivery of the stock, which means that investors are bullish on it.
52 stocks saw a long buildup
53 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
67 stocks saw a short build-up
An increase in open interest along with a decrease in price mostly indicates a build-up of short positions.
33 stocks saw long unwinding
BEML Limited: Reliance Strategic Investments Limited sold 2,62,900 shares at Rs 711.23 per share
Kwality Limited: Swapnil Mehta sold 15,00,000 shares at Rs 6.70 per share
Talwalkar Fitness Ltd: Kundan Mal Jain bought 2,20,180 shares at Rs 50.90 per share
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Union Bank: The Board will be meeting on November 12, 2018 to consider a proposal to raise capital through issue of equity shares through ESOP scheme.
Parrys: An analysts’ call is held on November 12, 2018 to discuss its financial results.
Axis Bank: Lone Pine Capital, Tybourne Capital Mangement and HSBC Global AMC held a conference call with the bank’s management between November 2 and November 5 2018.
BLS International: The company’s analyst meet will be held on November 13, 2018 to discuss its Q2 results.
Whirlpool: An analyst meet to discuss the results were held on November 5, 2018 to discuss the September quarter show.
Glenmark: An earnings call is scheduled on November 14, 2018.
Stocks in news
46 BSE companies to declare earnings: Aditya Birla Capital, Balmer Lawrie, Graphite India, Dr Lal Pathlabs and Voltas are among the names to be declaring their September quarter results on Tuesday.
Eveready Q2: Its net profit fell 32 percent year on year at Rs 25 crore. The revenue fell 4 percent at Rs 383.5 crore.
Sheela Foam Q2: Net profit falls 30 percent at Rs 22 crore. The revenue rose 10 percent at Rs 449.9 crore.
Inox Wind Q2: The consolidated net profit was reported at Rs 1.5 crore. Revenue rose to Rs 436.6 crore against Rs 79.5 crore last year.
Andhra Bank: The Board has approved divestment of stake in ASREC, lndia lntl Bank (Malaysia) & lndiaFirst Life lnsurance.
Minda Industries: The Board approved investment to set up new manufacturing plant for Rs 76.52 crore.
Allcargo Logistics Q2: Net profit fell 4 percent at Rs 62.8 crore. Revenue grew 12 percent at Rs 1,737.2 crore.
Godrej Agrovet Q2: Net profit grew 17 percent at Rs 99 crore. Revenue has risen 11 percent at Rs 1,588 crore.
Phoenix Mills Q2: Net profit grew 87 percent at Rs 56.2 crore. Revenue rose 9.2% at Rs 404.7 crore.
Aegis Logistics Q2: The net profit fell to Rs 49 crore, while revenue rose 15 percent at Rs 1,425.9 crore.
Power Grid Q2: Net profit reported at Rs 2,309.5 crore, while revenue has been reported at Rs 8,283 crore.
Bank Of Baroda: Increased MCLR by 10 basis points across tenors from November 7, 2018.
Balkrishna Industries: Net profit grew 9.5 crore at Rs 222.31 crore, while revenue grew 19 percent at Rs 1,325 crore.
No stock under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.For November 6, not a single stock is present in this list.