Any decisive move above the Monday’s high 11,975 will push index higher towards 12,040 marks, while a close below the strong support of 11,870 will change the current sentiment, says Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors.
After a volatile session, benchmark indices ended up on June 10 albeit off the day's high. The Nifty 50 finished above 11,900 level.
At close, the Sensex was up 168.62 points at 39,784.52, while Nifty was up 52 points at 11,922.70. About 967 shares advanced, 1,619 shares declined, and 172 shares remained unchanged.
Britannia Industries, Tech Mahindra, TCS, Infosys and Dr Reddy’s Labs were among major gainers on the Nifty, while losers were BPCL, Yes Bank, Coal India, GAIL and Tata Motors.
Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors said, "Nifty traded with positive bias throughout the day and managed to close above major hurdle of 5 EMA placed around 11,920 marks. Bullish crossover in stochastic % K and % D indicates positivity in Nifty; increasing histogram of MACD on the daily chart is also indicating bullishness in the index."
"Any decisive move above the Monday’s high 11,975 will push the index higher towards 12,040 marks, while a close below the strong support of 11,870 will change the current sentiment."
Among sectors, except energy and PSU bank, all other indices ended higher led by IT, FMCG, pharma, metal and infra. However, Nifty Midcap ended marginally higher and Smallcap ended with negative bias.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 11,922.70 on June 10. According to the Pivot charts, the key support level is placed at 11,871.33, followed by 11,819.97. If the index starts moving upward, key resistance levels to watch out are 11,974.53 and 12,026.37
The Nifty Bank index closed at 31,034.0, down 32.55 points on June 10. The important Pivot level, which will act as crucial support for the index, is placed at 30,807.74, followed by 30,581.47. On the upside, key resistance levels are placed at 31,313.84, followed by 31,593.67.
Call options data
Maximum Call open interest (OI) of 27.10 lakh contracts was seen at the 12,500 strike price. This will act as a crucial resistance level for the June series.
This is followed by 12,000 strike price, which now holds 19.25 lakh contracts in open interest, and 12,200, which has accumulated 14.08 lakh contracts in open interest.
Significant Call writing was seen at 11,900 strike which added 0.85 lakh contracts, followed by 12,300 strike that added 0.84 lakh contracts and 12,200 strike which added 0.68 lakh contracts.
Call unwinding was seen at the strike price of 12,500, which shed 0.51 lakh contracts.
Put options data
Maximum Put open interest of 28.92 lakh contracts was seen at the 11,500 strike price. This will act as a crucial support level for the June series.
This was followed by the 11,800 strike price, which now holds 18.71 lakh contracts in open interest and the 11,700 strike price, which has now accumulated 15.41 lakh contracts in open interest.
Put writing was seen at the 11,900 strike price, which added 1.20 lakh contracts, followed by the 11,800 strike which added 1.14 lakh contracts and 11,500 strike which added 1.13 lakh contracts
Put unwinding was seen at the strike price of 11,200, which shed 0.49 lakh contracts.
Stocks with a high delivery percentage
High delivery percentage suggests investors are accepting the delivery of the stock, which means that investors are bullish on it.
84 stocks saw a long buildup
16 stocks that saw short covering
A decrease in open interest, along with an increase in price, mostly indicates short covering.
77 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.
18 stocks saw long unwinding
Analyst or Board Meet/Briefings
Canara Bank: To consider fundraising on June 18.
Brigade Enterprises: The company's officials will meet ICICI Prudential MF on June 10.
OCL Iron: Meeting of the board of directors will be held on Jun 14 to consider and approve the financial results for the period ended March 31, 2019
Reliance Infra: A meeting of the board of directors will be held on Jun 14, 2019, to consider and approve the financial results for the period ended March 31, 2019, and dividend.
ISMT: To consider and approve the financial results for the period ended March 31, 2019, on June 14.
Lakshmi Energy: A meeting of the board of directors of the company will be held on Jun 10, 2019, to consider and approve the financial results for the period ended March 31, 2019
Stocks in news
Wipro announced the roll-out of Total Operations System (TOPS) CREW, a fully-integrated IT product suite for global airlines.
Muthoot Capital Services completed an assignment transaction on Rs 84.95 crore on June 07, 2019. The company has so far raised total funds of Rs 196.88 crore through securitization / direct assignment transactions during the FY 2019-20.
FII & DII data
Foreign Institutional Investors (FIIs) bought shares at a net worth of Rs 216.2 crore while Domestic Institutional Investors (DIIs) bought Rs 170.62 crore worth of shares in the Indian equity market on June 10, as per provisional data available on the NSE.
Fund Flow Picture
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Four stocks under F&O ban period on NSEFor June 11, DHFL, IDBI Bank, PC Jeweller and Reliance Capital are under an F&O ban. Securities in a ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.The Great Diwali Discount!
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