Rohit Singre of LKP Securities said on weekly chart, Nifty again moved in rising channel pattern suggesting holding above 11,000 mark, index may see a good acceleration towards 11,300 zone.
The market continued to rally for the second straight session on August 9, helping benchmark indices post their first weekly gains in the last five weeks. The uptrend seen was on the hope of measures to boost economic growth and revive dented sentiment on the FPI front.
The BSE Sensex trimmed gains from 480 points intraday to 254.55 points to close at 37,581.91, taking total weekly gains to over a percent. The Nifty 50 rose 77.20 points to 11,109.70 and formed bullish candle resembling a Shooting Star kind of pattern on daily charts. The index also formed a bullish candle on a weekly scale.
"Nifty witnessed a smart upside bounce this week, after a sharp fall of the last one month, according to the weekly chart. A long bullish candle formed in this week signal at a comeback of bulls from the lows," Nagaraj Shetti, Technical Research Analyst, HDFC Securities told Moneycontrol.
He said the short term trend of Nifty continues to be positive, one may expect further up move in the next week. "Next upside levels to be watched around 11,300 by next week."
Rohit Singre, Senior Technical Analyst at LKP Securities also said on a weekly chart, Nifty again moved in a rising channel pattern suggesting it is holding above 11,000-mark; the index may see a good acceleration towards 11,300-zone. Good support for Nifty is seen near 11,040-10,960 zone and resistance is near 11,180-11,240 zone, he added.
The broader markets also saw buying interest, with the Nifty Midcap index rising a percent on Friday and 1.5 percent for the week.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 11,109.65 on August 9. According to the pivot charts, the key support level is placed at 11,054.5, followed by 10,999.3. If the index starts moving upward, the key resistance levels to watch for out are 11,173.2 and 11,236.7.
The Nifty Bank closed at 28,431.90, up by 321.45 points on August 9. The important pivot level, which will act as crucial support for the index, is placed at 28,254.87, followed by 28,077.83. On the upside, key resistance levels are placed at 28,605.87 and 28,779.83.
Call options data
Maximum Call open interest (OI) of 23.95 lakh contracts was seen at the 11,500 strike price. It will act as a crucial resistance level in August series.
This is followed by 11,000 strike price, which now holds 20.79 lakh contracts in open interest, and 11,300, which has accumulated 15.45 lakh contracts in open interest.
Significant Call writing was seen at the 11,700 strike price, which added 0.42 lakh contracts, followed by 11,500 strike price, which added 0.41 lakh contracts.
Call unwinding was seen at the 11,300 strike price, which shed 2.9 lakh contracts, followed by 11,200 and 11,400 strikes which shed 2.26 lakh contracts each.
Put options data
Maximum Put open interest of 33.30 lakh contracts was seen at 11,000 strike price, which will act as crucial support in August series.
This is followed by 10,800 strike price, which now holds 24.12 lakh contracts in open interest, and 10,700 strike price, which has now accumulated 22.99 lakh contracts in open interest.
Put writing was seen at the 11,100 strike price, which added 2.43 lakh contracts, followed by 10,800 strike, which added 2.4 lakh contracts and 10,600 strike, which added 1.45 lakh contracts.
Put unwinding was seen at the 10,900 strike price, which shed 2.26 lakh contracts, followed by 11,000 strike that shed 0.71 lakh contracts and 10,500 strike price which shed 0.55 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are accepting delivery of the stock, which means investors are bullish on it.
34 stocks saw a long buildup
59 stocks that saw short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short covering.
36 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.
34 stocks saw long unwinding
Analyst or Board Meetings/Briefings
PI Industries: Management team of the company would participate in Investec's Asia Investor Day meetings in Singapore and Hongkong on August 13 and 14.
Lumax Auto Technologies: Earning call for the analysts and investors is scheduled to be held on August 13 to discuss the operational and financial performance of Q1 & FY20.
Aishwarya Telecom: Company will announce June quarter earnings on August 14.
KEC International: Company's officials will meet SBICAP Securities on August 13.
Balaji Telefilms: Conference call invite from Balaji Telefilms Limited for analysts and investors is scheduled to be held on August 13. This call will be hosted by ICICI Securities.
Varun Beverages: Company's representatives will meet institutional investors on August 12 & 13 in Hong Kong, and August 14 & 15 in Singapore.
Blue Star: Investors Conference Call following the announcement of Q1 FY20 financial results of the company is scheduled on August 14.
NBCC: Conference call is scheduled on August 13 to discuss June quarter earnings.
Aarti Industries: Quarterly earnings call for investors and analysts has been scheduled on August 14 to discuss June quarter earnings.
NTPC: Company is hosting its 15th annual analysts and investors meet on August 19.
Stocks in news
Results on August 13: Glenmark Pharmaceuticals, ONGC, Sun Pharmaceutical, Coal India, Alembic, Bosch, National Aluminium Company, Bharat Forge, Chalet Hotels, Adhunik Industries, UFO Moviez, Solara Active Pharma Sciences, GMM Pfaudler, RITES, Fine Organic Industries, Dishman Carbogen Amcis, Karda Constructions, Setco Automotive, Techno Electric, Mandhana Industries, Shree Pushkar Chemicals, Reliance Home Finance, Mandhana Retail Ventures, Rollatainers, Rama Steel Tubes
Bharat Road Network, Precision Camshafts, Hindustan Aeronautics, MEP Infrastructure Developers, Dixon Technologies, Nagarjuna Fertilizers, Apex Frozen Foods, Dr Lal Path Labs, A2Z Infra Engineering, Snowman Logistics, Rain Industries, Vakrangee, Venus Remedies, Texmo Pipes, Shree Ganesh Forgings, Zenith Birla, Blue Star, BGR Energy Systems, Ansal Properties, Aarti Industries
Vardhman Textiles, Time Technoplast, Shilpa Medicare, Tamil Nadu Newsprint, Patel Integrated Logistics, Jai Corp, Essel Propack, Zodiac Clothing Company, Orissa Minerals Development Company, Mawana Sugars, Bajaj Hindusthan Sugar, Amrutanjan Health, Allied Digital Services, Everest Kanto Cylinder, Gallantt Ispat, Talwalkars Better Value, Bodal Chemicals, Kilitch Drugs,
Ashoka Buildcon, Manappuram Finance, Prime Focus, Parsvnath Developers, Redington (India), Godrej Industries, Gujarat Narmada Valley Fertilizers, Hotel Leela Venture, Sintex Industries, Saregama India, Electrosteel Castings, Mercator, JB Chemicals, Sakthi Sugars, Madhucon Projects, IPCA Laboratories, Morepen Laboratories, Reliance Infrastructure, Apollo Hospitals,
Opto Circuits, Kernex Microsystems, Kaveri Seed Company, Info Edge, Power Finance Corporation, DB Realty, Amtek Auto, Uflex, West Coast Paper Mills, Indoco Remedies, India Nippon Electricals, Jindal Cotex, Esab IndiaReliance Industries 42nd AGM 2019: CMD, Mukesh Ambani said
-JioFiber commercial services will be launched on September 5
-Company can grow EBITDA by 15 percent annually over the next 5 years
-Target is to become zero net-debt company in next 18 months
-Jio & Reliance Retail move towards listing within the next 5 years
-Saudi Aramco will acquire a 20 percent stake in the oil-to-chemical business with an enterprise value of $75 billion
-Joint venture with BP will invest Rs 35,000 crore in KG-D6
-Jio achieving 500 million subscribers is well within the company's grasp
-Divested Rs 1.25 lakh crore of hard infrastructure into InvITs to unlock value
-Ready to kickstart 4 engines: Internet of Things (IoT), Home Broadband, Enterprise & MSME Broadband
-Jio's IoT platform to be available from January 1, 2020
-Aim to complete Jio GigaFiber within 12 months
Motherson Sumi Systems Q1: Consolidated profit falls 25.2 percent to Rs 331.5 crore versus Rs 443.1 crore, revenue rises 13.7 percent to Rs 16,792.5 crore versus Rs 14,775.5 crore YoY.
Goodyear India Q1: Profit increases 5.9 percent to Rs 26.25 crore versus Rs 24.78 crore, revenue dips 8.3 percent to Rs 490.3 crore versus Rs 534.6 crore YoY.
SAIL Q1: Profit falls 87.3 percent to Rs 68.8 crore versus Rs 540.4 crore, revenue declines 6.8 percent to Rs 14,820 crore versus Rs 15,907.2 crore YoY.
Caplin Point Labs Q1: Consolidated profit jumps 34.2 percent to Rs 50.23 crore versus Rs 37.42 crore, revenue rises 31.5 percent to Rs 192.6 crore versus Rs 146.5 crore YoY.
NIIT Q1: Consolidated profit at Rs 1,090 crore versus Rs 17.9 crore, (exceptional gain at Rs 1,291.2 crore versus loss at Rs 1.3 crore YoY), revenue dips 1.8 percent to Rs 210.3 crore versus Rs 214.2 crore YoY.
Godfrey Phillips Q1: Consolidated profit jumps to Rs 118.6 crore versus Rs 57.4 crore, revenue climbs 39.7 percent to Rs 841.3 crore versus Rs 602.1 crore YoY.
Chambal Fertilizers Q1: Consolidated profit rises 6.1 percent to Rs 164.4 crore versus Rs 155 crore, revenue jumps 29.8 percent to Rs 2,871.1 crore versus Rs 2,211.4 crore YoY.
Divi's Labs Q1: Consolidated profit increases 1.8 percent to Rs 272.4 crore versus Rs 267.7 crore, revenue rises 16.8 percent to Rs 1,162.9 crore versus Rs 995.2 crore YoY.
Finolex Industries Q1: Consolidated profit plunges 34.8 percent to Rs 73.2 crore versus Rs 112.3 crore, revenue rises 14 percent to Rs 943.8 crore versus Rs 827.8 crore YoY.
NTPC Q1: Consolidated profit rises 5.6 percent to Rs 2,840.3 crore versus Rs 2,689 crore, revenue increases 8 percent to Rs 25,931.1 crore versus Rs 24,013.2 crore YoY.
PNC Infratech Q1: Consolidated profit climbs 51.8 percent to Rs 178.5 crore versus Rs 117.6 crore, revenue spikes 66.4 percent to Rs 1,524.5 crore versus Rs 916.4 crore YoY.
Hindustan Copper Q1: Consolidated profit falls 47.4 percent to Rs 19.2 crore versus Rs 36.5 crore, revenue dips 27.2 percent to Rs 304.1 crore versus Rs 417.9 crore YoY.
APL Apollo Tubes Q1: Consolidated profit increases 10.2 percent to Rs 51.8 crore versus Rs 47 crore, revenue rises 23.6 percent to Rs 2,071.6 crore versus Rs 1,676.5 crore YoY.
VRL Logistics Q1: Profit jumps 13.5 percent to Rs 27.45 crore versus Rs 24.18 crore, revenue rises 2.1 percent to Rs 539.6 crore versus Rs 528.5 crore YoY.
Balkrishna Industries Q1: Consolidated profit dips 21.4 percent to Rs 176.8 crore versus Rs 225.1 crore YoY. Revenue declines 11 percent to Rs 1,198.9 crore versus Rs 1,347.6 crore YoY. Board withdraws greenfield tyre project worth $100 million
Bombay Burmah Q1: Consolidated profit spikes 82.7 percent to Rs 122.12 crore versus Rs 66.83 crore, revenue rises 5.8 percent to Rs 2,784.8 crore versus Rs 2,631.4 crore YoY.
Torrent Pharma: US FDA classified Indrad unit as Official Action Indicated.
NHPC Q1: Consolidated profit rises 16.2 percent to Rs 989.3 crore versus Rs 851.7 crore, revenue climbs 12.5 percent to Rs 2,610 crore versus Rs 2,319.4 crore YoY.
BHEL Q1: Loss at Rs 217.7 crore against profit of Rs 40.7 crore, revenue falls 23.7 percent to Rs 4,532.5 crore versus Rs 5,942 crore YoY.
Future Consumer Q1: Loss at Rs 15.1 crore versus loss of Rs 6.1 crore, revenue rises 29.3 percent to Rs 1,048 crore versus Rs 810.9 crore YoY.
BPCL Q1: Profit falls 65.6 percent to Rs 1,075 crore versus Rs 3,124.9 crore, revenue rises 3.1 percent to Rs 76,318 crore versus Rs 73,990 crore QoQ.
Oil India Q1: Consolidated profit at Rs 847.2 crore against loss of Rs 70.6 crore, revenue rises 9.2 percent to Rs 3,380.9 crore versus Rs 3,097.3 crore QoQ.
Narayana Hrudayalaya Q1: Profit rises to Rs 20.5 crore versus Rs 0.5 crore, revenue climbs 15.7 percent to Rs 558.3 crore versus Rs 482.6 crore YoY.
Universal Cables Q1: Profit increases 7.1 percent to Rs 18.65 crore versus Rs 17.42 crore, revenue jumps 35.1 percent to Rs 426.4 crore versus Rs 315.7 crore YoY. Prasanta Pandit resigns as CFO.
Allahabad Bank: Lender reduced the interest rate (MCLR) by 15 to 20 bps.
DB Realty: Pledge on 2.1 percent promoter stake released on August 6.
Tata Motors: JLR July retail sales rose 5 percent to 37,945 units, Jaguar sales increased 3.6 percent to 11,386 units and Land Rover sales rose 5.6 percent to 26,559 units YoY. China sales saw a recovery in July.
Tata Motors: S&P took the company off credit watch, saying Tata Motors' outlook is negative on cash outflows, Brexit.
JSW Steel: Crude steel production down 4 percent to 13.17 lakh tonnes against 13.78 lakh tonnes YoY.
Bank Of India told CNBC-TV18: Bank has cut lending rates by 25 bps and margins will be negatively impacted due to the reduction in lending rate.
NDTV: Founders Radhika & Prannoy Roy prevented from leaving the country. CBI is probing allegations of bank fraud, money laundering against Roys & NDTV
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FII & DII data
Foreign Institutional Investors (FIIs) bought shares worth Rs 203.73 crore and Domestic Institutional Investors (DIIs) also purchased Rs 606.92 crore worth of shares in the Indian equity market on August 9, as per provisional data available on the NSE.
Fund Flow Picture
No stock under F&O ban period on NSE
On August 13, not a single stock is under an F&O ban.
Securities under the ban period in the F&O segment include companies in whose security has crossed 95 percent of the market-wide position limit.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.