Indian market remained on the course of consolidation for the second consecutive day on September 30 as losses in shares of bank and financial heavyweights amid mixed global cues kept equity benchmarks down.
Rupee's slide against the US dollar also weighed on investor sentiment. The Indian currency closed 30 paise lower at 70.87 per dollar on September 30.
Meanwhile, on the macroeconomic front, the eight-core industries in August recorded a 0.5 percent decline in output of coal, crude oil, natural gas, cement, and electricity, according to a government data released on September 30.
Sensex closed with a loss of 155 points, or 0.40 percent, at 38,667.33, with 13 stocks in the green and 17 in the red on September 30.
The Nifty pack closed 38 points, or 0.33 percent, lower at 11,474.45, with 22 stocks up and 28 down.
The broader markets suffered more than the frontline indices. BSE Midcap and Smallcap indices declined 1.13 percent and 1.21 percent, respectively, underperforming BSE Sensex.
Experts are of the view that key indices may not see any sharp upmove until the results season begins. Moreover, all eyes are now on the RBI's monetary policy meet on October 4, which is expected to give a direction to the market in the near-term.
Nifty ended above its 5-EMA placed around 11,450 levels and formed a hammer pattern on daily charts as the decline was being bought into the market but at the same time supply is intact at higher zones.
Hammer is a bullish reversal pattern formed after a decline. A hammer consists of no upper shadow, a small body, and long lower shadow. The long lower shadow of the hammer signifies that it tested its support where demand was located and then bounced back.
Experts feel if the index sees a positive trend then the bullish implication could take it towards 11,600-11,700 levels in coming sessions.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
According to the pivot charts, key support level for Nifty is placed at 11,407.47, followed by 11,340.43. If the index starts moving up, key resistance levels to watch out for are 11,524.87 and 11,575.23.
Nifty Bank closed with a loss of 2.59 percent at 29,103.15. The important pivot level, which will act as crucial support for the index, is placed at 28,779.6, followed by 28,456. On the upside, key resistance levels are placed at 29,590.6 and 30,078.
Call options data
Maximum call open interest (OI) of 19.77 lakh contracts was seen at the 11,500 strike price. It will act as a crucial resistance level in the October series.
This is followed by 12,000 strike price, which holds 19.67 lakh contracts in open interest, and 11,200, which has accumulated 17.32 lakh contracts in open interest.
Significant call writing was seen at the 11,500 strike price, which added 2.50 lakh contracts, followed by 12,000 strike price that added 2.48 lakh contracts and 11,900 strike which added 1.68 lakh contracts.
Call unwinding was witnessed at 11,300 strike price, which shed 35,100 contracts, followed by 11,000 which shed 2,775 contracts.
Put options data
Maximum put open interest of 18.53 lakh contracts was seen at 11,000 strike price, which will act as crucial support in October series.
This is followed by 11,500 strike price, which holds 13.64 lakh contracts in open interest, and 11,400 strike price, which has accumulated 11.21 lakh contracts in open interest.
Put writing was seen at the 11,400 strike price, which added 97,725 contracts, followed by 11,300 strike, which added 81,750 contracts.
Put unwinding was seen at 12,000 strike price, which shed 29,025 contracts, followed by 11,600 strike which shed 21,600 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
25 stocks saw long buildup
Overall, 25 stocks witnessed long buildup on September 30. Based on open interest (OI) future percentage, here are the top 15 stocks in which long buildup was seen.
31 stocks saw long unwinding
Based on the lowest open interest (OI) future percentage point, here are the top 15 stocks in which long unwinding was seen.
69 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 open interest (OI) future percentage, here are the top 15 stocks in which short build-up was seen.
26 stocks witnessed short-covering
As per available data, 26 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering. Based on the lowest open interest (OI) future percentage point, here are the top 15 stocks in which short-covering was seen.
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Upcoming analyst or board meetings/briefings
The respective boards of CG-VAK Software & Exports, East Buildtech, Jatalia Global Ventures, Rajeswari Infrastructure, Sai Moh Auto Links, Somany Ceramics and VCK Capital Market Services will meet on October 1 for general purpose.
The respective boards of UCO Bank and Websol Energy Systems will meet on October 3 to consider the issuance of preferential shares.
Stocks in news
Karur Vysya Bank: CRISIL has reaffirmed "CRISIL Al+" on the company's certificate of deposits program.
Mahindra & Mahindra: CRISIL has reaffirmed its "CRISIL AAA/Stable/CRISIL A1+" ratings on the debt programs and bank facilities of the company.
Punjab National Bank: The bank received Rs 3,000 crore from the Government of India.
Bank of Baroda: Lender received a capital infusion of Rs 7,000 crore from Government of India.
PNB Housing Finance: Sunil Mehta resigned as Chairman.
Cadila: Company will sell rights of Zypitamag drug to Medicure Inc., a cardiovascular pharmaceutical company.
NBCC: Company signed MoU with the government for Rs 400 crore Manipur project.
Bharat Rasayan: The company has issued commercial paper of Rs 20 crore, which have been rated CARE A1+.
MBL Infrastructures: Shareholders have approved raising of funds up to Rs 300 crore.
National Peroxide: Kalyan plant temporarily shut down from September 30 for 90 days for carrying out the expansion of production capacity.
CONCOR, BPCL, SCI: Media reports suggest that Group of Secretaries panel cleared disinvestment in 5 companies including the sale of entire stake in BPCL and SCI.
FII & DII data
Foreign institutional investors (FIIs) sold shares worth Rs 469.4 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 504.69 crore in the Indian equity market on September 30, as per provisional data available on the NSE.
No stock under ban period on NSE
There is no stock under F&O ban for October 1. Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.