"With lack of any major positive triggers both on domestic and global front, we continue to maintain a cautious stance on the Indian markets," Ajit Mishra of Religare Broking said.
The market started the week on a positive note on November 18 led by supportive global cues but closed flat after rangebound intraday trade.
The BSE Sensex closed 72.50 points lower at 40,284.19 while the Nifty 50 fell 11 points to 11,884.50 forming a small bearish candle on daily charts.
Experts expect trade to continue to remain rangebound over the coming days due to lack of domestic and global cues and 11,800 to remain crucial support in the near term.
"The underlying trend of Nifty continues to be choppy and any declines from here is unlikely to change the short term trend status of the market," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
He said the key lower support area of 11,825-11,800 could be tested amidst a range move in the next few sessions, but that area is unlikely to be broken decisively on the downside in the next 1-2 sessions.
Amongst the broader markets, the Nifty Midcap index rose 0.76 percent and Smallcap index gained 0.23 percent, outperforming benchmarks. Mixed trend was witnessed amongst the sectoral indices as telecom, metals and healthcare were the top gainers while FMCG, auto and capital goods witnessed selling pressure and closed in the red.
"With a lack of any major positive triggers both on domestic and global front, we continue to maintain a cautious stance on the Indian markets. In the near term, investors will keep an eye on the progress of trade talks between US-China, the behaviour of crude oil prices and fluctuation in currency," Ajit Mishra, Vice President, Research, Religare Broking said.
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 11,852.67, followed by 11,820.83. If the index continues moving up, key resistance levels to watch out for are 11,931.27 and 11,978.03.
Nifty Bank closed flat at 30,992.10. The important pivot level, which will act as crucial support for the index, is placed at 30,861.4, followed by 30,730.7. On the upside, key resistance levels are placed at 31,163.2 and 31,334.3.
Call options data
Maximum Call open interest (OI) of 23.74 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in November series.
This is followed by 12,200 strike price, which holds 16.70 lakh contracts in open interest, and 11,900, which has accumulated 14.58 lakh contracts in open interest.
Significant Call writing was seen at the 12,000 strike price, which added 1.67 lakh contracts, followed by 11,900 strike price that added 1.34 lakh contracts and the 12,200 strike, which added 1.09 lakh contracts.
Call unwinding was witnessed at the 12,400 strike price, which shed 0.69 lakh contracts, followed by 11,500 that shed 0.13 lakh contracts.
Put options data
Maximum Put open interest of 21.53 lakh contracts was seen at 11,600 strike price, which will act as crucial support in the November series.
This is followed by the 11,500 strike price, which holds 20.94 lakh contracts in open interest, and 11,800 strike price, which has accumulated 20.39 lakh contracts in open interest.
Put writing was seen at the 11,800 strike price, which added nearly 1.31 lakh contracts, followed by 11,900 strike, which added 1.23 lakh contracts and 11,700 strike, which added 1.01 lakh contracts.
Put unwinding was seen at the 12,000 strike price, which shed 0.75 lakh contracts, followed by 11,200 strike which shed 0.49 lakh contracts and 11,100 strike which shed 0.4 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
45 stocks saw long buildup
Overall, 45 stocks witnessed a long buildup on November 18. Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
29 stocks saw long unwinding
32 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 10 stocks in which short build-up was seen.
44 stocks witnessed short-covering
As per available data, 44 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering.
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Upcoming analyst or board meetings/briefings
Amtek Auto: The meeting of the board of directors of the company is scheduled for November 21 to approve the financial results for the quarter ended September 2019.
South Indian Bank: The lender will be hosting an investor meet on November 20 at Mumbai.
Shriram City Union Finance: Company's official will meet HSBC Securities and Capital Markets India on November 19.
Aditya Vision: Board will consider the proposal for buyback of the fully paid-up equity shares of the company on November 26.
Great Eastern Shipping: Company's officials will meet Equirus Securities on November 19.
Eicher Motors: Company's officials will meet Somerset Capital Management and First Pacific Advisors on November 19, and Motilal Oswal MF and SBI MF on November 20.
Finolex Industries: Company's officials will meet Haitong Securities India Private Ltd on November 20.
Syngene International: Company's official will meet Stewart Investors through a conference call on November 19.
Stocks in news
Jaypee Infratech: Resolution plans of NBCC & Suraksha Realty received by Resolution Professional were placed before the meeting of Committee of Creditors.
Vodafone Idea: Company will increase tariffs effective December 1, 2019.
Pidilite Industries: Company appointed Pradip Menon, as the Chief Financial Officer (CFO) with immediate effect.
Infosys: COO UB Pravin Rao told CNBC-TV18 that there are no structured layoffs in the company; people are put on the performance improvement program every year.
Accelya Solutions India: Shareholders including Warburg Pincus entered into an agreement for the sale of Accelya Topco Limited (the ultimate holding company of Accelya Solutions India) to Aurora UK Bidco Limited, Jersey.
Zee Entertainment Enterprises: Brickwork Ratings India downgraded credit rating for 6 percent Cumulative Redeemable Non-Convertible Preference Shares to AA+ (Credit Watch with Negative Implications) from AAA earlier.
FII & DII data
Foreign institutional investors (FIIs) sold shares worth Rs 270.66 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 309.45 crore in the Indian equity market on November 18, provisional data available on the NSE showed.
Stock under F&O ban on NSENot a single stock will be under F&O ban for November 19. 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.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.