Key support level for Nifty is placed at 12,021.97 and If the index moves up, key resistance to watch out for is at 12,110.37.
Indian equity benchmarks broke the gaining streak of the last three consecutive sessions with Sensex and Nifty settling in the red on December 16 after a choppy session.
The BSE Sensex fell 71 points, or 0.17 percent, to 40,939 while the Nifty 50 closed with losses of 33 points, or 0.27 percent, at 12,054. BSE Midcap and Smallcap closed with losses of 0.46 percent and 0.20 percent, respectively.
A long negative candle was formed today with a gap up opening, which indicates the formation of the dark cloud cover type candle pattern. Technically, the formation of such a pattern at the swing highs or near the hurdles could indicate further weakness in the market ahead.
"The short-term trend of Nifty indicates, it is on the verge of a downward reversal. A sustainable move below 12,000 could open up more weakness ahead. The key overhead resistance to be watched is around 12,150-200 levels," said Nagaraj Shetti, Technical & Derivative Analyst, HDFC securities.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
According to the pivot charts, the key support level for Nifty is placed at 12,021.97, followed by 11,989.93. If the index moves up, key resistance levels to watch out for are 12,110.37 and 12,166.73.
Nifty Bank closed 0.13 percent down at 31,974.20. The important pivot level, which will act as crucial support for the index, is placed at 31,852.37, followed by 31,730.54. On the upside, key resistance levels are placed at 32,141.47 and 32,308.73.
Call options data
Maximum call open interest (OI) of 24.58 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the December series.
This is followed by 12,100 strike price, which holds 19.84 lakh contracts in open interest, and 12,200, which has accumulated 19.16 lakh contracts in open interest.
Significant call writing was seen at the 12,100 strike price, which added 4.66 lakh contracts, followed by 12,300 strike price that added 2.97 lakh contracts.
Call unwinding was witnessed at 11,900 strike price, which shed 1.10 lakh contracts, followed by 12,000 which shed 73,800 contracts.
Put options data
Maximum put open interest of 42.31 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the December series.
This is followed by 11,800 strike price, which holds 25.35 lakh contracts in open interest, and 11,900 strike price, which has accumulated 24.11 lakh contracts in open interest.
Put writing was seen at the 12,100 strike price, which added nearly 1.15 lakh contracts, followed by 11,600 strike, which added 89,775 contracts.
Put unwinding was seen at 11,900 strike price, which shed 2.15 lakh contracts, followed by 11,800 strike which shed 83,775 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
Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
15 stocks saw long unwinding
102 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.
6 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
The respective boards of Sterling Tools, Pulsar International, Jyothi Infraventures and Dhanvarsha Finvest will meet on December 17 for general purposes.
The board of Ingersoll Rand (India) will meet on December 17 to consider and approve a special dividend.
The board of Aditya Vision will meet on December 17 to consider and approve the company's audited financial statements for the half-year ended as on September 30, 2019.
Stocks in the news
Cipla: The company acquired trademark rights of Vysov.
Shriram Transport: S&P cut the company's outlook to 'Negative' from 'Stable'.
Raymond: Promoter Group acquired additional 5.16 percent equity via CCPS on December 12.
Equitas Holdings: Equitas Small Finance Bank filed IPO papers with SEBI.
JM Financial: The company will consider fundraising by the way of issue of equity shares or any instrument.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 728.13 crore, while domestic institutional investors (DIIs) sold shares of worth Rs 796.38 crore in the Indian equity market on December 16, provisional data available on the NSE showed.
Stock under F&O ban on NSEYes Bank is under the F&O ban for December 17. 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.
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