Key support level for Nifty is placed at 11,631.67, followed by 11,555.43. If the index continues moving up, key resistance levels to watch out for are 11,766.97 and 11,826.03.
Shaking off the Budget blues and buoyed by strong PMI data, equity markets bounced back on February 3 after falling for three consecutive days.
The manufacturing PMI data for India hit a near eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions that led to a rise in production and hiring activity.
Sensex closed 137 points, or 0.34 percent, higher at 39,872.31 and Nifty settled 46 points, or 0.39 percent, higher at 11,707.90.
"Technically, Nifty formed a positive candle on the daily chart. Going forward, if it sustains above 11,750, then we may see a bounce towards 11,830–11,900 levels. However, the overall bullish sentiments got dampened and thus traders should not remain aggressively on the long side. On the downside, a break below its immediate support of 11,600 may lead to a further correction towards 11,500 and then 11,333 levels," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
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 11,631.67, followed by 11,555.43. If the index continues moving up, key resistance levels to watch out for are 11,766.97 and 11,826.03.
Nifty Bank closed 0.68 percent up at 30,023.25. The important pivot level, which will act as crucial support for the index, is placed at 29,721.93, followed by 29,420.66. On the upside, key resistance levels are placed at 30,215.13 and 30,407.07.
Call options data
Maximum call open interest (OI) of 17.03 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the February series.
This is followed by 12,200 strike price, which holds 15.19 lakh contracts in open interest, and 11,800, which has accumulated 11.83 lakh contracts in open interest.
Significant call writing was seen at the 11,700 strike price, which added 4.9 lakh contracts, followed by 11,800 strike price that added 1.53 lakh contracts and 11,900 strike price, which added 1.31 lakh contracts.
Call unwinding was witnessed at 12,200 strike price, which shed 1.93 lakh contracts, followed by 12,100 which shed 1.76 lakh contracts.
Put options data
Maximum put open interest of 23.55 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the February series.
This is followed by 11,500 strike price, which holds 19.73 lakh contracts in open interest, and 11,700 strike price, which has accumulated 15.19 lakh contracts in open interest.
Put writing was seen at the 11,500 strike price, which added 2.74 lakh contracts, followed by 11,400 strike, which added 2.48 lakh contracts.
Put unwinding was seen at 12,000 strike price, which shed 2.37 lakh contracts, followed by 12,100 strike price which shed 1.34 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
61 stocks saw long build-up
Based on open interest (OI) future percentage, here are the top 10 stocks in which long build-up was seen.
10 stocks saw long unwinding
38 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.
33 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on open interest (OI) future percentage, here are the top 10 stocks in which short-covering was seen.
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Bharti Airtel, TVS Motor Company, Triveni Engineering & Industries, Tata Global Beverages, Thermax, Titan Company, JSW Energy, OFSS, Piramal Enterprises, Punjab National Bank, CSB Bank, Dhanlaxmi Bank, Exide Industries, GATI, Jindal SAW, Adani Green Energy, Adani Ports and Avanti Feeds are among the companies that will release their quarterly earnings on February 4.
Stocks in the news
Deepak Nitrite: Q3 profit jumps to Rs 157 cr versus Rs 39.7 cr, revenue jumps 44.2% to Rs 1,119.9 cr YoY.
Affle India: Q3 profit jumps 31.33% to Rs 21.45 cr, revenue rises 27.4% to Rs 94.46 cr YoY.
GSK Pharma: Q3 loss at Rs 661.16 cr versus profit at Rs 113.67 crore, revenue dips 5.7% to Rs 778.59 cr YoY.
JK Cement: Company successfully commissioned grey cement grinding capacity in Rajasthan and UP.
GMR Infrastructure: GMR Hyderabad International Airport signs agreement to operate Bidar Airport in Karnataka.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 1,200.27 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 1,286.63 crore in the Indian equity market on February 3, provisional data available on the NSE showed.
Stock under F&O ban on NSENo security is under the F&O ban for February 4. 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.