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Last Updated : Jun 25, 2019 09:37 PM IST | Source: Moneycontrol.com

Trade Setup for Wednesday: Top 15 things to know before Opening Bell

Rohit Singre of LKP Securities said index formed bullish candle on daily chart suggesting some more upside before expiry.

Sunil Shankar Matkar

The market rebounded sharply on June 25 after a correction in the previous two consecutive sessions. Overall though it has remained in a 200-point range on the Nifty for the last several sessions.

The buying was across sectors with Nifty Metal rising most with 1.7 percent gain followed by PSU Bank (up 1 percent).

The BSE Sensex gained 311.98 points to close at 39,434.94 while the Nifty 50 climbed 96.80 points to 11,796.50 and formed bullish candle resembling a Bullish Engulfing kind of pattern on daily charts.

Close

"Index has managed to sustain above previous day's high forming Bullish Engulfing candlestick pattern indicating a positive bias to continue towards 11,980-12,070 levels, unless it trades below 11,720 levels," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors told Moneycontrol.

He said any decisive move below 11,700 levels will push the index lower towards support zone of 11,640-11,650.

Rohit Singre, Senior Technical Analyst - LKP Securities also said index formed bullish candle on daily chart suggesting some more upside before expiry.

The broader markets also participated in the rally with Nifty Midcap and Smallcap indices rising over 0.6 percent each but breadth was balanced. About 911 shares advanced against 834 that fell on the NSE.

We have collated 15 data points to help you spot profitable trades:

Key support and resistance level for Nifty

Nifty closed at 11,796.45 on June 25. According to the Pivot charts, the key support level is placed at 11,693.53, followed by 11,590.57. If the index starts moving upward, key resistance levels to watch out are 11,856.93 and 11,917.37.

Nifty Bank

The Nifty Bank closed at 30,847.05, up 245 points on June 25. The important Pivot level, which will act as crucial support for the index, is placed at 30,561.27, followed by 30,275.44. On the upside, key resistance levels are placed at 31,023.07, followed by 31,199.03.

Call options data

Maximum Call open interest (OI) of 36.03 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the June series.

This is followed by 11,800 strike price, which now holds 25.98 lakh contracts in open interest, and 11,900, which has accumulated 22.86 lakh contracts in open interest.

Significant Call writing was seen at 12,100 strike price that added 0.58 lakh contracts, followed by 11,500 strike price that added 0.49 lakh contracts and 11,600 strike price, which added 0.21 lakh contracts.

Call unwinding was seen at the strike price of 11,800, which shed 8.53 lakh contracts, followed by 11,900 strike that shed 6.34 lakh contracts and 11,700 strike which shed 4.12 lakh contracts.

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Put options data

Maximum Put open interest of 41.41 lakh contracts was seen at 11,700 strike price. This will act as a crucial support level for the June series.

This was followed by 11,600 strike price, which now holds 30.48 lakh contracts in open interest and 11,500 strike price, which has now accumulated 30.09 lakh contracts in open interest.

Put writing was seen at the 11,700 strike price, which added 12.84 lakh contracts, followed by 11,800 strike price that added 6.24 lakh contracts and 11,600 strike that added 5.61 lakh contracts.

Put unwinding was seen at the strike price of 11,300, which shed 1.29 lakh contracts, followed by 12,500 strike price, which shed 0.43 lakh contracts.

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Stocks with a high delivery percentage

High delivery percentage suggests that investors are accepting the delivery of the stock, which means that investors are bullish on it.

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61 stocks saw a long buildup

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90 stocks that saw short covering

A decrease in open interest, along with an increase in price, mostly indicates short covering.

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19 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.

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26 stocks saw long unwinding

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Analyst or Board Meetings/Briefings

DCM Shriram: Company's officials will meet Motilal Oswal Securities Limited on June 26.

Genomic Valley Biotech: Board meeting is scheduled on July 6 to consider re-appointment of Parual Agrawal, Director, and ANDROS & CO., CA, Delhi as Statutory Auditors in place of A K KHATTAR & Associates, CA, Delhi.

Mahindra Lifespace Developers: Company's officials will meet Prathamesh Sawant - Mangal Keshav Capital Ltd on June 28.

IRCON International: Investor meet is going to be held with Sameeksha Capital Private Limited on June 26.

Stocks in news

SpiceJet: Company launches eight new non-stop international flights.

Welspun Corp: Company fixed July 5 as the record date for the purpose of determining the shareholders eligible for a dividend, if any, declared by the shareholders at the ensuing Annual General Meeting.

Panorama Studios International: Company and PVR Pictures collaborate to distribute films in India.

Virinchi: Company allotted 3,40,000 equity shares on conversion of 3,40,000 warrants issued on a preferential basis on January 6, 2018, at an issue price of Rs 100 to Kompella Modini.

ICICI Bank: Bank allotted 3,49,780 equity shares of the face value of Rs 2 each under the Employees Stock Option Scheme.

DHFL: Company defaults on unsecured commercial paper dues to the tune of Rs 225 crore, which will be paid over the next couple of days.

Jindal Poly Film: Company appoints Gaurang Desai as CEO.

Hitachi Corp: Company approves cessation of Bharat Gasolia as CFO, approves appointment of Avan Chaina as CFO.

Godrej Properties: QIP committee approves floor price of Rs 928 per share.

NTPC: Company won 40 MW solar power project from Uttar Pradesh Power Company.

Bulk deals

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(For more bulk deals, click here.)

FII & DII data

Foreign Institutional Investors (FIIs) bought shares worth net Rs 1,157.87 crore and Domestic Institutional Investors (DIIs) purchased Rs 377.22 crore worth of shares in the Indian equity market on June 25, as per provisional data available on the NSE.

Fund Flow Picture

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Four stocks under F&O ban period on NSE

For June 26, Adani Power, IDBI Bank, Jet Airways and Reliance Capital are under the F&O ban period.

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.

Out of F&O Ban: Reliance Infrastructure

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First Published on Jun 25, 2019 05:51 pm
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