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Last Updated : Nov 26, 2019 11:17 PM IST | Source: Moneycontrol.com

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

Pivot charts suggest first Nifty support is placed at 11,985.17. If the index starts moving up, then first resistance could be 12,111.37.

Headline indices Sensex and Nifty settled with mild losses on November 26, due to some profit-taking after the indices scaled their fresh record highs.

Bulls were gung-ho and pushed the index to all-time highs in today's session, but indices could not close on a strong note.

However, experts are of the view that the bullish sentiment is likely to continue and the market may scale new highs towards 12,400.

Close

“The market touching all-time high is a clear reflection of expectations of continued reforms by the government especially with regards to critical issues such as disinvestment and labour reform. Since a lot of money has been sitting on the sidelines and considering there has been an improvement in margins for most corporates in the last quarter, market sentiment for the next six months is quite positive,” said Prakarsh Gagdani, CEO, 5Paisa.com.

"The trend still remains positive and any dip toward 11,990-12,000 can be used as buying opportunity for 12,100-12,150 levels," said Gaurav Bissa, AVP - Technical and Derivatives, LKP Securities.

BSE Sensex hit a record high of 41,120 before closing 68 points lower at 40,821 while the Nifty 50 surged to a life high of 12,132 before closing 36 points lower at 12,037.70.

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 11,985.17, followed by 11,932.63. If the index starts moving up, key resistance levels to watch out for are 12,111.37 and 12,185.03.

Nifty Bank

Nifty Bank closed 0.51 percent up at 31,718.35. The important pivot level, which will act as crucial support for the index, is placed at 31,505.97, followed by 31,293.63. On the upside, key resistance levels are placed at 31,890.47 and 32,062.63.

Call options data

Maximum call open interest (OI) of 29.58 lakh contracts was seen at the 12,100 strike price. It will act as a crucial resistance level in November series.

This is followed by 12,000 strike price, which holds 25.28 lakh contracts in open interest, and 12,200, which has accumulated 24.32 lakh contracts in open interest.

Significant call writing was seen at the 12,200 strike price, which added 6.77 lakh contracts, followed by 12,100 strike price that added 5.07 lakh contracts and 12,300 strike which added 5.01 lakh contracts.

Call unwinding was witnessed at 12,000 strike price, which shed 1.91 lakh contracts, followed by 11,900 which shed 1.04 lakh contracts.

Image 1

Put options data

Maximum put open interest of 47.6 lakh contracts was seen at 12,000 strike price, which will act as crucial support in November series.

This is followed by 11,900 strike price, which holds 30.18 lakh contracts in open interest, and 11,500 strike price, which has accumulated 26.67 lakh contracts in open interest.

Put writing was seen at the 12,100 strike price, which added nearly 3.18 lakh contracts, followed by 12,200 strike, which added 30,000 contracts and 12,300 strike, which added 22,125 contracts.

Put unwinding was seen at 11,900 strike price, which shed 7.44 lakh contracts, followed by 11,700 strike which shed 3.95 lakh contracts.

Image 2

Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks.

High delivery

48 stocks saw long buildup

Overall, 48 stocks witnessed long buildups on November 26. Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.

Long build up

2 stocks saw long unwinding

Long unwinding

99 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.

Short build up

Only one stock witnessed short-covering

As per available data, Ujjivan Financial Services was the only stock that witnessed short-covering on November 26. A decrease in open interest, along with an increase in price, mostly indicates a short covering.

Short covering

Bulk Deals

Bulk deals

(For more bulk deals, click here)

Upcoming analyst or board meetings/briefings

The respective boards of Mansoon Trading Company, SRG Housing Finance, Meenakshi Steel Industries, Margo Finance and Gammon Infrastructure Projects will meet on November 27 to consider and approve their quarterly results.

The board of Videocon Industries will meet on November 27 to consider and approve the annual audited financial results of the company for the financial year ended March 31, 2019.

The board of Tilaknagar Industries will meet on November 27 to discuss and finalise on the preferential issue of equity shares to strategic investors towards raising of additional capital by the company.

Stocks in news

Container Corporation: The company has signed a settlement agreement with Kohinoor India.

RITES: The government sold 10 percent equity in the company via offer for sale issues on November 22 and 25.

Tata Communications: The company appointed Amur Swaminathan Lakshminarayanan as MD & CEO.

BPCL: Moody's placed Baa2 rating on the review for downgrade on government stake sale.

Grasim Industries: Board approved the draft scheme of amalgamation between Aditya Birla Solar and Aditya Birla Renewables.

Coffee Day Enterprises: Venu Madhav has been elevated as the Group Head- Strategy and M&A.

Seamec: The company's vessel 'Seamec Princess' has been contracted with Posh Subsea Pte Limited for working at Mumbai High offshore; the value of charter during the firm period is $4.86 million.

Omkar Speciality Chemicals: A fire accident occurred at Badlapur unit in Maharashtra.

Simplex Infrastructures: CARE Ratings has revised the company's long, short-term bank facilities and non-convertible debentures.

FII & DII data

Foreign institutional investors (FIIs) bought shares worth Rs 4,677.75 crore, whereas domestic institutional investors (DIIs) sold shares of worth Rs 4,242.01 crore in the Indian equity market on November 26, provisional data available on the NSE showed.

Fund flow

Fund Flow

Stock under F&O ban on NSE

Yes Bank is under the F&O ban for November 27. 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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First Published on Nov 26, 2019 08:59 pm
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