The market continued its upside momentum, amid consolidation, for the third consecutive session on October 20 led by technology, select automobile and banks stocks. Fall in the number of COVID-19 infections, strong September quarter earnings and hope for further fiscal stimulus supported the market.
The Sensex ended up 112.77 points at 40,544.37 and the Nifty gained 23.8 points at 11,896.80. The latter formed a small bodied bullish candle on the daily charts, which resembles a Shooting Star kind of pattern.
The overall market breadth was slightly positive with minor gains registered in the midcap and smallcap indices.
"We are unlikely to see any sharp weakness. Any minor decline/consolidation could be a buy on dips opportunity for the short term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.
"The short term uptrend on the Nifty remains intact. The market could make an attempt to retest the crucial upper resistance of around 12,000-12,050 levels in the next few sessions. Immediate supports to be watched at 11,780," he added.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.Key support and resistance levels on the Nifty
This is followed by 12,000, which holds 23.90 lakh contracts, and 12,200 strikes, which has accumulated 18.71 lakh contracts.
Call writing was seen at 12,000, which added 81,225 contracts, followed by 12,500, which added 69,450 contracts, and 12,600 strikes, which added 22,425 contracts.Call unwinding was seen at 12,200, which shed 1.59 lakh contracts, followed by 11,800, which shed 80,100 contracts, and 11,700 strikes, which shed 64,350 contracts.
This is followed by 11,500, which holds 24.50 lakh contracts, and 11,700 strikes, which has accumulated 19.29 lakh contracts.
Put writing was seen at 11,900, which added 1.55 lakh contracts, followed by 12,000, which added 1.04 lakh contracts, and 11,500 strikes, which added 78,300 contracts.
Put unwinding was witnessed at 11,100, which shed 33,300 contracts, followed by 11,600 strikes, which shed 6,600 contracts.
Stocks with a high delivery percentage
28 stocks saw long build-up
34 stocks saw short build-up
47 stocks witnessed short-covering
Brigade Enterprises: Subsidiary Mysore Projects entered into a liability partnership agreement with Prestige Estates Projects in Prestige OMR Ventures for a 30 percent contribution.
Bajaj Auto: LIC increased stake in the company to 6.4 percent in the September quarter from 4.76 percent in the June quarter.
Indian Energy Exchange reported a profit of Rs 44.33 crore in Q2 FY21 against Rs 48.8 crore. Revenue increased to Rs 70.91 crore from Rs 67.45 crore YoY.
Bombay Dyeing reported loss of Rs 90.68 crore in Q2 FY21 against a profit of Rs 89.51 crore. Revenue fell to Rs 217 crore from Rs 555 crore YoY.
L&T: LIC holds 1.1 percent stake at the end of the September quarter. Foreign portfolio investors (FPIs) increased stake to 28.16 percent from 26.95 percent in the June quarter. Mutual funds (MFs) reduced their stake to 6.96 percent from 9.32 percent in the same period.Fund flow