Saurav Ratnaparkhi of Sharekhan by BNP Paribas said the intraday chart shows that the sideways action can continue for some more time before the Nifty gets ready for the next big rise.
After an early dip followed by a quick recovery, the market remained higher amid consolidation for the major part on June 11 supported by positive global cues.
The BSE Sensex gained 165.94 points to 39,950.46 while the Nifty 50 rose 42.90 points to 11,965.60, forming a 'Doji' kind of pattern on daily charts for the third consecutive session suggesting indecisiveness.
"A high wave or a Doji type candlestick pattern was formed. This pattern signals a weak strength in the upside bounce. Though Nifty moved up the market breadth was not in favor of bulls," Nagaraj Shetti - Technical Research Analyst, HDFC Securities told Moneycontrol.
He said the short term trend of Nifty is positive with range movement. "This weak upside bounce is not going to stay for long and one may expect higher levels weakness soon in the market. Immediate resistance to be watched at 12,000 levels."
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas also said the intraday chart shows that the sideways action can continue for some more time before the Nifty gets ready for the next big rise.
The broader markets also closed higher with the Nifty Midcap index rising 0.68 percent and Smallcap index gaining 0.10 percent.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
Nifty closed at 11,965.60 on June 11. According to the Pivot charts, the key support level is placed at 11,913.17, followed by 11,860.73. If the index starts moving upward, key resistance levels to watch out are 12,009.17 and 12,052.73.
The Nifty Bank index closed at 31,265.45, up 231.45 points on June 11. The important Pivot level, which will act as crucial support for the index, is placed at 31,026.03, followed by 30,786.67. On the upside, key resistance levels are placed at 31,452.03, followed by 31,638.67.
Call options data
Maximum Call open interest (OI) of 25.30 lakh contracts was seen at the 12,500 strike price. This will act as a crucial resistance level for the June series.
This is followed by 12,000 strike price, which now holds 18.31 lakh contracts in open interest, and 12,200, which has accumulated 14.66 lakh contracts in open interest.
Significant Call writing was seen at 12,200 strike which added 0.64 lakh contracts, followed by 12,400 strike that added 0.36 lakh contracts.Call unwinding was seen at the strike price of 12,500, which shed 1.77 lakh contracts, followed by 11,900 strike which shed 0.96 lakh contracts.
Put options data
Maximum Put open interest of 28.23 lakh contracts was seen at 11,500 strike price. This will act as a crucial support level for the June series.
This was followed by 11,800 strike price, which now holds 19.22 lakh contracts in open interest and 11,700 strike price, which has now accumulated 18.48 lakh contracts in open interest.
Put writing was seen at the 11,700 strike price, which added 3.09 lakh contracts, followed by 11,900 strike which added 2.92 lakh contracts.
Put unwinding was seen at the strike price of 11,500, which shed 0.72 lakh contracts, followed by 12,200 strike which shed 0.15 lakh contracts.
Stocks with a high delivery percentage
High delivery percentage suggests investors are accepting the delivery of the stock, which means that investors are bullish on it.
60 stocks saw a long buildup
84 stocks that saw short covering
A decrease in open interest, along with an increase in price, mostly indicates short covering.
29 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.
22 stocks saw long unwinding
FII & DII data
Foreign Institutional Investors (FIIs) bought shares worth net Rs 95.79 crore while Domestic Institutional Investors (DIIs) sold Rs 151.01 crore worth of shares in the Indian equity market on June 11, as per provisional data available on the NSE.
Fund Flow Picture
Stocks in news
Adani Green: Promoters to sell up to 5.98 percent in the company via offer for sale on June 12-13, floor price set at Rs 43 per share.
India Cements: Pledge on 1.68 percent promoter stake released on Monday.
Voltas: Company Abhijit Gajendragadkar resigned as CFO, deputy MD Anil George to take over as CFO.
Yes Bank: RBI imposed Rs 11.2 lakh penalty on bank for breach of prepaid payment norms. Lt General Mukesh Sabharwal resigned as Non-Executive Independent Director.
DHFL: Company paid Rs 962 crore interest due on NCDs on June 4 in full.
Suzlon Energy: Company will continue to work on significant debt reduction, is exploring various options like raising fresh equity, disposal of subsidiaries.
KEC International: Manisha Girotra resigned as Independent Director of the company.
Sea TV Network: Company appointed Manish Jain as the Chief Financial Officer (Key Managerial Personnel).
Yes Bank: Ratings placed under 'Review for Downgrade' by Moody's.
Simplex Infrastructures: Credit rating of the company has been retained with revision in outlook by CARE Ratings.
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Analyst or Board Meet/Briefings
RPG Life Sciences: Company's officials will participate in the RPG Annual Investors Conference on June 12.
Tata Steel: Company's officials will meet JP Morgan on June 13.
Cholamandalam Investment and Finance Company: Company's officials will meet analysts/investors on June 12, 13, 20, 24 and 28.
Allcargo Logistics: Company's officials will meet SBI Mutual Fund on June 12.
Ceat: Company's officials will attend the RPG Annual Investor Conference 2019 on June 12.
Container Corporation of India: Company's officials will meet analysts on June 12 and June 26.
IDFC First Bank: Company's officials will attend Morgan Stanley - 21st Annual India Summit on June 13.
Marico: Company's officials will participate in the non-deal roadshow to be hosted by Kotak Institutional Equities on June 12, 13 and 14.
Just Dial: Representative of the company will attend investors meeting viz. Morgan Stanley's Twenty-First Annual India Summit on June 12.
Zensar Technologies: Company's officials will attend Annual Investor Conference 2019 on June 12.
PI Industries: Company's officials will meet investors namely ICICI Prudential MF on June 13, Dolat Capital on June 18 and Old Bridge Capital Management on June 18.
Five stocks under F&O ban period on NSE
For June 12, DHFL, IDBI Bank, PC Jeweller, Reliance Capital and Reliance Infrastructure 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.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.