Deepak Jasani of HDFC Securities said traders will need to watch if the index can now hold above 11,614-11,591.
Benchmark indices managed to close in the green on June 18 ahead of the US Federal Reserve meeting.
The BSE Sensex gained 85.55 points to end at 39,046.34 while the Nifty50 rose 19.30 points to end at 11,691.50.
"We will need to watch if the index can now hold above the crucial immediate support of 11,614-11,591 levels," Deepak Jasani, Head of Retail Research, HDFC Securities, told Moneycontrol.
Jayant Manglik, President - Retail Distribution at Religare Broking, said the near-term movement is likely to be driven by monsoon progress (which has been delayed) as well as global indicators. "The outcome of US Fed meet (scheduled June 18-19) will be keenly watched."
The broader markets underperformed benchmark indices and the breadth was in favour of bears as about three shares declined for every two shares rising on the NSE. The Nifty Midcap index fell 0.16 percent and Smallcap index 0.26 percent.
Select IT, banks and metals stocks gained strength while selling in auto, FMCG and pharma stocks limited gains.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
Nifty closed at 11,691.50 on June 18. According to the Pivot charts, the key support level is placed at 11,646.07, followed by 11,600.63. If the index starts moving upward, key resistance levels to watch out are 11,732.07 and 11,772.63.
Nifty Bank closed at 30,351, up 77.75 points on June 18. The important Pivot level, which will act as crucial support for the index, is placed at 30,198.97, followed by 30,046.94. On the upside, key resistance levels are placed at 30,526.87, followed by 30,702.73.
Call options data
Maximum Call open interest (OI) of 26.57 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 11,900 strike price, which now holds 20.53 lakh contracts in open interest, and 11,800, which has accumulated 16.42 lakh contracts in open interest.
Significant Call writing was seen at 11,700 strike price that added 5.94 lakh contracts, followed by 11,900 strike price that added 2.18 lakh contracts and 11,800 strike price, which added 1.32 lakh contracts.
Call unwinding was seen at the strike price of 12,200, which shed 2.12 lakh contracts, followed by 12,300 strike price that shed 0.34 lakh contracts.
Put options data
Maximum Put open interest of 29.70 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 11,700 strike price, which now holds 23.52 lakh contracts in open interest and 11,600 strike price, which has now accumulated 19.92 lakh contracts in open interest.
Put writing was seen at the 11,700 strike price, which added 4.74 lakh contracts, followed by 11,500 strike price that added 4.14 lakh contracts and 11,600 strike that added 2.84 lakh contracts.
Put unwinding was seen at the strike price of 11,900, which shed 0.98 lakh contracts, followed by 11,000 strike price that shed 0.8 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.
50 stocks saw a long buildup
49 stocks that saw short covering
A decrease in open interest, along with an increase in price, mostly indicates short covering.
56 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.
43 stocks saw long unwinding
FII & DII data
Foreign Institutional Investors (FIIs) bought shares worth net Rs 31.73 crore and Domestic Institutional Investors (DIIs) bought Rs 181.03 crore worth of shares in the Indian equity market on June 18, as per provisional data available on the NSE.
Fund flow picture
Stocks in news
Canara Bank: Board approves sale of part or full stake in Can Fin Homes.
Adani Ports: Fitch affirms BBB- issuer rating, outlook stable.
Jain Irrigation: India Ratings cut Long Term Issuer Rating to BBB with outlook at 'Watch Negative'.
Adlabs Entertainment: Meghna Ghai Puri, Non-Executive Independent Director tendered her resignation from the directorship.
Sundaram Multi Pap: Company has received BB+ (Stable) credit rating from Brickwork Ratings India Private Limited.
SEBI: Recognised bourses can launch futures on commodity indices.
(For more bulk deals, Click Here)
Analyst or Board Meet/Briefings
Voltas: Company's officials will meet analysts/investors on June 19 and June 20.
Tamil Nadu Newsprint & Papers: Company's officials will meet analyst/investor on June 19 in Chennai.
TCI Express: 11th AGM to be held on July 30.
Transport Corporation of India: Shareholder meeting to be held on July 29.
Himachal Futuristic Communications: Company will be meeting several fund managers/ institutional investors/ analysts on June 19 in Mumbai, to discuss about the general business updates and the industry in which the company operates.
TCI Express: Board meeting is scheduled to take place on July 30 to consider un-audited financial results for the quarter ended June 2019.
Eicher Motors: Company's officials will meet Steinberg India Fund and Hill Fort India Fund on June 20.
Crompton Greaves Consumer Electricals: Company's officials will meet Mirae Asset Financial Group and Helios Capital on June 27.
IRCON International: One on one investor meet is going to be held on June 19 with M3 Investment Private Limited.
Five stocks under F&O ban period on NSE
For June 19, DHFL, IDBI Bank, Jet Airways, PC Jeweller 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.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .