Mustafa Nadeem of Epic Research feels the index needs to surpass 11,690 to resume its uptrend.
Dragged by banking and auto stocks, benchmark indices closed lower for the fourth straight session on July 23.
Sensex closed 48.39 points lower at 37,982.74 while Nifty slipped 15.20 points to end at 11,331.
"A small body of negative candle was formed, besides the similar negative candle of Monday. Technically, this pattern indicates a range movement in the market with weak bias," Nagaraj Shetti, Technical Research Analyst, HDFC Securities, told Moneycontrol.
The underlying trend of Nifty remains weak, a sustainable move above 11,400 levels could have a further positive impact on the market, he added.
Mustafa Nadeem, CEO, Epic Research, feels the index needs to surpass 11,690 to resume its uptrend.
The broader markets ended mixed with Nifty Midcap index falling 0.6 percent while Smallcap index gained half a percent.
We have collated 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 11,331.05 on July 23. According to the pivot charts, the key support level is placed at 11,289.8, followed by 11,248.6. If the index starts moving upward, the key resistance levels to watch for out are 11,385.2 and 11,439.4.
The Nifty Bank closed at 29,128.10, down 156.85 points on July 23. The important pivot level, which will act as crucial support for the index, is placed at 29,015.6, followed by 28,903.1. On the upside, key resistance levels are placed at 29,303.2, followed by 29,478.3.
Call options data
Maximum Call open interest (OI) of 35.04 lakh contracts was seen at the 11,500 strike price. It will act as a crucial resistance level in the last week of the July series.
This is followed by 11,400 strike price, which now holds 34.71 lakh contracts in open interest, and 11,600, which has accumulated 23.35 lakh contracts in open interest.
Significant Call writing was seen at the 11,400 strike price, which added 5.29 lakh contracts, followed by an 11,500 strike price, which added 3.6 lakh contracts. This was followed by 11,300 strike, which added 2.91 lakh contracts.
Call unwinding was seen at 11,600 strike, which shed 9.24 lakh contracts, followed by 11,700 strike, which shed 7.33 lakh contracts and 12,000 strike, which shed 5.96 lakh contracts.
Put options data
Maximum Put open interest of 39.60 lakh contracts was seen at 11,300 strike price. It will act as a crucial support level for last week of the July series.
This is followed by an 11,200 strike price, which now holds 24.95 lakh contracts in open interest and a 11,000 strike price, which has now accumulated 18.73 lakh contracts in open interest.
Put writing was seen at the 11,200 strike price, which added 2.92 lakh contracts, followed by an 11,300 strike which added 1.49 lakh contracts and 11,100 strike, which added 1.3 lakh contracts.
Put unwinding was seen at the 11,600 strike price, which shed 4.91 lakh contracts, followed by an 11,500 strike that shed 4.78 lakh contracts and an 11,400 strike price which shed 2.78 lakh contracts.
Stocks with a high delivery percentage
High delivery percentage suggests that investors are accepting delivery of the stock, which means investors are bullish on it.
29 stocks saw a long buildup
35 stocks that saw short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short covering.
45 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.
54 stocks saw long unwinding
Analyst or Board Meetings/Briefings
United Bank of India: Lender will announce its April-June quarter earnings on July 30.
Raymond: Company will announce its April-June quarter earnings on August 1.
Sequent Scientific: Company will announce its April-June quarter earnings on July 31.
Varun Beverages: Company will announce its April-June quarter earnings on August 1.
EID Parry: Analyst / Investors Call on the unaudited financial results for the quarter ended June 2019 is scheduled to be held on July 31.
Avanti Feeds: Audio Conference Call for Investors will be held on July 25 to discuss the un-audited financial results for the quarter ended June 2019.
PI Industries: Company has re-scheduled the conference call with analysts/ investors on July 26.
Bajaj Electricals: Company will participate in various investor meetings on July 24 at various locations in Hong Kong.
Page Industries: Board, on August 8, will consider declaration of 1st interim dividend.
VST Tillers: Company's official will meet Pinebridge Investments on July 24 at Bangalore.
Stocks in news
Results on July 24: Asian Paints, Canara Bank, Bharti Infratel, GE T&D India, Sagar Cements, Orient Bell, Liberty Shoes, Quess Corp, Monnet Ispat & Energy, MPS, Security and Intelligence Services, NELCO, Kewal Kiran Clothing, ICICI Prudential Life, Monsanto India, Sharda Cropchem, V-Guard Industries, Syngene International, KSB, Reliance Nippon Life Asset Management, Oberoi Realty, IDFC First Bank, Tube Investments of India, Newgen Software Technologies, Jubilant Foodworks, Rane (Madras), Intellect Design Arena, Umang Dairies, Syndicate Bank, Karur Vysya Bank, Crompton Greaves Consumer Electricals, Shriram Transport Finance Company, Cigniti Technologies, PI Industries, Tejas Networks, Maharashtra Scooters
L&T Q1: Profit grows 21.2 percent to Rs 1,473 crore versus Rs 1,215 crore, revenue increases 9.7 percent to Rs 29,636 crore versus Rs 27,004.8 crore YoY. Company retained FY20 order inflow growth forecast at 10-12 percent and sales growth guidance at 12-15 percent.
HUL Q1: Profit rises 14.2 percent to Rs 1,755 crore versus Rs 1,529 crore, revenue grows 6.6 percent to Rs 10,114 crore versus Rs 9,487 crore YoY.
Zee Entertainment Q1: Consolidated profit jumps 62.6 percent to Rs 530 crore versus Rs 326 crore, revenue rises 13.3 percent to Rs 2,008 crore versus Rs 1,772 crore YoY.
M&M Financial Q1: Profit at Rs 108.5 crore; disbursements grows 2.5 percent YoY to Rs 10,598 crore. AUM growth at 21.6 percent YoY. Gross NPA rises to 7.4 percent versus 5.9 percent QoQ.
Torrent Pharma Q1: Profit surges to Rs 223 crore versus Rs 122 crore, revenue increases to Rs 1,603 crore versus Rs 1,452 crore YoY.
Praj Industries Q1: Profit jumps to Rs 8.8 crore versus Rs 3.5 crore, revenue rises 10.4 percent to Rs 211.6 crore versus Rs 191.6 crore YoY.
Everest Industries Q1: Profit falls 16 percent to Rs 24.6 crore versus Rs 29.3 crore, revenue rises 3.2 percent to Rs 432.2 crore versus Rs 418.9 crore YoY.
Asian Hotels (North) Q1: Loss at Rs 13.99 crore versus loss Rs 19.67 crore; revenue falls to Rs 56.12 crore versus Rs 57.40 crore YoY.
JK Paper Q1: Consolidated profit jumps to Rs 127.11 crore versus Rs 95.19 crore, revenue falls to Rs 713.06 crore versus Rs 795.01 crore YoY.
Oriental Hotels Q1: Consolidated loss at Rs 7.55 crore versus Rs 3.83 crore, revenue dips to Rs 66.55 crore versus Rs 81.52 crore YoY.
Bharat Seats Q1: Profit falls to Rs 3.8 crore versus Rs 7.12 crore, revenue dips to Rs 170.3 crore versus Rs 238.84 crore YoY.
CRISIL Q1: Consolidated profit falls to Rs 66.85 crore versus Rs 77.13 crore, revenue declines to Rs 415.76 crore versus Rs 436 crore YoY.
Schaeffler India Q1: Profit dips to Rs 82.48 crore versus Rs 111.4 crore, revenue rises to Rs 1,116.7 crore versus Rs 1,100 crore YoY.
MCX: SEBI granted renewal of recognition to Multi Commodity Exchange Clearing Corporation Limited (MCXCCL), a wholly owned subsidiary of MCX, for a period of three years, to act as a clearing corporation.
Mishra Dhatu Nigam: Company supplied special ultra high strength steel & titanium alloys to Chandrayaan-2.
TV Today Network: National Company Law Tribunal sanctioned the composite scheme of arrangement & amalgamation between Mail Today Newspapers Private Limited, India Today Online Private Limited and TV Today Network.
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FII & DII data
Foreign Institutional Investors (FIIs) sold shares worth Rs 2,607.97 crore, but Domestic Institutional Investors (DIIs) bought Rs 2,625.1 crore worth of shares in the Indian equity market on July 23, as per provisional data available on the NSE.
Fund Flow Picture
Two stocks under F&O ban period on NSE
For July 24, Dish TV and IDBI Bank are under the F&O ban period.
Securities in ban period under the F&O segment include companies in which security has crossed 95 percent of the market-wide position limit.Out of F&O Ban: DHFL and Reliance Infrastructure.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.