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Last Updated : Nov 20, 2019 08:13 AM IST | Source: Moneycontrol.com

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

Nagaraj Shetti of HDFC Securities said the short term trend of Nifty continued to be rangebound.

Sunil Shankar Matkar

The market was rangebound from the opening tick but gained strength later helping benchmark indices close half a percent higher on November 19. Telecom and banks stocks led the late gains. However, the weakness in auto, FMCG and metals stocks capped upside.

The BSE Sensex rose 185.51 points to 40,469.70 while the Nifty 50 climbed 55.60 points to 11,940.10, forming bullish candle on daily charts, but the market breadth was negative.

About 1,379 shares declined against 1,144 advancing shares on the BSE.

Close

"The short term trend of Nifty continues to be rangebound. The Nifty is expected to challenge the key overhead resistance of 12,000 mark again in the next 1-2 sessions," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.

He said a decisive/sustainable move above this hurdle could only open renewed buying enthusiasm in the market. An emergence of selling pressure from near the resistance could drag Nifty down to 11,850-11,825 levels again in the near term," he added.

The broader markets also gained momentum, with Nifty Midcap and Smallcap indices rising 0.2-0.3 percent but underperforming frontliners.

"We continue to remain cautious on the markets in the near-term as it hovering around peak levels," Ajit Mishra, Vice President - Research at Religare Broking said.

We have collated 15 data points to help you spot profitable trades:

Key support and resistance level for Nifty

According to the pivot charts, key support level for Nifty is placed at 11,895, followed by 11,849.9. If the index continues moving up, key resistance levels to watch out for are 11,972 and 12,003.9.

Nifty Bank

Nifty Bank gained 0.79 percent to close at 31,236.25. The important pivot level, which will act as crucial support for the index, is placed at 31,040.96, followed by 30,845.73. On the upside, key resistance levels are placed at 31,364.76 and 31,493.33.

Call options data

Maximum Call open interest (OI) of 22.02 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in November series.

This is followed by 12,200 strike price, which holds 17.31 lakh contracts in open interest, and 11,900, which has accumulated 14.18 lakh contracts in open interest.

Significant Call writing was seen at the 12,200 strike price, which added 0.6 lakh contracts, followed by 12,400 strike price that added 0.1 lakh contracts.

Call unwinding was witnessed at the 12,000 strike price, which shed 1.71 lakh contracts, followed by 12,500 that shed 0.61 lakh contracts.

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Put options data

Maximum Put open interest of 22.21 lakh contracts was seen at 11,900 strike price, which will act as crucial support in the November series.

This is followed by the 11,800 strike price, which holds 22.20 lakh contracts in open interest, and 11,500 strike price, which has accumulated 21.96 lakh contracts in open interest.

Put writing was seen at the 11,900 strike price, which added nearly 2.46 lakh contracts, followed by 11,800 strike, which added 1.81 lakh contracts and 12,000 strike, which added 1.21 lakh contracts.

Put unwinding was seen at the 11,200 strike price, which shed 0.51 lakh contracts, followed by 12,500 strike which shed 0.12 lakh contracts.

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Stocks with a high delivery percentage

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

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34 stocks saw long buildup

Overall, 34 stocks witnessed a long buildup on November 19. Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.

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24 stocks saw long unwinding

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48 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.

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45 stocks witnessed short-covering

As per available data, 45 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering.

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Bulk Deals

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(For more bulk deals, click here)

Upcoming analyst or board meetings/briefings

Escorts: Company's officials will be meeting Infina Finance on November 21, DNB on November 25, Yes Securities on November 29, Alquity Investment Management on December 2 and JP Morgan on December 4.

Granules India: Company's officials will be meeting Farley Capital New York and Seven Canyon Advisors on November 20.

Havells India: Management of the company will be participating in the Investor Conference organised by IIFL Securities on November 21, 22.

UltraTech Cement: Board to mull raising Rs 250 crore via NCDs on November 22.

Stocks in news

Wipro: Company and University of Oulu signed MoU to collaborate on 5G/6G technologies.

Shree Cement: Company approved floor price for QIP at Rs 19,806.5 per share.

Siemens: July-September quarter profit rises 18.3% to Rs 333.9 crore, revenue increases 4.84% to Rs 4,147.4 crore YoY; full year profit jumps 22% to Rs 1,099.4 crore, revenue rises 7.6% to Rs 13,767.2 crore.

Indian Railway Catering and Tourism Corporation: Concession Agreement signed between company and Karnataka State Tourism Development Corporation for taking over the operations, marketing and day to day maintenance of Golden Chariot Train.

McNally Bharat Engineering: Two investors submitted binding term sheets to the lenders for the debt resolution of the company.

Birla Corporation: Company acquired 26 percent ownership in AMPSolar Clean Power Private Limited.

Bank of Baroda: RBI imposed a penalty of Rs 2.50 crore for non-compliance.

Alkyl Amines Chemicals: Company sold 29,77,996 equity shares representing 30.44 percent stake held in Diamines and Chemicals Limited.

Reliance Industries: Reliance Jio said it would take measures including appropriate increase in tariffs in next few weeks.

Reliance Industries: Reliance Jio added 69.8 lakh users in September versus addition of 84.4 lakh users (MoM).

Bharti Airtel: Company lost 23.8 lakh users in September versus loss of 5.6 lakh users (MoM).

Vodafone Idea: Company lost 25.7 lakh users in September versus loss of 49.6 lakh users (MoM).

FII & DII data

Foreign institutional investors (FIIs) sold shares worth Rs 915.37 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 262.35 crore in the Indian equity market on November 19, provisional data available on the NSE showed.

Fund flow

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Stock under F&O ban on NSE

Not a single stock is under F&O ban for November 20.

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.

Disclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Nov 19, 2019 08:56 pm
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