Selling pressure continued in the market amid consolidation on February 25 as investors assessed the economic impact of the deadly coronavirus that has so far claimed over 2,700 lives and infected over 80,000.
The BSE Sensex was down 82.03 points at 40,281.20, while the Nifty 50 fell 31.50 points to 11,797.90, forming a bearish candle on daily charts.
Market breadth was in favour of bears as about three shares declined for every two shares rising on the BSE.
"The underlying short term trend of Nifty continues to be weak. Tuesday's consolidation could be considered as a temporary halt in the downside momentum. The immediate gap supports of 11,750 could be broken on the downside in the coming sessions and the Nifty could reach or slide just below the next support of 11,615 in the next few sessions," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
Hence, long trading positions can be protected with a strict stop loss and short positions in the index and stocks can be maintained, he advised.
Ajit Mishra, VP - Research at Religare Broking expects the weak trend in the market to continue for a while as coronavirus is still rattling sentiments across the globe.
"On the domestic front, weaker-than-expected Q3FY20 GDP (scheduled later this week) could further dampen the investor confidence at least in the near-term," he 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, the key support level for Nifty is placed at 11,757.53, followed by 11,717.17. If the index continues moving up, key resistance levels to watch out for are 11,860.63 and 11,923.37.
Nifty Bank closed at 30,432.70, down 22.40 points. The important pivot level, which will act as crucial support for the index, is placed at 30,304.83, followed by 30,176.97. On the upside, key resistance levels are placed at 30,585.63 and 30,738.56.
Call options data
Maximum Call open interest (OI) of 52.79 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the February series.
This is followed by 12,200 strike price, which holds 39.73 lakh contracts in open interest, and 12,100, which has accumulated 38.06 lakh contracts in open interest.
Significant call writing was seen at the 11,900 strike price, which added 10.37 lakh contracts, followed by 11,800 strike price that added 8.44 lakh contracts and 12,000 strike price, which added 4.99 lakh contracts.
Call unwinding was witnessed at 12,200 strike price, which shed 5.65 lakh contracts, followed by 12,400 which shed 1.57 lakh contracts.
Put options data
Maximum Put open interest of 27.15 lakh contracts was seen at 11,700 strike price, which will act as crucial support in the February series.
This is followed by 11,600 strike price, which holds 22.71 lakh contracts in open interest, and 11,500 strike price, which has accumulated 21.75 lakh contracts in open interest.
Put writing was seen at the 11,800 strike price, which added 2.15 lakh contracts, followed by 11,400 strike, which added 1.06 lakh contracts and 11,600 strike which added 0.88 lakh contracts.
Put unwinding was seen at 11,900 strike price, which shed 5.87 lakh contracts, followed by 12,000 strike price which shed 5.05 lakh contracts and 11,500 strike, which shed 3 lakh contracts.
Stocks with a high delivery percentageA high delivery percentage suggests that investors are showing interest in these stocks.
20 stocks saw long build-up
Based on open interest (OI) future percentage, here are the top 10 stocks in which long build-up was seen.
44 stocks saw long unwindingBased on open interest (OI) future percentage, here are the top 10 stocks in which long unwinding was seen.
34 stocks saw short build-upAn 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.
44 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on open interest (OI) future percentage, here are the top 10 stocks in which short-covering was seen.
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Analysts and Board Meetings
Sundaram Clayton: Board to consider declaration of interim dividend on March 10.
TVS Motor Company: Board to consider the declaration of interim dividend on March 10.
Sandhar Technologies: Company's officials will meet Arjun Khanna of Kotak Mutual Fund on February 28.
Allcargo Logistics: Analyst/institutional investor meeting is scheduled to be held on February 26.
Gujarat Ambuja Exports: Board to consider declaration of interim dividend, if any on March 7.
Kirloskar Pneumatic: Board to consider declaration of second interim dividend, if any on March 4.
Great Eastern Shipping Company: Board to consider declaration of interim dividend, if any, on March 6 and 7.
Century Textiles: Investor meeting to be held on February 26.
Deepak Nitrite: Board to consider declaration of interim dividend on March 4.
Cholamandalam Investment and Finance Company: Kotak Institutional Equities will do earnings call on February 26.
Shanthi Gears: Board to consider interim dividend, if any, on February 28.
Stocks in the news
IRB Infrastructure: Company received Mumbai-Pune Expressway project under toll-operate-toll model.
Arrow Greentech: Company received closure intimation notice from Gujarat Pollution Control Board for manufacturing unit in Ankleshwar.
Dr Lal PathLabs: Company will pay Rs 6 per share interim dividend.
Wockhardt: India Ratings revised company's ratings for short-term bank facilities to A4+/Rating Watch Evolving from A4+, long-term loan facilities rating to BB+/RWE from BB+/Negative.
Asian Paints: Company will pay Rs 7.15 per share as interim dividend.
InterGlobe Aviation: IndiGo said the company did not receive SEBI letter on related party deal disclosures.
JSW Steel: Fitch cuts company's outlook rating to negative from stable.
Bharti Airtel: Company loses 11,050 users in December versus the addition of 16 lakh users (MoM).
Vodafone Idea: Company loses 36.44 lakh users in December versus a loss of 3.64 crore users (MoM).
Bajaj Healthcare: Company has executed an agreement with Vetpharma to purchase its manufacturing facilities of bulk drug and API comprising of immovable properties and movable properties including plant and machineries.
Godawari Power & Ispat: Company commenced commercial production at its rolling mill and iron ore beneficiation plant after approval from Chhattisgarh Environment Conservation Board.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 2,315.07 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 1,565.28 crore in the Indian equity market on February 25, provisional data available on the NSE showed.
Stocks under F&O ban on NSEYes Bank is under the F&O ban for February 26. 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.