Benchmark indices on April 7 posted strong gains after two consecutive sessions of losses.
The market opened with a strong gap on the upside which fuelled a 2500-point rally in Sensex, while the Nifty50 reclaimed 8,800 levels in intraday trade.
Eventually, Sensex closed 2,476 points, or 8.97 percent, higher at 30,067.21 while Nifty settled 708 points, or 8.76 percent, up at 8,792.20.
It was a broad-based rally as all pockets managed to rebound sharply, especially recent beaten down spaces like private banks and auto counters.
Vinod Nair, Head of Research at Geojit Financial Services said that in the holiday-shortened current week, any news regarding peaking infections will be bought into. Defensives like pharma and FMCG, which has witnessed the least disruption in their business, will continue to be favoured.
We have collated 15 data points to help you spot profitable trades:
Note: The OI and volume data of stocks given in this story are the aggregates of the three-months data and not of the current month only.
Key support and resistance level for Nifty
According to the pivot charts, the key support level for Nifty is placed at 8,495.63, followed by 8,199.07. If the index continues moving up, key resistance levels to watch out for are 8,954.08 and 9,115.97.
Nifty Bank closed 10.51 percent up at 19,062.50. The important pivot level, which will act as crucial support for the index, is placed at 18,280.67, followed by 17,498.83. On the upside, key resistance levels are placed at 19,517.46 and 19,972.43.
Call options data
Maximum call open interest (OI) of 15.11 lakh contracts was seen at the 9,000 strike price. It will act as a crucial resistance level in the April series.
This is followed by 8,500 strike price, which holds 8.68 lakh contracts in open interest, and 8,600, which has accumulated 1.94 lakh contracts in open interest.
Minor call writing was seen at the 8,700 strike price, which added 20,175 contracts, followed by 8,900 strike price that added 19,800 contracts.
Call unwinding was witnessed at 9,000 strike price, which shed 1.4 lakh contracts, followed by 9,200 strike which shed 83,775 contracts.
Put options data
Maximum put open interest of 13.35 lakh contracts was seen at 8,500 strike price, which will act as crucial support in the April series.
This is followed by 9,000 strike price, which holds 13.24 lakh contracts in open interest, and 8,700 strike price, which has accumulated 1.86 lakh contracts in open interest.
Put writing was seen at the 8,500 strike price, which added 1.7 lakh contracts, followed by 8,700 strike, which added 72,675 contracts.
No significant put unwinding was seen on April 7.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
96 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.
Only one saw long unwinding
3 stocks saw short build-up
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions.
43 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.
IDBI Bank: The board will meet on April 8 for general purposes.
Gulf Oil Lubricants India: The board will meet on April 9 to consider and approve the interim dividend.
OnMobile Global: The board will meet on April 9 to consider and approve the buyback of shares.
Stocks in the news
Maruti Suzuki India: The company said it produced 92,540 units in March 2020 against 1,36,201 units in March 2019.
Galaxy Surfactants: The company said it had partially resumed operations at its plants with effect from April 6, 2020.
T T Limited: The company said Rikhab Chand Jain, its promoter and Director, had purchased 1,000 equity shares of the company between March 20 and March 31.
IndusInd Bank: UBS Principal Capital Asia buys 53,83,066 shares of the bank at Rs 367 per share on April 7.
Hero MotoCorp: Company extends the duration of all its warranty and free services in view of COVID-19 lockdown.
Sudarshan Chemical: India Ratings revised the outlook to Positive from Stable while affirming Long-Term Issuer Rating at A+.
VIP Industries: Board appoints Neetu Kashiramka as Chief Financial Officer of the company.
Adani Green Energy: Company receives Rs 3,707 crore for the formation of the JV with TOTAL SA.
Veeram Securities: The board of directors will meet on April 17 to consider allotment of bonus shares.
Wipro: The company will release the earnings for the quarter and year ended March 31, 2020, on April 15.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 741.77 crore, while domestic institutional investors (DIIs), too, bought shares of worth Rs 422.51 crore in the Indian equity market on April 7, provisional data available on the NSE showed.
Stock under F&O ban on NSENo security is under the F&O ban for April 8. 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.