Indian equity benchmarks Sensex and Nifty logged in gains for the fourth consecutive session on June 23.
Indian share markets started the day on a muted note only to pick up momentum in the second half, bringing the benchmark indices within touching distance of a four-month high.
The S&P BSE Sensex rallied 519 points to close at 35,430 while the Nifty50 witnessed selling pressure near 10,500 to end the day 160 points higher at 10,471.
"The sharp rally over the last few days has made Nifty valuations expensive at 22 times P/E. While the near-term momentum may continue, we would advise investors to stay cautious. Investors can look for buying opportunities on declines in the market and focus more on stock-specific action," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three- months data and not of the current month only.
Key support and resistance level for the Nifty
According to pivot charts, the key support level for the Nifty is placed at 10,353.63, followed by 10,236.27. If the index moves up, the key resistance levels to watch out for are 10,536.53 and 10,602.07.
The Nifty Bank closed 2.56 percent higher at 22,264.90. The important pivot level, which will act as crucial support for the index, is placed at 21,834.37, followed by 21,403.83. On the upside, key resistance levels are placed at 22,508.87 and 22,752.83.
Call option data
Maximum call OI of 36.16 lakh contracts was seen at 10,500 strike, which will act as crucial resistance in the June series.
This is followed by 11,000, which holds 30.96 lakh contracts, and 10,600 strikes, which has accumulated 25.85 lakh contracts.
Significant call writing was seen at the 10,700, which added 2.17 lakh contracts, followed by 10,800 strikes which added 2.06 lakh contracts.
Call unwinding was witnessed at 10,300, which shed 10.04 lakh contracts, followed by 10,400 strikes, which shed 5.47 lakh contracts.
Put option data
Maximum put OI of 26.41 lakh contracts was seen at 10,000 strike, which will act as crucial support in the June series.
This is followed by 10,300, which holds 28.84 lakh contracts, and 10,200 strikes, which has accumulated 26.68 lakh contracts.
Significant put writing was seen at 10,400, which added 17.44 lakh contracts, followed by 10,300 strikes, which added 10.91 lakh contracts.
Put unwinding was seen at 10,100, which shed 8.67 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
60 stocks saw long build-up
Based on the OI future percentage, here are the top 10 stocks in which long build-up was seen.
18 stocks saw long unwinding
Based on the OI future percentage, here are the top 10 stocks in which long unwinding was seen.
8 stocks saw short build-up
An increase in OI, along with a decrease in price, mostly indicates a build-up of short positions.
59 stocks witnessed short-covering
A decrease in OI, along with an increase in price, mostly indicates a short-covering. Based on the OI future percentage, here are the top 10 stocks in which short-covering was seen.
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Results on June 24
GAIL India, Indian Oil Corporation, Power Finance Corporation, Canara Bank, Aksh Optifibre, Astra Microwave Products, Balmer Lawrie, Bombay Burmah Trading Corp, Burnpur Cement, Future Consumer, General Insurance Corporation, HG Infra Engineering, India Cements, Indoco Remedies, Indo Rama Synthetics, PNC Infratech, Prestige Estates Projects, RS Software, Rail Vikas Nigam, Sandesh, Sanghi Industries, Sharda Cropchem, Shriram EPC, Tribhovandas Bhimji Zaveri, Tide Water Oil, United Breweries.
Stocks in the news
EIH Associated Hotels Q4: Profit at Rs 10.74 cr versus Rs 18.19 cr, revenue at Rs 70.62 cr versus Rs 85 cr YoY.
IFCI: Brickwork reaffirmed rating of long term debt instrument NCD of IFCI at BBB+/ Negative.
Finolex Industries Q4: Profit at Rs 58.66 cr versus Rs 97.39 cr, revenue at Rs 766.11 cr versus Rs 964.24 cr YoY.
CG Power and Industrial Solutions: Aditya Birla Sun Life MF sold 2.01% stake in the company on June 19.
Honda Siel Power Products Q4: Profit at Rs 4.85 cr versus Rs 10.75 cr, revenue at Rs 195.67 cr versus Rs 230.48 cr YoY.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 168.96 crore, while domestic institutional investors (DIIs), too, bought shares worth Rs 454.48 crore in the Indian equity market on June 23, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Three stocks - Century Textiles & Industries, Just Dial and Vodafone Idea - are under the F&O ban for June 24. 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.