The market on November 15 saw renewed buying interest after a day of correction and consolidation, and moved further closer to its record high which is around 200 points away from current levels on the Nifty50, tracking positive trend in Asian counterparts.
The BSE Sensex gained nearly 250 points to end at a record closing high of 61,873, while the Nifty50 climbed 74 points to 18,403 and formed a bullish candle on the daily charts.
But the broader markets remained lacklustre with the Nifty Midcap 100 index up 0.01 percent and Smallcap 100 index rising 0.26 percent due to negative breadth. About 1,049 shares declined against 943 advancing shares on the NSE.
The volatility remained at comfortable levels, helping bulls keep control over Dalal Street. India VIX, the fear index, fell by 1.84 percent to 14.64 levels.
"The momentum indicator RSI (relative strength index) is sustaining above 65 mark and moving higher, which tells that the strong positive momentum is for the short to medium term," Vidnyan Sawant, AVP - Technical Research at GEPL Capital said.
As per the overall price structure and evidence supported by indicators, he feels that the Nifty will remain in a positive trend and move towards the level of 18,500 followed by the 18,650 mark. However, the bullish view will be negated if it breaches below 18,282 level, the market expert said.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data, and not just of the current month.
Key support and resistance levels on the Nifty
As per the pivot charts, the key support level for the Nifty is placed at 18,315, followed by 18,281 and 18,225. If the index moves up, the key resistance levels to watch out for are 18,427 followed by 18,461 and 18,517.
Nifty Bank
The Nifty Bank rallied 296 points to end at a record closing high of 42,373, and formed a bullish candle on the daily charts on November 15, after a day of small correction. The important pivot level, which will act as crucial support for the index, is placed at 42,159, followed by 42,072 and 41,930 levels. On the upside, key resistance levels are placed at 42,442 followed by 42,530 and 42,671 levels.
CALL OPTION DATA
The maximum Call open interest of 33.49 lakh contracts was seen at 19,000 strike, which can act as a crucial resistance level in the November series.
This is followed by 19,500 strike, which holds 24.61 lakh contracts, and 18,300 strike, which have more than 22.35 lakh contracts.
Call writing was seen at 19,000 strike, which added 4.26 lakh contracts, followed by 18,700 strike which added 2.6 lakh contracts, and 18,800 strike which added 2.44 lakh contracts.
Call unwinding was seen at 18,200 strike, which shed 98,450 contracts, followed by 18,100 strike which shed 92,150 contracts and 18,000 strike which shed 80,750 contracts.
PUT OPTION DATA
Maximum Put open interest of 34.52 lakh contracts was seen at 18,000 strike, which can act as a crucial support level in the November series.
This is followed by 18,300 strike, which holds 30.88 lakh contracts, and 17,000 strike, which has accumulated 26.87 lakh contracts.
Put writing was seen at 18,300 strike, which added 7.56 lakh contracts, followed by 18,400 strike, which added 4.4 lakh contracts, and 18,200 strike which added 3.28 lakh contracts.
Put unwinding was seen at 17,000 strike, which shed 96,600 contracts, followed by 16,800 strike which shed 46,400 contracts and 17,400 strike which shed 14,950 contracts.
STOCKS WITH A HIGH DELIVERY PERCENTAGE
A high delivery percentage suggests that investors are showing interest in these stocks. We have seen the highest delivery in Infosys, HDFC, IDFC, Hindustan Unilever and Voltas, among others.
46 stocks saw long build-up
An increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the top 10 stocks including Delta Corp, Indraprastha Gas, Gujarat State Petronet, Bank Nifty, and Cummins India, in which a long build-up was seen.
37 stocks saw long unwinding
A decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks including Sun TV Network, United Breweries, Info Edge India, BHEL, and Abbott India, in which a long unwinding was seen.
42 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 the open interest future percentage, here are the top 10 stocks in which a short build-up was seen, including Polycab India, NMDC, IRCTC, Bata India and L&T Infotech.
69 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks, in which short-covering was seen, including Gujarat Gas, Manappuram Finance, Deepak Nitrite, Crompton Greaves Consumer Electrical, and Dr Reddy's Laboratories.
Bulk Deals
FSN E-Commerce Ventures: Hermes Investment Funds Public Limited Company EMUM acquired 25.82 lakh equity shares in the Nykaa Fashion operator at an average price of Rs 198.48 per share. However, Segantii India Mauritius sold 33.73 lakh shares in the company at an average price of Rs 199.24 per share.
Alstone Textiles (India): Investor Paschim Finance and Chit Fund Pvt Ltd sold 1.35 lakh shares in the company at an average price of Rs 259.6 per share. Another investor Victory Software also offloaded 1.45 lakh shares in the company at the same price.
(For more bulk deals, click here)
Investors Meetings on November 16
Adani Total Gas: Officials of the company will attend a virtual equity conference arranged by Centrum Broking.
Adani Enterprises: Officials of the company will have an interaction at Morgan Stanley Equity Conference, Singapore.
Punjab National Bank: Officials of the bank will have a virtual interaction with Kotak Institutional Equities.
Hindalco Industries: Officials of the company will interact with ICICI Prudential Asset Management Company.
PI Industries: Officials of the company will interact with Rondure Global Advisors.
Trent: Officials of the company will interact with Centrum Broking.
Heranba Industries: Officials of the company will attend Centrum Broking’s Annual Investor Conclave.
Anupam Rasayan India: Officials of the company will attend ‘Orion 2022 – Centrum Virtual Conference’.
Kalyan Jewellers India: Officials of the company will meet Investec, IIFL, Arjav Partners, Varaniam Capital, AUM Advisors, Alder Capital, Dinero Wealth, Param Capital, Roha Asset Managers, Raedan Securities, I- Wealth, Citi and Goldman Sachs.
Polycab India: Officials of the company will interact with Grandeur Peak Global Advisors, LGM Investments and Capital Group.
Greaves Cotton: Officials of the company will attend Annual CITIC CLSA India Forum.
MCX India: Officials of the company will meet Schroders IM.
Stocks in News
Bikaji Foods International: The country's third largest ethnic snacks company will make its grand debut on the bourses on November 16. The issue price has been fixed at Rs 300 per share.
Global Health: The operator of hospitals chain Medanta will also list its equity shares on the BSE and NSE on November 16. The final issue price is Rs 336 per share.
IIFL Wealth Management: The company has completed the acquisition of a 91 percent equity stake in MAVM Angels Network. In July this year, the company executed a share purchase and shareholders' agreement with MAVM Angels Network (MANPL) and its shareholders to acquire a 91 percent stake. With this, MANPL has become a subsidiary of the company.
Bharat Electronics: The Navratna defence PSU has signed an MoU with Yantra India (YIL), a defence PSU for cooperation in the areas of ammunition hardware and military-grade components to jointly address the requirements of Indian defence and export markets. The company also signed an MoU with US-based Profense LLC for cooperation in the manufacturing and marketing of light weapons. It also signed an MoU with SVC Tech Ventures LLP for cooperation in the manufacturing and marketing of heavy-duty blast doors, and with Defence PSU Hindustan Shipyard to carry out joint development, manufacturing and product upgrades of identified products and systems.
Tata Consultancy Services: TAP Air Portugal, the flag carrier airline of Portugal, selected TCS as a strategic partner, to accelerate its digital transformation and drive innovation. The company will establish an Airline Digital Center in Portugal, staffed with consultants with deep domain knowledge of the airline industry, solution architects and technology experts.
Fund Flow
FII and DII data
Foreign institutional investors (FIIs) have net sold shares worth Rs 221.32 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 549.28 crore on November 15, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
Five stocks - BHEL, Delta Corp, Sun TV Network, Gujarat Narmada Valley Fertilizers and Chemicals, and Punjab National Bank - are on the NSE F&O ban list for November 16. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Checkout Budget Highlights 2023
