The market closed higher for the first time in the last four consecutive sessions with the benchmark indices rising half a percent on November 22, supported by positive global cues.
The BSE Sensex rose 274 points to 61,419, while the Nifty50 climbed 84 points to 18,244 and formed a bullish candle on the daily charts after taking support at the 18,100 level.
"Technically, this pattern indicates an upside bounce in the market. The Nifty has moved up on Tuesday from near the important cluster support of around 18,100 levels (20 days EMA, opening upside gap of November 11 and previous swing highs as per the concept of change in polarity). This is a positive indication," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
He feels the market seems to have halted its short-term downward correction and started with a decent upside bounce from the lows.
Further sustainable upmove from here is expected to pull Nifty towards the recent swing highs of 18,450 levels and that is likely to open doors for new highs around 18,600+ levels, the market expert said, adding immediate support is placed at 18,100.
On the broader markets, the Nifty Midcap 100 index gained half a percent, and Smallcap 100 index was up 0.03 percent impacted weak breadth. About 1,064 shares declined against 925 advancing shares on the NSE.
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 18,167, followed by 18,138 & 18,090. If the index moves up, the key resistance levels to watch out for are 18,262 followed by 18,291 and 18,339.
The Nifty Bank rose 110 points to close at 42,457, and formed a Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears for future market trend. The important pivot level, which will act as crucial support for the index, is placed at 42,376, followed by 42,338 and 42,276 levels. On the upside, key resistance levels are placed at 42,499 followed by 42,538 & 42,599 levels.
The maximum Call open interest of 1.06 crore contracts was seen at 18,300 strike, which can act as a resistance level in the November expiry week.
This is followed by 18,400 strike, which holds 1 crore contracts, and 18,500 strike, which have more than 97.55 lakh contracts.
Call writing was seen at 18,500 strike, which added 13.22 lakh contracts, followed by 18,700 strike which added 1 lakh contracts, and 17,900 strike which added 2,950 contracts.
Call unwinding was seen at 18,800 strike, which shed 36.09 lakh contracts, followed by 19,500 strike which shed 22.3 lakh contracts and 18,200 strike which shed 15.09 lakh contracts.
Maximum Put open interest of 92.99 lakh contracts was seen at 18,200 strike, which can act as a support level in the November expiry week.
This is followed by 18,000 strike, which holds 85.46 lakh contracts, and 17,500 strike, which has accumulated 59.91 lakh contracts.
Put writing was seen at 18,200 strike, which added 47.09 lakh contracts, followed by 18,000 strike, which added 15.58 lakh contracts, and 18,100 strike which added 10.38 lakh contracts.
Put unwinding was seen at 17,800 strike, which shed 5.82 lakh contracts, followed by 18,400 strike which shed 4.8 lakh contracts and 17,900 strike which shed 4.38 lakh 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 Torrent Pharma, Wipro, ICICI Bank, PFC, and HDFC, among others.
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 L&T Infotech, Alkem Laboratories, JK Cement, Bank of Baroda, and IRCTC, in which a long build-up was seen.
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 MRF, ONGC, ABB India, Ipca Laboratories, and PVR, in which long unwinding was seen.
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 include Max Financial Services, Syngene International, Muthoot Finance, Aditya Birla Fashion and Retail, and Navin Fluorine International.
101 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 include Gujarat State Petronet, Escorts, Dr Lal PathLabs, Mindtree, and Nifty Financial.
FSN E-Commerce Ventures: Lighthouse India Fund III has sold 1.84 crore equity shares in the company via open market transactions. These shares were sold at an average price of Rs 182 per share. The stake sale was worth Rs 335.72 crore.
Kaynes Technology India: Portfolio management company ValueQuest Investment, and foreign investors TNTBC, Norges Bank, and Goldman Sachs have bought Rs 221 crore worth shares in Kaynes Technology India. Valuequest Investment Advisors bought 9.84 lakh shares in the company at an average price of Rs 764.28 per share, TNTBC as the trustee of Nomura India Stock Mother Fund purchased 6 lakh shares at an average price of Rs 723.1 per share, Norges Bank on account of the Government Pension Fund Global bought 9.24 lakh shares at an average price of Rs 751.16 per share, and Goldman Sachs Funds - Goldman Sachs India Equity Portfolio purchased 4.66 lakh shares at an average price of Rs 705.28 per share.
Rolex Rings: PGIM India Mutual Fund sold 1.86 lakh shares in the company at an average price of Rs 1,923.16 per share. PGIM India Mid Cap Opportunities Fund held a 1.78% stake or 4.85 lakh shares in the company as of September 2022.
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Investors Meetings on November 23
Syngene International: Officials of the company will interact with C Worldwide Asset Management.
Indian Energy Exchange: Officials of company will interact with Capital World.
Latent View Analytics: Officials of company will interact with B&K Securities India.
Polycab India: Officials of company will participate in Nirmal Bang Institutional Equities- Investor Conference.
CARE Ratings: Officials of company will interact with Ace Lansdowne Investments Services LLP.
Tracxn Technologies: Officials of the company will interact with Spark Capital.
Stocks in News
Inox Green Energy Services: The subsidiary of wind turbine generator Inox Wind is going to debut on the bourses on November 23. The final price has been fixed at Rs 65 per share.
FSN E-Commerce Ventures: Arvind Agarwal resigned as Chief Financial Officer of the company effective from the close of business hours on November 25.
Vedanta: The company said its board of directors have approved a third interim dividend of Rs 17.50 per share on face value of Re 1 per share for FY23. The dividend is worth Rs 6,505 crore. The record date for payment of a dividend has been fixed as November 30.
Tech Mahindra: Life Insurance Corporation of India bought additional 1.95 crore shares or 2.01% stake in the IT services company via open market transactions. With this, LIC's shareholding increased to 6.87%, from 4.86% earlier.
Bharti Airtel: Nxtra Data, a subsidiary of Bharti Airtel, started the construction of its new hyper-scale data centre in Kolkata. The company will invest Rs 600 crore in the development of the largest data center in East India that will serve the underserved markets of east and north-east regions along with the SAARC countries.
Siemens: The company recorded 20.7% year-on-year growth in consolidated profit at Rs 381.7 crore for the quarter ended September FY22 and revenue grew by 11.6% to Rs 4,657.1 crore compared to the year-ago period on strong growth across businesses. For the financial year 2021-22, consolidated profit jumped 22.5% to Rs 1,262 crore and revenue increased 22.3% to Rs 16,138 crore compared to the previous year. The company recommended a dividend of Rs 10 per share for FY22. Its order backlog from continuing operations is Rs 17,183 crore.
Hindustan Zinc: The subsidiary of Vedanta will trade ex-dividend on November 23. The company recommended an interim dividend of Rs 15.5 per share.
Mindtree: The ex-date for the Mindtree merger is November 23 and the record date is November 24. Mindtree will be delisted from exchanges, and L&T Infotech will be renamed LTI-Mindtree.
Fund Flow
Foreign institutional investors (FIIs) have net sold shares worth Rs 697.83 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 636.39 crore on November 22, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
The National Stock Exchange has not added any stock under its F&O ban list for November 23. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.
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