Foreign institutional investors (FIIs) net bought shares worth Rs 876.64 crore, while domestic institutional investors (DIIs) purchased shares of worth Rs 144.75 crore in the Indian equity market.
The market started off the week on a strong note on October 29 with bulls back in action. Positive global cues and hope of more tax cuts along with possibly a good festive season for auto companies lifted sentiment.
The BSE Sensex rallied 581.64 points or 1.48 percent to 39,831.84 while the Nifty 50 climbed 159.70 points or 1.37 percent to 11,786.90, forming large bullish candle on daily charts as follow-up buying was seen at higher levels.
The index managed to surpass its consolidation trading band between 11,550 to 11,700 levels after six trading sessions and the supports are gradually shifting higher.
"It needs to continue to hold above 11,700 to witness an up move towards 11,850 then 12,000 levels while on the downside supports are seen at 11,700 then 11,650 levels," Chandan Taparia, Vice President, Analyst-Derivatives at Motilal Oswal Financial Services told Moneycontrol.
The broader markets also gained strength with the BSE Midcap and Smallcap index rising 1.1 percent and 0.6 percent, respectively, but underperformed the benchmark indices. Barring telecom, all the sectors witnessed buying interest with Metal and Auto gaining over 4 percent followed by Capital Goods, Oil & Gas and Banking which were up in the range of 1-1.2 percent.
"The markets in the near term are likely to be driven by earnings outcome and Auto volume numbers which will be a crucial indicator of revival in consumer spending. Further, global cues will also induce volatility as expectations are high from the on-going US-China trade negotiations. Further, the outcome of US fed meet (scheduled for October 29-30) will also influence the market trend," Ajit Mishra Vice President, Research, Religare Broking 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 the Nifty is placed at 11,627, followed by 11,700. If the index starts moving up, key resistance levels to watch out for are 11,809 and 12,000.
Nifty Bank gained 356.75 points at 29,873.05 on October 29. The important pivot level, which will act as crucial support for the index, is placed at 29,500 and 29,250.
Call options data
Maximum call open interest (OI) of 30.09 lakh contracts was seen at 12,000 strike price. It will act as a crucial resistance level in the October series.
This is followed by 11,800 strike price, which holds 25.27 lakh contracts in open interest; and 11,900, which has accumulated 17.08 lakh contracts in open interest.
Call writing was seen at the 11,900 strike price, which added 3.45 lakh contracts, followed by 11,800 strike that added 2.15 lakh contracts and 12,300 strike that added 1.47 contracts.
Call unwinding was witnessed at 11,700 strike price, which shed 8.49 lakh contracts, followed by 11,600 which shed 7.73 lakh contracts and 12,000 which shed 5.80 lakh contracts.
Put options data
Maximum put OI of 31 lakh contracts was seen at 11,700 strike price, which will act as crucial support in October series.
This is followed by 11,000 strike price, which holds 30.58 lakh contracts in open interest; and 11,500 strike price, which has accumulated 28.21 lakh contracts in OI.
Put writing was seen at the 11,700 strike price, which added 24.78 lakh contracts, followed by 11,800 strike price, which added 12.86 lakh contracts and 11,400 which added 3.12 lakh contracts.
No major Put unwinding seen.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
38 stocks saw long buildup
83 stocks witnessed short-covering
As per available data, 83 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering. Based on the lowest open interest (OI) future percentage point, here are the top 10 stocks in which short-covering was seen.
18 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 open interest (OI) future percentage, here are the top 10 stocks in which short build-up was seen.
13 stocks saw long unwinding
Based on the lowest open interest (OI) future percentage point, here are the top 10 stocks in which long unwinding was seen.
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Upcoming analyst or board meetings/briefings
Equitas Holdings - board meeting on November 8 to consider and approve the financial results for the period ended September 30, 2019
Take Solutions - board meeting on November 6 to consider and approve the financial results for the period ended September 30, 2019, and declaration of dividend
Indian Overseas Bank - board meeting on November 4 to consider and approve the financial results for the period ended September 30, 2019
Andhra Bank - board meeting on November 7 to consider and approve the financial results for the period ended September 30, 2019
Manappuram Finance - board meeting on November 6 to consider and approve the financial results for the period ended September 30, 2019, and dividend
Stocks in news
Results on October 30: Tata Chemicals, Container Corporation, Tata Global Beverages, United Bank Of India, Graphite India, Heritage Foods, Indoco Remedies, JK TYRE, OnMobile Global, PTC India, Quess Corp, Sonata Software
Megasoft: Executive director Duvvur Sudhakar Reddy resigns w.e.f. October 27, 2019.
Wipro: Company launches next-generation engineering and innovation centre in Virginia
Aksh Optifibre: Company appoints Yamini Agarwal as independent director of the company w.e.f. October 29, 2019.
Petronet LNG: Q2 consolidated profit jumps 96 percent to Rs 1,103 crore versus Rs 563, revenue dips 13 percent to Rs 9,361.18 crore versus Rs 10,745.34 crore YoY.
SKF India: Q2 profit rises to Rs 84.62 crore against Rs 84.3 crore, revenue falls 2 percent to Rs 747.2 crore versus Rs 766 crore YoY.
PVR: Company closes QIP, fixes issue price at a price of Rs 1,719.05 per share.
BEML: Government started the divestment process for BEML, likely to do strategic stake sale - CNBC-Awaaz sources.
FII & DII data
Foreign institutional investors (FIIs) net bought shares worth Rs 876.64 crore, while domestic institutional investors (DIIs) purchased shares of worth Rs 144.75 crore in the Indian equity market on October 29, as per provisional data available on the NSE.
No stock under ban period on NSE
For October 30, no stock is under F&O ban.In the F&O segment, companies in which the security has crossed 95 percent of the market-wide position limit are put under a ban for a certain period.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.