Bulls took control of D-Street on Tuesday pushing the S&P BSE Sensex higher by over 400 points while the Nifty50 closed above 17550 levels. 

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Indian market recovered from two days of decline sparked by troubles in the Chinese economy, as well as outcome of the US Federal Reserve policy meeting. 

Sectorally, the action was seen in realty, IT, metals, telecom, and oil & gas while profit booking was seen in utilities, power, auto, and banks. 

“The Nifty made low in mid hours near to 17326 levels and by closing, we have seen the recovery of 236 points on the index. This type of technical structure shows huge strength with a V-shaped recovery sign on small duration charts,” Rahul Sharma, Co-Founder, Equity99, said.

“The immediate support is still at 17500 levels & next big support is placed at 17325 levels. On the upside 17700 will act as major resistance followed by 17800 levels,” he said. 

Here is a list of 12 data points that will help you in making a profitable trade:

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.95 percent higher at 17,562. Key Pivot points (Fibonacci) support for the index is placed at 17392, 17332, and 7236 while resistance is placed at 17,585, 17644, and 17741.

Key support & resistance levels for Nifty Bank:

The NiftyBank closed 0.24 per cent higher at 37,235. Key Pivot points (Fibonacci) support for the index is placed at 36722, 36530, and 36219 while resistance is placed at 37345, 37537, and 37848.

Gross Open Interest:

Open Interest means the number of contracts open or outstanding in futures trading in NSE at any one time. One seller and one buyer together create one contract.

Here the gross values of Open Interest Positions taken by the four participants namely Client are Clients are the retail individual investors who invest in the derivatives instruments, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the proprietors and brokerage firms who trade on their own behalf.

Options Data:

On Option front, maximum Put OI is placed at 17000 followed by 17500 strikes while maximum Call OI is placed at 17500 followed by 18000 strikes. 

Marginal Call unwinding is seen at 17900 then 17800 strike while minor Put writing is seen at 17400 then 17500 strikes. 

“Options data suggests a broader trading range in between 17000 to 17800 zones while an immediate trading range in between 17300 to 17700 zones,” Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said

Top 10 stock which saw new Long Positions:

If price increases and open interest increases, then participants are having more of long positions.

3 stock witnessing Long Cover:

If the price decreases and open interest decreases, then participants are long covering their contracts.

8 stocks witnessing short positions:

If price decreases and open interest increases, then participants are having more of short positions.

Top 10 stock witnessing short covering:

If the price increases and open interest decreases, then Participants are short covering their contracts.

FII & DII Data:

Foreign portfolio investors (FPIs) remained net buyers for Rs 1041 cr in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 2167 cr, provisional data showed on the NSE.

FII Index and Stock F&O

Bulk Deals:

SBI Cards & Payment: Societe Generale bought 85,06,095 equity shares in the company at the weighted average price Rs 1021 per share on the NSE, the bulk deals data showed.

Welspun Enterprises: Welspun Group Master Trust bought 7,50,000 equity shares in the company at the weighted average price Rs 103.36 per share on the NSE, the bulk deals data showed.

Websol Energy: INDIA Max Investment Fund sold 3,17,320 equity shares in the company at the weighted average price Rs 64.01 per share on the NSE, the bulk deals data showed.

Stocks under F&O ban on NSE

Five stocks – Indiabulls Housing Finance, Idea, IRCTC, PNB, and Sun TV - are under the F&O ban. 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.

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)