After a day of consolidation, the market resumed its northward journey again and started off April series and financial year FY23 on a healthy note by reporting more a percent gains on April 1. A fall in oil prices as well as volatility, the cabinet's approval for mega power policy, and consistent buying by FIIs lifted sentiment.
Banks, financial services, auto, and FMCG stocks led the rally. The BSE Sensex climbed 708 points to 59,277, while the Nifty50 jumped 206 points to 17,670 and formed a bullish candle on the daily as well as weekly charts. During the week, the index gained 3 percent.
"Nifty50 seems to have resumed its up move as it registered a decent bullish candle on the weekly charts after a week of pause. Moreover, it is looking like a breakout above the minor consolidation zone on daily charts," says Mazhar Mohammad, Founder & Chief Market Strategist at Chartviewindia.
Furthermore, he feels the indicator setup across the frame frames is slowly tilting in favour of bulls once again. Hence, sustaining above 17,442 levels, an initial logical target of 17,814 looks inevitable in the next one or two trading sessions but there is a bright chance of testing 18,000 levels, somewhere in the next week, he says.
Therefore, Mazhar Mohammad advised that positional traders can remain long with a stop-loss below 17,400 levels and look for a target placed in the zone of 17,900 – 18,000 levels.
The broader markets also joined rallies and outperformed frontliners. The Nifty Midcap and Smallcap indices gained 1.5 percent and 1.7 percent respectively.
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-month data and not of the current month only.
Key support and resistance levels on the Nifty
As per the pivot charts, the key support level for the Nifty is placed at 17,494, followed by 17,318. If the index moves up, the key resistance levels to watch out for are 17,775 and 17,880.
Banking stocks played a key role in the market momentum as Bank Nifty surged 775 points or 2.1 percent to close at 37,148 on April 1. The important pivot level, which will act as crucial support for the index, is placed at 36,524, followed by 35,899. On the upside, key resistance levels are placed at 37,491 and 37,834 levels.
Maximum Call open interest of 17.66 lakh contracts was seen at 17,500 strike. This is followed by 18,000 strike, which holds 15.09 lakh contracts, and 18,000 strike, which has accumulated 13.73 lakh contracts.
Call writing was seen at 18,500 strike, which added 2.54 lakh contracts, followed by 17,500 strike which added 2.11 lakh contracts, and 17,600 strike which added 2.1 lakh contracts.
Call unwinding was seen at 17,000 strike, which shed 1.62 lakh contracts, followed by 17,300 strike which shed 22,250 contracts and 16,800 strike which shed 15,750 contracts.
Maximum Put open interest of 19.74 lakh contracts was seen at 17,500 strike, which will act as a crucial support level in the April series.
This is followed by 17,000 strike, which holds 19.52 lakh contracts, and 16,500 strike, which has accumulated 16.8 lakh contracts.
Put writing was seen at 17,000 strike, which added 3.95 lakh contracts, followed by 17,500 strike, which added 2.07 lakh contracts and 17,600 strike which added 1.92 lakh contracts.
Put unwinding was seen at 17,400 strike, which shed 58,900 contracts, followed by 18,500 strike which shed 35,250 contracts, and 18,400 strike which shed 7,550 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks. The highest delivery was seen in Persistent Systems, Larsen & Toubro, Infosys, Pfizer, and Alembic Pharmaceuticals, among others on Friday.
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 Power Grid Corporation of India, Bata India, Vodafone Idea, Bharat Electronics, and LIC Housing Finance, 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 is the one stock - Persistent Systems - 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 including Alkem Laboratories, ABB India, Ipca Laboratories, Hero MotoCorp, and Gujarat Gas, in which a short build-up was seen.
58 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 including Bank Nifty, ONGC, Bank of Baroda, Nifty and Max Financial Services, in which short-covering was seen.
BLS International Services: Nishant Pitti sold 5.5 lakh equity shares in the company via open market transactions. These shares were offloaded at an average price of Rs 247.1 per share.
IIFL Wealth Management: WF Asian Reconnaissance Fund has sold 6,98,922 equity shares in the company via open market transactions at an average price of Rs 1,714.05 per share.
SML Isuzu: Navodya Enterprises acquired 1,02,224 equity shares in the company via open market transactions, at an average price of Rs 585.96 per share.
Star Paper Mills: Lok Prakashan bought 1,04,871 equity shares in the company via open market transactions at an average price of Rs 172.94 per share.
Welspun Corp: Winro Commercial India acquired 14 lakh equity shares in the company via open market transactions at an average price of Rs 181.06 per share.
(For more bulk deals, click here)
Analysts/Investors Meetings on April 4
Radhika Jeweltech: The company's officials will meet Khambatta Securities.
Som Distilleries & Breweries: The company's officials will meet DAM Capital.
Indo Count Industries: The company's officials will meet investors.
Ramkrishna Forgings: The company's officials will meet VT Capital.
Stocks in News
TVS Motor Company: Subsidiary TVS Motor (Singapore) Pte. Limited has acquired a 70 percent stake in United Kingdom-based EBCO, for GBP 1,163,070. EBCO provides smart connected mobility solutions through a pipeline of e-bikes across the city and mountain biking segments. The company has tie ups with most major dealers across the United Kingdom and is the exclusive distributor of Corratec e-bikes in the UK. In addition, TVS Motor registers sales of 3.07 lakh units in March 2022, which fell compared to 3.22 lakh units sold in same month last year.
Hero MotoCorp: The company sold 4.50 lakh units of motorcycles and scooters in March 2022, declined sharply compared to 5.76 lakh units sold in corresponding month last year. In the financial year (FY22), sales dropped to 49.44 lakh units, compared to 57.91 lakh units sold in previous year.
GOCL Corporation: The company has received a notice of demand of Rs 45.72 crore from the Income Tax Department. This notice is in connection with Joint Development Agreement for the land at Kukatpally, Hyderabad, pertaining to assessment year 2013-14. But as per the company, aforesaid notice is not tenable in law.
Karnataka Bank: The bank clocked 6.27 percent growth in core deposits at Rs 80,385 crore for the year ended March 2022 compared to previous financial year, and gross advances during the same period grew by 9.5 percent to Rs 57,726 crore. The share of CASA to total deposits stands increased at 32.97 percent at March 2022, against 31.5 percent at the end of March 2021. The private sector lender expects 12 percent growth in deposits and about 17 percent in gross advances for FY23.
JSW Energy: Subsidiary JSW Neo Energy (JSWNEL) has entered into a Memorandum of Understanding with the Government of Chhattisgarh for setting up 1,000 MW capacity of hydro pumped storage project (Hasdev Bango Pumped Storage Project) in Chhattisgarh.
Alkem Laboratories: ISP Chile (Public Health Institute of Chile) had conducted an inspection at the company's manufacturing facility at Daman, India during March 28 to April 1, 2022. At the end of the inspection, no observations critical to good manufacturing practices were detected.
Lupin: The company has signed Definitive Agreement with Anglo-French Drugs & Industries for acquiring a portfolio of brands. This will strengthen the company's presence in vitamins, minerals & supplements and CNS segments.
Dr Reddy's Laboratories: The company has entered into an agreement with Novartis AG to acquire the cardiovascular brand Cidmus in India. The acquisition cost is $61 million. The Cidmus is indicated for heart failure patients with reduced ejection fraction.
Fund Flow
Foreign institutional investors (FIIs) have net bought shares worth Rs 1,909.78 crore, while domestic institutional investors (DIIs) have net sold shares worth Rs 183.79 crore on April 1, as per provisional data available on the NSE.
Stocks under F&O ban on NSE
As it is the beginning of April series, we don't have any stock under the F&O ban for April 4. 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 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.Trade setup for Monday: Top 15 things to know before Opening Bell - Moneycontrol
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