Bulls retained their control over Dalal Street for the seventh consecutive session, taking the Nifty50 above the 17,700 level on April 11, backed by banking and financial services, auto, FMCG, metal, and oil and gas stocks. The BSE Sensex closed above the psychological 60,000 mark for the first time since March 8, rising 311 points to 60,158, while the Nifty50 climbed 98 points to 17,722 and formed a high wave kind of pattern on the daily charts. Also, there seems to be a hidden bearish divergence with the Nifty making a lower high and momentum indicator RSI (relative strength index) making a higher high, indicating the possibility of some trend reversal. "The index has been sustaining above the critical moving average. Besides, the Nifty has so far remained above the crucial support level of 17,500. The market will remain a buy on dips as long as the index remains above 17,500," Rupak De, Senior Technical Analyst at LKP Securities said. De believes that immediate support is visible at 17,640. On the higher end, the rally may extend towards 17,850-17,970, he said. The broader markets also traded largely in line with benchmarks as the Nifty Midcap 100 and Smallcap 100 indices gained 0.5 percent and 0.4 percent respectively. 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 the current month. Key support and resistance levels on Nifty The pivot charts indicate that the Nifty may get support at 17,673, followed by 17,651 and 17,615. If the index advances, 17,745 is the initial key resistance level to watch out for, followed by 17,767 and 17,802. Nifty Bank The Bank Nifty traded better than the benchmark Nifty50, climbing 532 points to 41,367 and forming the Hanging Man kind of pattern on the daily charts at the top, which is a bearish reversal pattern. "The index if fails to sustain above the level of 41,200 can witness some profit booking towards 40,600-40,500 levels," Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities said. The upper resistance if taken out will lead to further short covering towards the 42,000 level, he says. The Bank Nifty may take support at 41,096, followed by 40,998 and 40,840. Key resistance levels are expected to be 41,411, 41,509, and 41,666. Call options data On the weekly options front, the maximum Call open interest (OI) was at 18,000 strike, with 94.22 lakh contracts, which is expected to be a crucial level for the Nifty in the coming sessions. This was followed by 17,700 strike, comprising 91.84 lakh contracts, and 17,800 strike, with more than 74.72 lakh contracts. Call writing was seen at 17,900 strike, which added 21.35 lakh contracts, followed by 17,800 strike, which accumulated 16.61 lakh contracts, and 18,500 strike which added 12 lakh contracts. Call unwinding was at 17,600 strike, which shed 21.99 lakh contracts, followed by 17,500 strike, which shed 4.43 lakh contracts, and then 18,000 strike, which shed 4.02 lakh contracts. Put option data The maximum Put open interest was at 17,700 strike, with 1.13 crore contracts, which is expected to act as support in the coming session. This was followed by the 17,600 strike, comprising 93.08 lakh contracts, and the 17,500 strike where there were 88.55 lakh contracts. Put writing was seen at 17,700 strike, which added 91.18 lakh contracts, followed by 17,500 strike, which added 24.16 lakh contracts, and 17,600 strike, which added 19.53 lakh contracts. We have seen Put unwinding at 17,000 strike, which shed 5.35 lakh contracts, followed by 17,400 strike, which shed 5.23 lakh contracts, and 17,100 strike, which shed 2.42 lakh contracts. Stocks with a high delivery percentage A high delivery percentage suggests that investors are showing interest in the stock. The highest delivery was seen in Ipca Laboratories, SRF, Max Financial Services, UltraTech Cement, and Shree Cement, among others. 50 stocks see a long build-up An increase in open interest (OI) and price typically indicates a build-up of long positions. Based on the OI percentage, 50 stocks, including Bosch, Bajaj Auto, Navin Fluorine International, Abbott India, and Punjab National Bank, saw long build-ups. 22 stocks see long unwinding A decline in OI and price generally indicates a long unwinding. Based on the OI percentage, 22 stocks, including Siemens, Coromandel International, Coforge, Cummins India, and Marico, saw a long unwinding. 47 stocks see a short build-up An increase in OI along with a price decrease indicates a build-up of short positions. Based on the OI percentage, 47 stocks, including Delta Corp, United Breweries, Max Financial Services, Berger Paints, and Alkem Laboratories, saw a short buildup. 71 stocks see short-covering A decrease in OI along with a price increase is an indication of short-covering. Based on the OI percentage, 71 stocks were on the short-covering list. These included Kotak Mahindra Bank, DLF, Atul, State Bank of India, and HDFC. Bulk deals Delhivery: Internet Fund III Pte Ltd, the venture capital fund managed by US-based investment management company Tiger Global Management, sold 1.17 crore equity shares or 1.61 percent stake in the logistics company via open market transactions at an average price of Rs 330 per share, amounting to Rs 387.87 crore. Sagar Cements: PGIM India Mutual Fund has offloaded 60.39 lakh equity shares in the cement company via open market transactions at an average price of Rs 183.1 per share, amounting to Rs 110.58 crore. ICICI Prudential Mutual Fund was the buyer. Venus Pipes & Tubes: Ace investor Ashish Rameshchandra Kacholia has bought 4 lakh equity shares or 1.97 percent stake in the company via open market transactions at an average price of Rs 750 per share. However, Nuvama Wealth Finance sold 1.38 lakh shares in Venus Pipes at an average price of Rs 750.02 per share. (For more bulk deals, click here) Results on April 12 Tata Consultancy Services, Anand Rathi Wealth, and Dharani Sugars & Chemicals will be in focus ahead of March FY23 quarter earnings. Stocks in the news Sula Vineyards: The company witnessed a strong 15 percent growth YoY for its own brands in Q4FY23 at Rs 104.3 crore, and wine tourism grew by 18 percent YoY to Rs 12.4 crore, while own brands revenue in FY23 increased by 26 percent to Rs 482.5 crore and wine tourism business registered a 30 percent jump at Rs 45 crore in FY23 compared to FY22. Titagarh Wagons: Bharat Heavy Electricals and Titagarh Wagons consortium has received an order for Vande Bharat trainsets in the mega tender of Indian Railways. The company will manufacture and supply 80 sleeper class Vande Bharat trainsets and comprehensive maintenance of the same for 35 years. The order is for the supply of 80 trainsets at the rate of Rs 120 crore per trainset. Delta Corp: The casino gaming company has reported a 6.4 percent year-on-year growth in Q4FY23 profit at Rs 51.17 crore impacted by weak operating performance. Consolidated revenue grew by 4 percent YoY to Rs 227.16 crore for the quarter. On the operating front, EBITDA (earnings before interest, tax, depreciation and amortisation) fell by 12.8 percent YoY to Rs 60.18 crore with the margin declining 510 bps to 26.5 percent for the quarter. Paras Defence and Space Technologies: Subsidiary Paras Anti-drone Technologies has entered into a Memorandum of Understanding (MoU) with Spacekawa Explorations (Kawa Space) for indigenous development and deployment of space intelligence, surveillance and reconnaissance (ISR) payloads. Paras Anti-drone and Kawa Space will develop and advance technologies for space applications. HDFC Bank: The country's largest private sector lender has proposed to raise funds worth Rs 50,000 crore via bonds over the next 12 months through private placement. The board will consider the said proposal on April 15. Life Insurance Corporation of India: The Corporation has appointed Ratnakar Patnaik as Chief Investment Officer with effect from April 10, in place of P R Mishra who has transferred and posted to another assignment. Fund Flow FII and DII data Foreign institutional investors (FII) bought shares worth Rs 342.84 crore, whereas domestic institutional investors (DII) sold shares worth Rs 264.02 crore on April 11, National Stock Exchange's provisional data showed. Stocks under F&O ban on NSE The National Stock Exchange has added Delta Corp to its F&O ban list for April 12. 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 experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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