Trade Setup for Friday: Top 15 things to know before Opening Bell

The Nifty which started with a gap on the higher side reclaimed its crucial psychological resistance level of 10550 on Thursday but closed around its opening level making a ‘Doji’ kind of pattern on the daily charts.

The pattern also closely resembles a ‘Harami Cross’ which is a two-candlestick pattern in which the first candle is a large candle which is followed by a ‘Doji’ candle. The pattern suggests that the previous trend may be about to reverse.

However, in Thursday’s session, we saw a formation of a Doji candle after a bearish candle but the trend is unlikely to shift unless 10500 is broken on the downside convincingly, suggest experts.

The Nifty which opened at 10563 rose to an intraday high of 10,572. It hit an intraday low of 10546 before closing the day at 10565, up 39 points.

As market breadth is picking up traders are advised to shift their focus on stock specific opportunities. On the index, a break below 10500 could fuel selling pressure while a break out above 10630 shall extend the rally.

We have collated the top 15 data points to help you spot profitable trades:

Key support and resistance level for Nifty

The Nifty closed at 10,565.3 on Thursday. According to Pivot charts, the key support level is placed at 10,550.27, followed by 10,535.23. If the index starts moving upwards, key resistance levels to watch out are 10,576.27 and 10,587.23.

Nifty Bank

The Nifty Bank index closed at 25,126.2. The important Pivot level, which will act as crucial support for the index, is placed at 25,048.17, followed by 24,970.13. On the upside, key resistance levels are placed at 25,205.77, followed by 25,285.34.

Call Options data

In terms of open interest, the 10,700, call option has seen the most call writing so far at 50.67 lakh contracts. This could act as a crucial resistance level for the index in the April series.

The second-highest buildup has taken place in the 10,600 call option, which has seen 37.80 lakh contracts getting written so far. The 10,500 call option has accumulated 35.98 lakh contracts.

Maximum Call writing was seen at the strike price of 10,600, which added 2.07 lakh contracts.

Call unwinding was seen at the strike price of 10,500, which shed 3.08 lakh contracts, followed by 10,900, which shed 1.61 lakh contracts, and 10,400, which shed 1.16 lakh contracts.

Put Options data

Maximum open interest in put options was seen at a strike price of 10,500, in which 54.45 lakh contracts been added till date. This could be a crucial resistance level for the index in April series.

The 10,400 put option comes next, having added 51.61 lakh contracts so far, and the 10,200 put option, which has now accumulated 46.62 lakh contracts.

During the session, put writing was seen the most at a strike price of 10,500, with 5.95 lakh contracts being added, followed by 10,600, which added 3.84 lakh contracts, and 10,200, which added 3.71 lakh contracts.

Put unwinding was seen at the strike price of 10,100, which shed 2.64 lakh contracts, followed by 10,300, which shed 2.46 lakh contracts.

FII & DII data:

Foreign institutional investors (FIIs) sold shares worth Rs 624.99 crore, while domestic institutional investors bought shares worth Rs 448.61 crore in the Indian equity market, as per provisional data available on the NSE.

Fund flow picture:

Stocks with high delivery percentage:

High delivery percentage suggests that investors are accepting delivery of the stock, which means that investors are bullish on it.

69 stocks saw long buildup

74 stocks saw short covering:

A decrease in open interest along with an increase in price mostly indicates short covering.

46 stocks saw short build-up:

An increase in open interest along with a decrease in price mostly indicates build-up of short positions.

20 stocks saw long unwinding

Bulk Deals:

Bhandari Hosiery Exp Ltd: Orbit Financial Capital sold 8,91,000 shares at Rs 3.40 per share

Sundaram Finance: Reliance Mutual Fund bought 30,00,000 shares at Rs 151.65 per share

(For more bulk deals click here)

Analyst or Board Meet/Briefings:

Apollo Tyres: Meeting of the Board of Directors will be held on May 10, 2018 for consideration of audited financial results for the year ended March 31, 2018.

JK Cement Ltd: A meeting of the Board of Directors of the company is scheduled to be held on May 12, 2018

Ashok Leyland: Analyst/lnstitutionaI investors met on April 19,2018

Stocks in news:

TCS: Q4 profit up 5.7 percent QoQ at Rs 6,904 crore, EBIT margin at 25.4 percent; approves 1:1 bonus

Cyient: Q4 net up 16.2 percent to Rs 121.5 crore

Fortis Health: Company focusing on binding offers only, advisory panel to meet on April 25

Thomas Cook: The company has purchased 4.4 percent in Travel Corporation of India.

Bank of Maharashtra: The Board will be considering a dividend at its Board meet on May 4, 2018.

6 stocks under ban period on NSE

Security in ban period for the next day's trade under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit.

For April 20, 2018 stocks such as IRB Infra, Jet Airways, Balrampur Chini, JP Associates, Reliance Communications, and TV18 Broadcast are present in this list.