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

Bulls managed to keep up momentum despite muted global cues in the morning. The Nifty index breached 10,600 levels for the first time since February 5, and formed a bullish candle on the daily candlestick charts on Tuesday.

The index flirted with 10,600 levels on more than one occasion in the recent past but Tuesday’s sessions was a mark of strength from the bulls. However, for the rally to gather real momentum, the Nifty has to close above 10,630 levels.

The Nifty took support at its 5-days exponential moving average (DEMA) placed at 10,573 and then bounced back above 10,600 levels towards the close.

The Nifty which opened at 10,578 rose to an intraday high of 10,636. It slipped marginally to hit an intraday low of 10,569 in the first half of the session. The index finally closed 29 points higher at 10,614.

The way Nifty managed to climb all wall of worries and close above 10,550 levels may well force bears to cover their short which could push the index higher towards the April expiry, suggest experts.

But, it still has to close above 10,630 because Nifty witnessed profit booking near this level for the second day in a row. The intraday high for the index was 10636. For all long positions, investors are advised to keep a stop below 10500.

India VIX fell down by 9.47 percent to 11.89. Overall, lower volatility is supporting the major bullish bias in the market. The volatility is now at the lowest daily close seen in the last four months since December 22, 2017.

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

Key support and resistance level for Nifty

The Nifty closed at 10,614.3 on Tuesday. According to Pivot charts, the key support level is placed at 10,576.6, followed by 10,538.9. If the index starts moving upwards, key resistance levels to watch out are 10,644.4 and 10,674.5.

Nifty Bank

The Nifty Bank index closed at 25,042.1. The important Pivot level, which will act as crucial support for the index, is placed at 24,956.93, followed by 24,871.77. On the upside, key resistance levels are placed at 25,125.33, followed by 25,208.57.

Call Options data

In terms of open interest, the 10,700, call option has seen the most call writing so far at 44.93 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 11,000 call option, which has seen 31.09 lakh contracts getting added so far. The 10,600 call option has accumulated 28 lakh contracts.

There was hardly any Call writing seen.

Call unwinding was seen at the strike price of 10,500, which shed 7.06 lakh contracts, followed by 10,600, which shed 4.53 lakh contracts, and 10,700, which shed 3.64 lakh contracts.

Put Options data

Maximum open interest in put options was seen at a strike price of 10,500, in which 49.56 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 39.76 lakh contracts so far, and the 10,000 put option, which has now accumulated 37.24 lakh contracts.

Put writing was seen at the strike price of 10,600, which added 6.01 lakh contracts.

Put unwinding was seen at the strike price of 10,500, which shed 8.16 lakh contracts, followed by 10,400, which shed 4.44 lakh contracts, followed by 10,300, which shed 4.23 lakh contracts.

FII & DII data:

Foreign institutional investors (FIIs) sold shares worth Rs 680.99 crore, while domestic institutional investors bought shares worth Rs 508.55 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.

52 stocks saw long buildup

34 stocks saw short covering:

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

84 stocks saw short build-up:

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

40 stocks saw long unwinding

Bulk Deals:

Advanced Enzyme Tech Ltd: Chandrakant Rathi Innovations & Projects Pvt Ltd sold 23,30,535 shares at Rs 226.03 per share

Hathway Cable & Datacom: CLSA Global Markets PTE Ltd sold 255,44,922 shares at Rs 35.99 per share

Kwality Limited: Rana Foodstech Private Limited sold 14,00,000 shares at Rs 50.10 per share

(For more bulk deals )

Analyst or Board Meet/Briefings:

Persistent Systems: The company had an analyst call regarding its earnings on April 24, 2018.

Specialty Restaurants: Representatives of Seers Advisors met the management on April 23, 2018.

Dixon Tech: Credit Suisse met the management on April 24, 2018.

RBL Bank: An investor call will be held by the bank on April 27, 2018

Stocks in news:

Strides Shasun: The company will Divest Its Stake In Stride Chemicals For Rs 131 crore.

SBI: The bank will issue & encash electoral bonds through its 11 authorised branches from May 1-10.

Fortis Healthcare: IHH has submitted binding bids for Fortis and has proposed to inject Rs 650 crore at Rs 160 per share.

Blue Dart: The company’s Board will meet on May 08, 2018 to consider the financial results and recommend a dividend.

Bharti Infratel: Re-appoints Akhil Kumar Gupta As Exec chairman

Indian Metals & Ferro: All furnaces at Therubali Unit Have Been Shut Down

Oberoi Realty: The firm has recommended a dividend of Rs 2 apiece and issuing of NCDs to the tune of Rs 1,500 crore. It has also approved issue of shares up to Rs 2,000 crore through QIP.

4 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 25, 2018 stocks such as Balrampur Chini, DHFL, GMR Infra, and Wockhardt are present in this list.