Maximum call open interest (OI) of 41.65 lakh contracts was seen at the 11,800 strike price. This will act as a crucial resistance level for September series.
The Nifty50 opened sharply higher but wiped out all gains in afternoon as the rupee breached 72 a dollar for the first time on Thursday. The index managed to rebound in the last couple of hours of trade and closed higher after three-day consecutive fall.
The Nifty hold on to its crucial support placed at 11,500 levels and made a small bullish candle which looked like a 'Hammer' like pattern on daily charts.
A Hammer which is a bullish reversal pattern is formed after a decline while a Hanging Man is a bearish reversal pattern. A Hammer consist of no upper shadow, a small body, and long lower shadow.
The long lower shadow of the Hammer signifies that it tested its support where demand was located and then bounced back.
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The Nifty50 started off day on a strong note at 11,514.15 but volatility caused due to further weakness in rupee pulled the index down to intraday low of 11,436.05. It managed to recoup those losses in later part of the session and hit day's high of 11,562.25 following recovery in currency from all-time low. The index finally closed 59.90 points higher at 11,536.90 but the rupee ended at record closing low of 71.9875, down 23 paise.
"Nifty50 registered Hammer kind of formation for second day in a row with long lower shadows suggesting some buying interest emerging around 11,400 levels,"Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
He said technical picture on oscillator front is still negative but few oscillators on lower time frame charts are turning positive giving some hope for a pull back rally which can extend upto 11,679 levels in next couple of sessions. "However, strength in this regard will be confirmed only on a close above 11,585."
He further said nevertheless as long as this index remains above 11,400 levels one should retain positive bias and selectively look for long side opportunities as breach of 11,393 shall result in resumption of the down move with a target of 11,016 kind of levels on the indices.
India VIX move up by 1.02 percent to 13.79. Pause in the VIX after the sharp spurt of 10 percent indicates some consolidation could be seen with support zones, experts said.
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 11,536.90 on Thursday. According to Pivot charts, the key support level is placed at 11,461.2, followed by 11,385.5. If the index starts moving upwards, key resistance levels to watch out are 11,587.4 and 11,637.9.
Nifty Bank
The Nifty Bank index closed at 27,468.70, up 92.65 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,292.34, followed by 27,115.97. On the upside, key resistance levels are placed at 27,598.94, followed by 27,729.17.
Call Options Data
Maximum call open interest (OI) of 41.65 lakh contracts was seen at the 11,800 strike price. This will act as a crucial resistance level for September series.
This was followed by the 12,000 strike price, which now holds 32.86 lakh contracts in open interest, and 11,600, which has accumulated 31.22 lakh contracts in open interest.
Call writing was seen at the strike price of 12,100, which added 3.23 lakh contracts, followed by 11,700 which added 1.2 lakh contracts and 12,000 which added 0.83 lakh contracts.
Highest Call unwinding was seen at the strike price of 11,900, which shed 0.7 lakh contracts, followed by 11,500, which shed 0.51 lakh contracts.
Put Options data
Maximum put open interest of 44.61 lakh contracts was seen at the 11,400 strike price. This will act as a crucial support level for September series.
This was followed by the 11,500 strike price, which now holds 41.68 lakh contracts in open interest, and the 11,000 strike price, which has now accumulated 36.86 lakh contracts in open interest.
Put writing was seen at the strike price of 11,400, which added 5.8 lakh contracts in open interest, followed by 11,500 which added 4.75 lakh contracts and 11,200 which added 2.71 lakh contracts.
There was hardly any Put unwinding seen.
FII & DII data
Foreign institutional investors (FIIs) sold shares worth Rs 455 crore while domestic institutional investors bought shares worth Rs 611.98 crore in the Indian equity market on Thursday, 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.
81 stocks saw long buildup
48 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
56 stocks saw a short build-up
An increase in open interest along with a decrease in price mostly indicates a build-up of short positions.
23 stocks saw long unwinding
Bulk Deals
One Point One Solutions: HSBC Asset Management sold 1,26,000 shares of the company at Rs 58.06 per share.
Karda Constructions: Paru Securities bought 75,000 shares of the company at Rs 202 per share.
GTN Industries: Bhati Nitin Singh sold 1,00,000 shares of the company at Rs 21.55 per share.
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Nandan Denim: Annual General Meeting will be held on September 29.
Madhav Infra Projects: Annual General Meeting will be held on September 29.
Bombay Rayon Fashions: Annual General Meeting will be held on September 28.
India Nivesh: Annual General Meeting will be held on September 28.
Jindal Worldwide: Annual General Meeting will be held on September 28.
Jindal Steel & Power: Annual General Meeting will be held on September 28.
Prime Focus: Annual General Meeting will be held on September 28.
Prataap Snacks: Annual General Meeting will be held on September 28.
Mahindra Logistics: A one-on-one meeting with Matthews International Capital Management, is scheduled to be held on September 11 at Mumbai.
JK Tyre & Industries: Company is participating in non deal road show organised by JM Financial on September 7.
eClerx Services: Company's officials are meeting IDFC Securities on September 12.
Dr LalPathlabs: Company's officials are meeting Alder Capital on September 7.
Kennametal India: Meeting with investor / analyst Viraj Mithani, is scheduled to be held on September 10; meeting with investor / analyst Mr Engineer, who is a shareholder of the company and CIO of the family office of Narotam Sekhsaria is scheduled to be held on September 7.
CHD Developers: Annual General Meeting will be held on September 29.
Shree Renuka Sugars: Annual General Meeting will be held on September 29.
Provogue (India): Annual General Meeting will be held on September 29.
Camson Bio Technologies: Annual General Meeting will be held on September 28.
Barak Valley Cements: Annual General Meeting will be held on September 28.
Capri Global Capital: Company's officials are meeting analysts on September 10.
Endurance Technologies: A group meeting with institutional investors has been scheduled at Sanand plant on September 7.
Blue Star: Company's officials are meeting T Rowe Price, Portfolia Japan on September 7.
Crompton Greaves Consumer Electricals: Company's officials are meeting Birla Sun Life MF on September 11.
Stocks in news
L&T Technology Services: Company enters into agreement to acquire Graphene Semiconductor Services.
Bajaj Auto: Company to expand 3 wheeler & Quadricycle capacity to 1 million per year as Government announces end to permits.
Religare Enterprises: Q1 loss at Rs 17.07 crore versus loss of Rs 14.05 crore; revenue falls to Rs 1.63 crore versus Rs 4.73 crore (YoY).
Shankara Building Products: Company has received A/stable (upgraded from A-/Stable) credit rating from CRISIL.
Gufic Biosciences: National Company Law Tribunal pronounced the order sanctioning the scheme of merger by absorption of Gufic Stridden Bio-Pharma Private Limited with the company.
HDFC: Company completed sale of 5.1 percent equity stake of Computer Age Management Services Private Limited to Great Terrain Investment, Mauritius (an affiliate of Warburg Pincus Group) for Rs 169.52 crore. Post sale, the corporation will continue to hold 5.99 percent stake in CAMS.
CHD Developers: CARE Ratings assigned BBB rating for the long term bank facilities of company amounting to Rs 235.30 crores, BBB (FD) for the fixed deposit programme for an amount of Rs 38.15 crore; and BBB (FD) for the fixed deposit programme for an amount of Rs 7.37 crore.
Share India Securities: Company has acquired 10 lakh equity shares in Share India Insurance Brokers Private Limited ('wholly owned subsidiary') for cash consideration.
Saksoft: CARE Ratings reaffirmed credit rating on long term bank facilities worth Rs 20.82 crore at BBB+/Positive.
Ajmera Realty & Infra: Company has acquired 85 percent stake in Anirdesh Developers.
Sakuma Exports: Company's board of directors, on September 14, will consider the split off shares from the face value of Rs 10 to a lower face value and raise the funds through QIP / QIB / FPI.
JK Paper: India Ratings and Research has upgraded/ assigned its ratings of the company.
No stock under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For September 7, not a single stock is present in this list.