Put writing was seen at the strike price of 10,600, which added 3.58 lakh contracts in open interest, followed by 10,400 which added 2.26 lakh contracts and 10,500 which added 1.95 lakh contracts.
The market started off Samvat 2075 on a positive note with all benchmark, broader and sectoral indices closing in the green on November 7. The Nifty 50 remained positive throughout the session and climbed above 10,600 levels intraday.
The index closed a tad below 10,600 and formed a small bearish candle on the daily charts ahead of a holiday on Thursday for Balipratipada.
The Nifty 50 has gradually been moving towards upper band of 10,600-10,700 and if it closes decisively above these levels then it may march towards psychological 11,000 levels, experts said.
The index after opening sharply higher above 10,600 at 10,614.45 remained volatile with a positive bias for one hour of trade on Laxmi Puja day. It touched an intraday low of 10,582.30 and high of 10,616.45, before closing the session 68.40 points higher at 10,598.40.
"Momentum is expected to pick up on the upside once the Nifty crosses the range of 10,600-10,710. Once the hurdle zone is surpassed then the Nifty can stretch towards 11,000-11,140 in the short term," Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas told Moneycontrol.
On the other hand, he said multiple parameters are lying near the lower channel line, which can provide support to the benchmark index. "Thus 10,458-10,441 is a key support zone to watch out for."
India VIX fell by 3.4 percent to close at 17.87.
We have collated the top 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty50 closed at 10,598.40 on Wednesday. According to Pivot charts, the key support level is placed at 10,581.63, followed by 10,564.87. If the index starts moving upwards, key resistance levels to watch out are 10,615.83 and then 10,633.27.
Nifty Bank
The Nifty Bank index closed at 25,737.50, up 139.50 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 25,682.27, followed by 25,627.03. On the upside, key resistance levels are placed at 25,808.57, followed by 25,879.63.
Call Options Data
Maximum Call open interest (OI) of 26.74 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the October series.
This was followed by the 10,800 strike price, which now holds 24.28 lakh contracts in open interest, and 10,700, which has accumulated 24.01 lakh contracts in open interest.
Maximum call writing was seen at the strike price of 11,200, which added 1.06 lakh contracts, followed by 10,000 which added 0.13 lakh contracts.
Call unwinding was seen at the strike price of 10,700, which shed 3.22 lakh contracts, followed by 11,000 which shed 0.87 lakh contracts and 10,800 which shed 0.34 lakh contracts.
Put Options data
Maximum Put open interest of 51.39 lakh contracts was seen at the 10,000 strike price. This will act as a crucial support level for the October series.
This was followed by the 10,200 strike price, which now holds 33.48 lakh contracts in open interest, and the 10,500 strike price, which has now accumulated 21.63 lakh contracts in open interest.
Put writing was seen at the strike price of 10,600, which added 3.58 lakh contracts in open interest, followed by 10,400 which added 2.26 lakh contracts and 10,500 which added 1.95 lakh contracts.
There was hardly any Put writing seen.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 31.02 crore and domestic institutional investors purchased Rs 27.11 crore worth of shares in the Indian equity market on Wednesday, 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.
76 stocks saw a long buildup
107 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
8 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.
9 stocks saw long unwinding
Bulk Deals
Karda Constructions: Marfatia Nishil Surendra purchased 1,00,000 shares of the company at Rs 179.99 per share on the NSE.
CL Educate: Ocean Dial Gateway to India Mauritius Limited sold 77,134 shares of the company at Rs 114 per share on the NSE.
Gopala Polyplast: Aspire Emerging Fund bought 1,43,626 shares of the company at Rs 60.16 per share on the BSE.
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Dr Lal PathLabs: Company's officials will be meeting analysts/investors on November 9, 14, 15 and 16.
Assam Company: Board meeting is scheduled on November 14 to consider the unaudited financial results for the quarter ended September 2018.
Empee Sugars & Chemicals: Board meeting is scheduled on November 14 to consider the unaudited financial results for the quarter ended September 2018.
Bartronics India: Board meeting is scheduled on November 14 to consider the unaudited financial results for the quarter ended September 2018.
Marg: Board meeting is scheduled on November 14 to consider the unaudited financial results for the quarter ended September 2018.
BPL: Board meeting is scheduled on November 14 to consider the unaudited financial results for the quarter ended September 2018.
Visaka Industries: Company's officials will be participating in investor conference on November 20, 27 and December 4.
Stocks in news
Results on Friday and Saturday:
Results on Sunday: Axiscades Engineering Technologies, Bharat Dynamics
MRF Q2: Profit declines 12.3 percent to Rs 263 crore versus Rs 300 crore; revenue rises 9.4 percent to Rs 3,928.2 crore from Rs 3,591 crore; EBITDA falls 4.1 percent to Rs 581 crore versus Rs 605.7 crore; margin contracts to 14.8 percent versus 16.9 percent (YoY).
Kilitch Drugs Q2: Profit jumps to Rs 4.5 crore versus Rs 2.23 crore; revenue increases to Rs 26.72 crore versus Rs 15 crore YoY.
GAIL India: Company has received contract for the purchase of 616 km of line pipe worth Rs 1,100 crore for the Barauni - Guwahati pipeline, putting on fast track project execution of the crucial 729 km feeder line linking North East India with the Pradhan Mantri Urja Ganga pipeline network.
Allahabad Bank: Bank has received a communication from the Government of India regarding fresh capital infusion of around Rs 3,054 crore towards contribution of the Central Government in the preferential allotment of equity shares (special securities/bonds) of the bank during the financial year 2018-19.
Glenmark Pharma: Company to launch Phase 1 trial in solid tumors for its CD38xCD3 Bispecific Antibody GBR 1342 based on human translational data.
JSW Steel: Crude steel production increases 8 percent to 14.47 lakh tonnes in October 2018 against 13.43 lakh tonnes in same month last year.
Majesco: PT PFI Mega Life Insurance, the joint venture life insurance company of Prudential Financial Inc and CT Corpora, has selected Majesco Policy for Life & Annuities and Group along with a point of sale and activity management solution specifically used within the Asia Pacific region.
HMT: Hitesh Goyal, Deputy Manager (Finance) who was designated as Chief Financial Officer of the company has resigned due to personal reasons and career plans.
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 November 9, not a single stock is present in this list.
