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

Benchmark indices snapped a three-day losing streak on January 15 and closed sharply higher, driven by rate cut hopes after inflation declined and Asian peers rallied.

The 30-share BSE Sensex gained 464.77 points or 1.30 percent and closed at 36,318.33 while the Nifty 50 climbed 149.20 points or 1.39 percent to end at 10,886.80, forming the bullish candle on daily charts.

"Today was undoubtedly the best day so far of the new calendar year. Firstly, we had a good trended move throughout the day and importantly, we finally broke out from the recent congestion zone in the upward direction," Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking told Moneycontrol.

He said, "Technically speaking, the 'Bullish Diamond' pattern has been activated and therefore, he expects the fresh leg of the rally to commence now.

"Unless there is some unfavorable development from the global markets, we expect the Nifty to head towards 10,970 and then to test 11,150. On the flipside, 10,820 followed by 10,777 are now likely to act as strong supports."

During the first half, the banking index looked a bit tentative, but finally some renewed buying was seen in heavyweight banks to propel the rally in the latter half.

Going forward, Chavan expects good amount of participation from the broader end of the spectrum as well.

The Nifty Midcap index gained 0.7 percent and Smallcap index jumped 1.1 percent.

India VIX fell by 3.59 percent to 15.58 levels. Volatility has to cool down further to get a decisive range breakout.

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

Key support and resistance level for Nifty

The Nifty closed at 10,886.8 on January 15. According to Pivot charts, the key support level is placed at 10,810.53, followed by 10,734.27. If the index starts moving upward, key resistance levels to watch out are 10,930.03 and then 10,973.27.

Nifty Bank

The Nifty Bank index closed at 27,400.8, up 152.50 points on January 15. The important Pivot level, which will act as crucial support for the index, is placed at 27,329.4, followed by 27,258. On the upside, key resistance levels are placed at 27,459.9, followed by 27,519.

Call Options Data

Maximum Call open interest (OI) of 40.54 lakh contracts was seen at the 11,000 strike price. This will act as a crucial resistance level for the January series.

This was followed by the 11,100 strike price, which now holds 32.56 lakh contracts in open interest, and 11,200, which has accumulated 31.94 lakh contracts in open interest.

Meaningful Call writing was seen at 11,300, which added 1.14 lakh contracts.

Call unwinding was seen at 11,000 strike, which shed 8.67 lakh contracts, followed by 10,900 strike which shed 4.97 lakh contracts and 10,800 strike which shed 3.07 lakh contracts.

Put Options data

Maximum Put open interest of 40.98 lakh contracts was seen at the 10,500 strike price. This will act as a crucial support level for the January series.

This was followed by the 10,700 strike price, which now holds 40.40 lakh contracts in open interest, and the 10,800 strike price, which has now accumulated 34.84 lakh contracts in open interest.

Significant Put writing was seen at the strike price of 10,800, which added 9.47 lakh contracts, followed by 10,900 strike which added 8.84 lakh contracts and 10,700 strike which added 5.85 lakh contracts.

There was hardly any Put unwinding seen.

FII & DII data

Foreign Institutional Investors (FIIs) purchased shares worth Rs 159.6 crore and Domestic Institutional Investors bought Rs 417.44 crore worth of shares in the Indian equity market on January 15, 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.

90 stocks saw a long buildup

79 stocks saw short covering

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

24 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.

7 stocks saw long unwinding

Bulk Deals on January 15

Pitti Engineering: Bank of Baroda sold 2,25,000 shares of the company at Rs 61.67 per share while Satish Kumar Agarwal purchased 1,59,941 shares at Rs 62.16 per share on the NSE.

Asian Granito India: GMO Emerging DOM Opportunities FD sold 3,21,523 shares of the company at Rs 130.09 per share on the BSE.

(For more bulk deals, click here)

Analyst or Board Meet/Briefings

Oberoi Realty: Board meeting is scheduled on January 22 to consider unaudited financial results for Q3FY19.

Sunflag Iron & Steel: Board meeting is scheduled on January 24 to consider the un-audited financial results (standalone) of the company for the third quarter and nine months ended December 2018.

Yash Papers: Company has arranged a Small-Cap Investor Summit 2019 and Panel discussion on January 19 in Mumbai.

Torrent Pharmaceuticals: Company has scheduled a teleconference with investors / analyst on January 30 to discuss the financial performance of the Company for the quarter and nine months ended December 2018.

Bank of Maharashtra: Board meeting is scheduled on January 23 to consider the unaudited financial results of the bank for the quarter and nine months ended December 2018.

DB Corp: Board meeting is convened to be held on January 23 to consider the un-audited financial results of the company for the 3rd quarter / nine months ended on December 2018 and to consider declaration of interim dividend for the FY2018-19, if any.

GHCL: A conference call to discuss the Q3FY19 results of the company with RS Jalan, Managing Director and Raman Chopra, CFO & Executive Director (Finance) is scheduled to be held on January 22.

Navin Fluorine International: An earnings call will be held on January 24 to discuss operational and financial performance for Q3FY19.

TD Power Systems: Board meeting is scheduled on January 31 to consider the un-audited financial results of the company for the quarter and nine months ended December 2018.

Sterlite Technologies: Board meeting is scheduled on January 24 to consider the un-audited financial results (standalone and consolidated) of the company for the quarter ended December 2018.

Reliance Communications: Board meeting is scheduled on January 23 to consider the unaudited financial results for the quarter and nine months ended December 2018.

Dhampur Sugar Mills: Board meeting has been called on January 30 to consider the un-audited standalone financial results and consolidated financial results of the company for the quarter ended December 2018 and payment of dividend on equity share capital.

Clariant Chemicals (India): Board meeting is scheduled on February 12 to consider the un-audited financial results for the 3rd quarter ended December 2018.

HCL Technologies: Board meeting is scheduled on January 29 to consider the un-audited financial results of the company for the quarter and nine months ended December 2018 and payment of 4th interim dividend for the financial year 2018-19.

BASF India: Board meeting is scheduled on January 23 to consider the unaudited financial results of the company for the quarter and nine months period ended December 2018.

Orient Electric: Board meeting is scheduled on January 28 to consider the un-audited financial results for the quarter and nine months ended December 2018.

TV Today Network: Board meeting is scheduled on February 8 to consider the un-audited financial results of the company for the quarter and nine months ended on December 2018.

Solara Active Pharma Sciences: Board meeting is scheduled on January 18 to discuss various options for capital raising through issuance of securities.

Bhansali Engineering Polymers: Board meeting is scheduled on January 27 to consider the un-audited financial results of the company for the quarter and nine months period ended on December 2018.

Stocks in news

Results on Wednesday: MindTree, Phillips Carbon Black, 5Paisa Capital, Motilal Oswal Financial Services, HT Media, DCB Bank

Zee Entertainment Enterprises Q3: Consolidated profit jumps to Rs 562.8 crore versus Rs 373.77 crore; revenue rises to Rs 2,168 crore versus Rs 1,838 crore YoY.

MCX Q3: Consolidated profit jumps to Rs 41.99 crore versus Rs 18.77 crore; revenue increases to Rs 76.93 crore versus Rs 62.81 crore YoY.

Indo Rama Synthetics (India): Board announced issuance of 8,30,00,000 equity shares by way of preferential issue on private placement basis to promoter group company, Indorama Netherlands BV at Rs 36 per share aggregating to Rs 29.88 crore and also issuance of 1,72,00,000 equity shares to Siam Stock Holdings Limited at Rs 36 per share aggregating to Rs 61.92 crore on private placement basis.

Den Networks Q3: Loss at Rs 31.21 crore versus profit at Rs 1.73 crore; revenue dips to Rs 308.4 crore versus Rs 328.2 crore YoY.

Jay Bharat Maruti Q3: Profit falls to Rs 11.22 crore versus Rs 14 crore; revenue rises to Rs 458 crore versus Rs 435 crore YoY.

India Grid Trust Q3: Profit at Rs 51.52 crore versus Rs 68.8 crore; revenue rises to Rs 170.96 crore versus Rs 126.72 crore YoY.

Speciality Restaurants Q3: Profit jumps to Rs 8.44 crore versus Rs 6.7 crore; revenue rises to Rs 98.45 crore versus Rs 79.30 crore YoY.

KPIT Technologies: Board fixed January 25 as the record date for the purpose of identification of shareholders of the company to whom the shares of KPIT Engineering Limited would be allotted.

NGL Fine Chem: ICRA upgraded long term rating to BBB+ (Stable) and short term rating to A2.

Majestic Auto Q3: Profit at Rs 19.05 crore versus loss Rs 1.7 crore; revenue rises to Rs 35.8 crore versus Rs 13.83 crore YoY.

Vikas Proppant & Granite: Company commenced plant implementation of Unit-1 at industrial area, Boronada, Jodhpur and Unit-2 at Kaparda, Jodhpur.

Nahar Industrial Enterprises: Board approved fund raising by issue of 5.5% non-convertible non cumulative redeemable preference shares.

Sasken Technologies: Company launched Automotive Center of Excellence in Detroit, USA.

Century Plyboards: Company has incorporated a wholly owned subsidiary by the name Century Gabon SUARL in Gabon, South Africa, with the object of manufacturing and trading in timber, veneer, plywood and other wood- based products.

Indiabulls Integrated Services: Subsidiary Indiabulls Life Insurance Company has received regulatory R1 acceptance from Insurance Regulatory and Development Authority of India (IRDAI) for its proposed life insurance business.

SKF India: Buyback opening date - January 23 and closing date - February 5.

Commercial Syn Bags: ICRA assigned long term rating at BBB+/Stable and short term rating at A2+ for line of credit of Rs 86 crore.

2 stocks 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.