Ideally looking at Thursday's rally the market could head towards its upper end of consolidation range (10,950), but as it is a Budget day, there could be rangebound trade, experts said.
Bulls were back strongly at Dalal Street on Thursday, the day of expiry of January futures & options contracts. The Nifty50 recovered losses seen in previous four consecutive sessions and closed above 10,800 levels ahead of Interim Budget 2019, which will be presented on February 1.
The index reclaimed its 50 DEMA and formed big bullish candle, which resembles a Long White Day kind of formation on the daily charts.
Ideally looking at Thursday's rally the market could head towards its upper end of consolidation range (10,950), but as it is a Budget day, there could be rangebound trade, experts said.
The Nifty50 after opening higher at 10,690.55 extended gains gradually as the day progressed and hit an intraday high of 10,838.05. The index rallied 179.20 points or 1.68 percent to close at 10,831 while in the first month of 2019, it lost 0.3 percent and formed 'Doji' kind of pattern on monthly charts.
We have collated top 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 10,831.0 on January 31. According to Pivot charts, the key support level is placed at 10,727.0, followed by 10,623.0. If the index starts moving upward, key resistance levels to watch out are 10,886.5 and then 10,942.0.
Nifty Bank
The Nifty Bank index closed at 27,295.4 on January 31. The important Pivot level, which will act as crucial support for the index, is placed at 27,015.97, followed by 26,736.53. On the upside, key resistance levels are placed at 27,449.97, followed by 27,604.53.
Call Options Data
Maximum Call open interest (OI) of 28.70 lakh contracts was seen at the 11,000 strike price.
This was followed by the 10,900 strike price, which now holds 26.59 lakh contracts in open interest, and 11,100, which has accumulated 21.17 lakh contracts in open interest.
There was hardly any meaningful Call writing seen.
Call unwinding was seen at 10,800 strike, which shed 36.81 lakh contracts, followed by 10,700 strike which shed 25.92 lakh contracts and 11,000 strike which shed 8.46 lakh contracts.
Put Options data
Maximum Put open interest of 38.78 lakh contracts was seen at the 10,700 strike price.
This was followed by the 10,600 strike price, which now holds 36.12 lakh contracts in open interest, and the 10,800 strike price, which has now accumulated 28.23 lakh contracts in open interest.
Put writing was seen at the strike price of 10,700, which added 22.83 lakh contracts, followed by 10,800, which added 14.73 lakh contracts and 10,600, which added 10.90 lakh contracts.
Put unwinding was seen at the strike price of 10,900, which shed 5.04 lakh contracts, followed by 11,000, which shed 4.39 lakh contracts.
FII & DII data
Foreign Institutional Investors (FIIs) bought shares worth Rs 3,006.41 crore and Domestic Institutional Investors sold Rs 1,634.32 crore worth of shares in the Indian equity market on January 31, 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.
3 stocks saw a long buildup
134 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
2 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.
61 stocks saw long unwinding
Bulk Deals on January 31
AKG Exim: Ace Stonecraft Limited sold 1,40,000 shares at Rs 34.76 per share on the NSE
Geojit Financial Services: HSBC Global Investment Funds-Asia Ex Japan Equity Smaller Companies sold 24,75,971 shares at Rs 35.59 per share on the NSE
Trident Limited: Madhuraj Foundation bought 32,00,000 shares at Rs 66.30 per share.
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Himatsingka Seide: The company will hold a conference call on February 6, 2019 to discuss financial results.
TCS: Oppenheimer Funds will meet the company on February 7, 2019.
Star Cement: The company will hold a con call to discuss financials on February 5, 2019.
Kaya: The firm will hold a conference call on February 6, 2019 to discuss financial results.
Matrimony.com: A conference call has been organized to discuss financial results on February 12, 2019.
CG Consumer: The company has organized multiple meetings with investors between February 11 and 18, 2019.
Stocks in news
Results on February 1: State Bank of India, Dr Reddy's Laboratories, Titan Company, Monsanto India, Balaxi Ventures, BSE Limited, Astron Paper & Board Mill, Galaxy Surfactants, Sequent Scientific, The Investment Trust Of India, Equitas Holdings, Capri Global Capital, Sarla Performance Fibers, Rajesh Exports, Berger Paints, Unichem Laboratories, Sundram Fasteners, GIC Housing Finance, FCS Software Solutions, Excel Industries, EID Parry India, Akzo Nobel India, Hikal, Deepak Nitrite, Shanthi Gears, Dredging Corporation of India, Vardhman Special Steels, Quintegra Solutions, Voltamp Transformers, Kalpataru Power Transmission, Paramount Communications, NOCIL, Jagran Prakashan, Taj GVK Hotels & Resorts, National Fertilizers, Smartlink Holdings, Carborundum Universal, Elgi Equipments
Dena Bank: The company posted a net loss of Rs 178.5 crore.
Power Grid: The net profit rose 14 percent at Rs 2,331.2 crore.
Petronet LNG: The net profit has been reported at Rs 565.3 crore.
Vedanta: The company has fallen 21 percent at Rs 1,574 crore.
Yes Bank: Ajai Kumar has been appointed as interim MD & CEO.
Bharti Airtel: Net profit falls 27 percent at Rs 86.2 crore.
Hero MotoCorp: Net profit has fallen 4 percent at Rs 769.1 crore.
No 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.
For February 1, no stocks are present in this list.
