Trade Setup for Wednesday: Top 14 things to know before Opening Bell

The market ended higher for the third consecutive day on October 15 with Nifty closing above 11,400 after eight trading session.

The Sensex ended 291.62 points higher at 38,506.09, while Nifty was up 87.10 points at 11,428.30.

Market breadth was in favour of declines as 1,353 shares declined, 1,091 shares advanced, while 184 shares remained unchanged.

"Below 11,400, Nifty would find support at 11,340 and a close below the same would further weaken the sentiment. However, Nifty is more likely to hit the level of 11,550 in the near term," said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.

We have collated 14 data points to help you spot profitable trades:

Key support and resistance level for Nifty

According to the pivot charts, the key support level for Nifty is placed at 11,359.5, followed by 11,290.7. If the index starts moving up, key resistance levels to watch out for are 11,479.7 and 11,531.1.

Nifty Bank

Nifty Bank closed with a gain of 373.15 points at 28,555.1. The important pivot level, which will act as crucial support for the index, is placed at 28,262.6, followed by 27,970.1. On the upside, key resistance levels are placed at 28,771.2 and 28,987.3.

Call options data

Maximum call open interest (OI) of 21.39 lakh contracts was seen at the 11,500 strike price. It will act as a crucial resistance level in the October series.

This is followed by 11,700 strike price, which now holds 19.90 lakh contracts in open interest, and 11,200, which has accumulated 16.14 lakh contracts in open interest.

No significant call writing was seen.

Call unwinding was seen at 11,500 strike price, which shed 1.78 lakh contracts, followed by 10,300 strike, which shed 62,850 contracts.

Put options data

Maximum put OI of 30.81 lakh contracts was seen at 11,000 strike price, which will act as crucial support in October series.

This is followed by 11,200 strike price, which holds 16.02 lakh contracts in open interest; and 11,400 strike price, which has accumulated 15.25 lakh contracts in OI.

Put writing was seen at the 11,400 strike price, which added 3.46 lakh contracts, followed by 11,300 strike price, which added 2.95 lakh contracts.

No major Put unwinding seen.

Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these stocks.

57 stocks saw long buildup

11 stocks saw long unwinding

Based on the lowest open interest (OI) future percentage point, here are the top 15 stocks in which long unwinding was seen.

28 stocks saw short build-up

An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on open interest (OI) future percentage, here are the top 15 stocks in which short build-up was seen.

55 stocks witnessed short-covering

As per available data, 27 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering. Based on the lowest open interest (OI) future percentage point, here are the top 15 stocks in which short-covering was seen.

Bulk Deals

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Upcoming analyst or board meetings/briefings

Hindustan Zinc - board meeting on October 21 to consider and approve the financial results for the period ended September 30, 2019, and dividend

Texmaco Infra - board meeting on October 23 to consider and approve the financial results for the period ended September 30, 2019, and voluntary delisting

TTKL Healthcare - board meeting on November 7 to consider and approve the financial results for the period ended September 30, 2019

Shemaroo Entertainment - board meeting on October 17 to consider fundraising

Sonata Software - board meeting on October 30 to consider and approve the financial results for the period ended September 30, 2019, and to consider and declare an interim dividend, if any, for the financial year 2019-20

Stocks in news

Results announcement: Mindtree, Federal Bank, Hathway Cable, DB Corp

Wipro Q2: Profit up 7% at Rs 2,552.7 crore against a profit of Rs 2,387.6 crore, IT services rupee revenue up at Rs 14,656.1 crore against Rs 14,351.4 crore, QoQ

Karnataka Bank Q2: Net profit up at Rs 151 crore against Rs 148.9 crore, NII up 6.6% at Rs 498.7 crore versus Rs 467.7 crore, YoY

REC - Transfer entire shareholding of REC Transmission Projects in WRSS XXI(A) Transco along with all its assets and liabilities to Adani Transmission

ARSS Infrastructure: JV wins order worth Rs 50.46 crore from Rail Vikas Nigam

Ramco Industries: ICRA has reaffirmed short term rating as ICRA A1+ and long term rating as ICRA AA-

Star Cement: - buyback to open on October 22 and close on November 5

FII & DII data

Foreign institutional investors (FIIs) bought shares worth Rs 436.02  crore, while domestic institutional investors (DIIs) bought shares of worth Rs 929.39 crore in the Indian equity market on October 15, as per provisional data available on the NSE.

Fund Flow: