The key support level for Nifty is placed at 11,995.6, followed by 11,902.0. If the index moves up, key resistance levels to watch out for are 12,140.5 and 12,191.8.
Buoyed by positive global cues and stable oil prices, benchmark indices on February 5 settled in the green for the third consecutive session.
All sectoral indices, barring media, closed in the green with Nifty Bank rising over a percent and Metal climbing 2.7 percent.
The Sensex rallied 353.28 points to end at 41,142.66 while Nifty rose 109.50 points to 12,089.20.
"The short term trend of Nifty continues to be positive. The negation of recent downside breakout (Budget day) could be positive indication for the market ahead. Now, the next key upside levels to be watched at 12,272 to form any lower top at the highs," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.
He feels a sustainable move above 12,275 could mean a possibility of a new all-time highs near the important long term resistance of around 12,450 levels.
The broader markets also traded in line with frontliners as the Nifty Midcap index was up 1.15 percent while Smallcap index gained 0.83 percent.
"Bi-monthly monetary policy's outlook on inflation and economy will be more vital, as the markets are already factoring in that central bank will most likely maintain status quo on interest rates. Further, global cues are looking positive as there is a hope of further stimulus by Chinese government to support the economy, which is currently grappling with coronavirus," said Ajit Mishra, VP - Research at Religare Broking.
We have collated 15 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 11,995.6, followed by 11,902.0. If the index moves up, key resistance levels to watch out for are 12,140.5 and 12,191.8.
Nifty Bank
Nifty Bank closed 1.03 percent higher at 31,002. The important pivot level, which will act as crucial support for the index, is placed at 30,733.2, followed by 30,464.5. On the upside, key resistance levels are placed at 31,168.2 and 31,334.5.
Call options data
Maximum Call open interest (OI) of 21.27 lakh contracts was seen at the 12,500 strike price. It will act as a crucial resistance level in the February series.
This is followed by 12,400 strike price, which holds 16.02 lakh contracts in open interest, and 12,200, which has accumulated 13.37 lakh contracts in open interest.
Significant Call writing was seen at the 12,400 strike price, which added 3.98 lakh contracts, followed by 12,500 strike price that added 1.99 lakh contracts.
Call unwinding was witnessed at 11,900 strike price, which shed 2.31 lakh contracts, followed by 11,800 strike which shed 1.65 lakh contracts and 12,200 strike which shed 1.64 lakh contracts.
Put options data
Maximum Put open interest of 28.52 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the February series.
This is followed by 11,500 strike price, which holds 22.61 lakh contracts in open interest, and 11,900 strike price, which has accumulated 18.56 lakh contracts in open interest.
Put writing was seen at the 11,600 strike price, which added 4.34 lakh contracts, followed by 12,000 strike, which added 4.14 lakh contracts and 11,900 strike which added 3.9 lakh contracts.
Put unwinding was seen at 11,400 strike price, which shed 0.27 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
61 stocks saw long build-up
5 stocks saw long unwinding
Based on open interest (OI) future percentage, here are 5 stocks in which long unwinding was seen.
24 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 10 stocks in which short build-up was seen.
51 stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on open interest (OI) future percentage, here are the top 10 stocks in which short-covering was seen.
(For more bulk deals, click here)
Results on February 6
Eicher Motors, Hero MotoCorp, Sun Pharmaceutical, Lupin, Aurobindo Pharma, Metropolis Healthcare, RITES, Aditya Birla Fashion, Advanced Enzyme, Endurance Technologies, Dalmia Bharat, Khadim India, GE T&D India, IndoStar Capital, United Breweries, Usha Martin, Trent, Bata India, GlaxoSmithKline Consumer Healthcare, MphasiS, Gujarat Pipavav Port, Akzo Nobel India, Aarti Drugs, LT Foods, Redington (India), Adani Power, United Bank of India, Sintex Industries, NMDC, IDFC, Hindustan Construction Company, ICRA, Gujarat Alkalies, UCO Bank, Indraprastha Gas.
Stocks in news
Cadila Healthcare: Q3 profit down 26.8 percent to Rs 373.9 crore, revenue up 1.7 percent to Rs 3,638.1 crore YoY.
Brigade Enterprises: Q3 profit down 31.6 percent to Rs 40.9 crore, revenue down 19.7 percent to Rs 552.2 crore YoY.
HPCL: Q3 profit down 29 percent to Rs 747.2 crore, revenue up 16.2 percent to Rs 70,749.4 crore QoQ.
Ajanta Pharma: Q3 profit jumped 61 percent to Rs 108 crore, revenue rose 34 percent to Rs 651 crore YoY.
Engineers India: Q3 profit climbed 19.5 percent to Rs 111.8 crore, revenue surged 53.7 percent to Rs 899.2 crore YoY.
GE Power India: Q3 profit jumped to Rs 100.8 crore versus Rs 40.9 crore, revenue rose 38.7 percent to Rs 765.2 crore YoY.
Lupin: Company received USFDA approval for generic of Arava tablets.
VST Tillers: Power tillers sales up 1.1 percent at 1,971 units, tractor sales down 6.7 percent at 516 units YoY.
Sagar Cements: Consolidated production up 4.7 percent at 3.16 lakh tonnes, sales down 1.6 percent at 3.15 lakh tonnes YoY.
ITI: Company withdrawn FPO due to prevailing market condition.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 248.94 crore, and domestic institutional investors (DIIs) purchased shares of worth Rs 262.75 crore in the Indian equity market on February 5, provisional data available on the NSE showed.
Fund flow
One stock under F&O ban on NSE
Yes Bank is under the F&O ban for February 6. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
