The 30-share Sensex closed at a record high on November 20 supported by gains in select heavyweights such as Sun Pharma, IndusInd Bank and Reliance Industries.
The BSE Sensex rose 182 points to 40,651.64 while the Nifty 50 closed 59 points higher at 11,999.
Shrikant Chouhan, Senior Vice-President – Equity Technical Research at Kotak Securities said proposed divestment of several public sector companies, a sudden spike in Reliance GDR and buying in defensive sectors, especially pharmaceuticals, helped the market close higher.
Wednesday’s price action resulted in a Doji formation on the daily chart. This shows the index is not yet out of the woods and further confirmation is needed before initiating a fresh long position, said Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.
The overall structure shows the broader consolidation can still be on and a minor degree dip towards 11,800 cannot be ruled out before the index stretches towards the all-time high of 12,103, said Ratnaparkhi.
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 11,963.87, followed by 11,928.63. If the index continues moving up, key resistance levels to watch out for are 12,036.47 and 12,073.83.
Nifty Bank closed 0.38 percent up at 31,353.85. The important pivot level, which will act as crucial support for the index, is placed at 31,215.7, followed by 31,077.6. On the upside, key resistance levels are placed at 31,481.79 and 31,609.8.
Call options data
Maximum call open interest (OI) of 24.84 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in November series.
This is followed by 12,200 strike price, which holds 18.95 lakh contracts in open interest, and 12,100, which has accumulated 14.24 lakh contracts in open interest.
Significant call writing was seen at the 12,000 strike price, which added 2.81 lakh contracts, followed by 12,200 strike price that added 1.64 lakh contracts and 12,100 strike which added 1.58 lakh contracts.
Call unwinding was witnessed at 11,900 strike price, which shed 2.38 lakh contracts, followed by 12,300 which shed 1.40 lakh contracts.
Put options data
Maximum put open interest of 25.80 lakh contracts was seen at 11,900 strike price, which will act as crucial support in November series.
This is followed by 11,500 strike price, which holds 24.12 lakh contracts in open interest, and 11,600 strike price, which has accumulated 23.83 lakh contracts in open interest.
Put writing was seen at the 12,000 strike price, which added nearly 9.87 lakh contracts, followed by 11,900 strike, which added 3.58 lakh contracts and 11,700 strike, which added 2.30 lakh contracts.
Put unwinding was seen at 12,500 strike price, which shed 43,575 contracts, followed by 11,800 strike which shed 15,225 contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
69 stocks saw long buildup
Overall, 69 stocks witnessed long buildup on November 20. Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
9 stocks saw long unwinding
58 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.
14 stocks witnessed short-covering
As per available data, 14 stocks witnessed short-covering. A decrease in open interest, along with an increase in price, mostly indicates a short covering.
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Upcoming analyst or board meetings/briefings
The respective boards of Amtek Auto, Indian Sucrose, JBF Industries, Kwality, Technofab Engineering and Redington (India) will release their quarterly results on November 21.
The respective boards of Tirupati Sarjan, Thirdwave Financial Intermediaries and Austin Engineering will meet for general purposes.
Stocks in news
Zee Entertainment Enterprises: Essel Group is to sell a 16.5 percent stake in Zee to financial investors, reported CNBC-TV18.
Tata Motors: Moody’s has assigned a B1 rating to JLR’s 500 million euro proposed notes.
Coffee Day: Lenders invoked a 4.20 percent pledged stake of the company on November 19.
Reliance Capital: Delhi High Court has restricted the company from selling its balance approximately 4.5 percent stake in RNAM.
Intellect Design: The company received an order from the Philippines Business Bank.
FII & DII data
Foreign institutional investors (FIIs) bought shares worth Rs 566.52 crore, while domestic institutional investors (DIIs) also bought shares of worth Rs 183.41 crore in the Indian equity market on November 20, provisional data available on the NSE showed.
No stock under F&O ban on NSE
There is no stock under F&O ban for November 21. 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.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.