After a rangebound session, the market ended with modest gains on December 9 helped by shares of select heavyweights, such as HDFC, Reliance Industries, and Axis Bank.
The BSE Sensex closed 42 points, or 0.10 percent, up at 40,487.43, while Nifty ended 16 points, or 0.13 percent, higher at 11,937.50.
“The market was rangebound as investors are closely watching the upcoming economic macros like CPI inflation and IIP data for any signs of progress in the government’s effort to revive the economy. FIIs are likely to turn risk-averse in the domestic market as strong US job data, progress in trade talks and expectation of status quo policy from the US FED will add impetus to the global market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Nifty formed a Doji candle pattern. Normally, a formation of Doji in a sideways range doesn’t show any significant predictive signal.
The formation of the head and shoulder patterns are still intact in the Nifty, as per the daily time frame chart. This neckline of this pattern is at 11,880-900 level. A sustainable move below this area could open up a sharp weakness in the market ahead, said experts.
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 11,889.67, followed by 11,841.83. If the index continues moving up, key resistance levels to watch out for are 11,983.67 and 12,029.83.
Nifty Bank closed slightly lower by 0.03 percent at 31,332.10. The important pivot level, which will act as crucial support for the index, is placed at 31,113.3, followed by 30,909.9. On the upside, key resistance levels are placed at 31,528.9 and 31,741.1.
Call options data
Maximum call open interest (OI) of 23.39 lakh contracts was seen at the 12,000 strike price. It will act as a crucial resistance level in the December series.
This is followed by 12,200 strike price, which holds 17.68 lakh contracts in open interest, and 12,100, which has accumulated 15.89 lakh contracts in open interest.
Significant call writing was seen at the 12,000 strike price, which added 1.47 lakh contracts, followed by a 12,200 strike price that added 75,525 contracts and 11,900 strike which added 69,075 contracts.
Call unwinding was witnessed at 12,400 strike price, which shed 78,300 contracts, followed by 12,100 which shed 49,875 contracts.
Put options data
Maximum put open interest of 32.92 lakh contracts was seen at 12,000 strike price, which will act as crucial support in the December series.
This is followed by 11,500 strike price, which holds 30.62 lakh contracts in open interest, and 11,800 strike price, which has accumulated 24.29 lakh contracts in open interest.
Put writing was seen at the 11,900 strike price, which added nearly 1.81 lakh contracts, followed by an 11,800 strike, which added 1.21 lakh contracts.
Put unwinding was seen at 12,100 strike price, which shed 75,375 contracts, followed by 12,300 strike which shed 19,050 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
Based on open interest (OI) future percentage, here are the top 10 stocks in which long buildup was seen.
6 stocks saw long unwinding
51 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.
22 stocks witnessed short-covering
As per available data, 22 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.
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Upcoming analyst or board meetings/briefings
The board of Bharti Infratel will meet on December 10 to consider and approve the interim dividend.
The respective boards of Vibrant Global Capital, Salem Erode Investments and Ashika Credit will meet on December 10 to consider and approve their quarterly results.
The board of La Tim Metal & Industries will meet on December 10 to consider the merger of its subsidiary.
Stocks in the news
Quess Corp: Board approved allotment of 7.15 crore shares to eligible shareholders of Thomas Cook.
Hero MotoCorp: Company will increase ex-showroom prices of its motorcycles & scooters from January 1.
SRF: SEBI exempted ABR Family Trust from complying with requirements with respect to proposed indirect acquisition of control in SRF.
Jindal Steel & Power: Promoter released pledge on 25 lakh shares (0.25 percent equity) on December 3.
PC Jeweller: CRISIL downgraded the company’s long & short-term ratings to bank loan facilities to ‘D’.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 459.22 crore, while domestic institutional investors (DIIs) also bought shares of worth Rs 74.93 crore in the Indian equity market on December 9, provisional data available on the NSE showed.
Stock under F&O ban on NSE
Yes Bank is under the F&O ban for December 10. 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.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India’s leading expert on wealth building, has created a strategy which makes it possible… in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.