Trade setup for Thursday: Top 15 things to know before Opening Bell
The market had a strong session on December 1 as the BSE Sensex rallied more than 600 points amid positive global cues and economic data. All sectoral indices, barring Pharma, participated in the run with Nifty Bank, Auto, IT and Metals being the prominent gainers.The BSE Sensex rallied 619.92 points or 1.09 percent to 57,684.79, while the Nifty50 climbed 183.70 points or 1.08 percent to 17,166.90 and formed a bullish candle on the daily charts."A reasonable positive candle was formed on the daily chart with a gap-up opening. The opening upside gap remains unfilled (body gap, not a western gap). Technically, this pattern indicates a formation of pullback rally of a downtrend. Hence, this pullback is expected to be short lived and the weakness could emerge again from the higher levels," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities."The overall negative chart set-up remains intact and further upside from here could encounter strong overhead resistance around 17,300-17,400 levels in the next 1-2 sessions, before showing another round of weakness from the highs. Immediate support is placed at 17,080 levels," he added.In the broader space, the Nifty Midcap 100 index gained 1 percent and Smallcap 100 index rose 0.12 percent.We have collated 15 data points to help you spot profitable trades:Note: The open interest (OI) and volume data of stocks given in this story are the aggregates of three-month data and not of the current month only.Key support and resistance levels on the NiftyAccording to pivot charts, the key support levels for the Nifty are placed at 17,083.03, followed by 16,999.16. If the index moves up, the key resistance levels to watch out for are 17,231.93 and 17,296.96.Nifty BankThe Nifty Bank surged 669.60 points or 1.88 percent to 36,364.90 on December 1. The important pivot level, which will act as crucial support for the index, is placed at 35,964.8, followed by 35,564.7. On the upside, key resistance levels are placed at 36,605.2 and 36,845.5 levels.Call option dataMaximum Call open interest of 31.57 lakh contracts was seen at 18000 strike, which will act as a crucial resistance level in the December series.This is followed by 17000 strike, which holds 20.45 lakh contracts, and 17500 strike, which has accumulated 19.33 lakh contracts.Call writing was seen at 17200 strike, which added 4.33 lakh contracts, followed by 17100 strike which added 3.86 lakh contracts, and 17000 strike which added 2.49 lakh contracts.Call unwinding was seen at 17600 strike, which shed 21,050 contracts, followed by 16500 strike which shed 6,550 contracts.Put option dataMaximum Put open interest of 49.74 lakh contracts was seen at 17000 strike, which will act as a crucial support level in the December series.This is followed by 16000 strike, which holds 31.66 lakh contracts, and 16500 strike, which has accumulated 22.15 lakh contracts.Put writing was seen at 17000 strike, which added 4.08 lakh contracts, followed by 17100 strike which added 4.02 lakh contracts and 17200 strike which added 3.91 lakh contracts.Put unwinding was seen at 17500 strike, which shed 94,750 contracts, followed by 17600 strike which shed 10,400 contracts, and 16400 strike which shed 9,300 contracts.Stocks with a high delivery percentageA high delivery percentage suggests that investors are showing interest in these stocks.70 stocks saw long build-upAn increase in open interest, along with an increase in price, mostly indicates a build-up of long positions. Based on the open interest future percentage, here are the top 10 stocks in which a long build-up was seen.19 stocks saw long unwindingA decline in open interest, along with a decrease in price, mostly indicates a long unwinding. Based on the open interest future percentage, here are the top 10 stocks in which long unwinding was seen.38 stocks saw short build-upAn increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on the open interest future percentage, here are the top 10 stocks in which a short build-up was seen.62 stocks witnessed short-coveringA decrease in open interest, along with an increase in price, mostly indicates a short-covering. Based on the open interest future percentage, here are the top 10 stocks in which short-covering was seen.Bulk dealsIIFL Finance: Smallcap World Fund Inc acquired one crore equity shares in the company at Rs 300 per share; however, Hamblin Watsa Investment Counsel Limited A/C HWIC Asia Fund Class A Shares sold 1,21,65,000 equity shares in the company at Rs 300.04 per share on the BSE, the bulk deals data showed.(For more bulk deals, click here)Analysts/Investors MeetingCARE Ratings: The company's officials will meet Artisan Partners on December 2.Fine Organic Industries: The company's officials will attend an investor conference hosted by Motilal Oswal and Kotak Securities on December 2.Mangalam Organics: The company's officials will meet analysts and investors on December 2
