Maximum put open interest of 35.49 lakh contracts was seen at the 11,000 strike price. This will act as a crucial support level for September series.
The Nifty50 continued to be rangebound for the second consecutive session and closed the August expiry day on a flat note with a negative bias on Thursday. The index opened flat and remained weak throughout the session, forming small bearish candle, which resembles like a 'Hammer' kind of pattern on the daily candlestick charts.
The market recovered from intraday low in the late trade but that does not change the short term outlook, experts said, adding the index is expected to be weak and remained in a consolidation mode.
The Nifty Midcap index continued to outperform frontline indices, rising 0.13 percent while the sectoral trend remained mixed with Nifty Bank, Auto and Financial Service falling around half a percent each. FMCG and Pharma indices gained over a percent each.
The Nifty50 opened below 11,700-mark at 11,694.75, tad higher over previous day's close of 11,691.90. In early trade itself, it touched an intraday high of 11,698.80 but immediately turned lower to hit an intraday low of 11,639.70 (down 52 points) in the last hour of trade. It managed to recoup some losses in the late trade and closed 15.10 points lower at 11,676.80.
"Nifty50 signed off the expiry session with a Hammer kind of formation as it recouped major part of the intraday losses after taking support around the demand line of its 43-day old ascending channel," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
He said at this point in time, despite this intraday recovery, weakness is getting more pronounced on short term charts as clear cut sell signals are generated on multiple technical parameters.
Hence in next session if the said index closes below 11,615 levels then short term trend reversal will get confirmed which should intensify the selling pressure further besides confirming short term top around 11,760 levels, he added. "In such a scenario market should initially aim at a downside target placed around 11,480 levels.
On the upsides, he said unless recent swing high of 11,760 is cleared momentum in the broader markets shall not gain traction. "Traders will be better off by maintaining neutral stance till some initial signs of strength are visible."
India VIX fell by 0.48 percent to 12.37.
We have collated the top 15 data points to help you spot profitable trades:
Key support and resistance level for Nifty
The Nifty closed at 11,676.80 on Thursday. According to Pivot charts, the key support level is placed at 11,644.73, followed by 11,612.67. If the index starts moving upwards, key resistance levels to watch out are 11,703.83 and 11,730.87.
Nifty Bank
The Nifty Bank index closed at 28,103.25, down 120.85 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,965.44, followed by 27,827.67. On the upside, key resistance levels are placed at 28,237.34, followed by 28,371.47.
Call Options Data
Maximum call open interest (OI) of 44.14 lakh contracts was seen at the 11,800 strike price. This will act as a crucial resistance level for September series.
This was followed by the 11,700 strike price, which now holds 35.35 lakh contracts in open interest, and 12,000, which has accumulated 16.94 lakh contracts in open interest.
Call writing was seen at the strike price of 11,800, which added 12.32 lakh contracts, followed by 11,700 which added 12.14 lakh contracts.
Highest Call unwinding was seen at the strike price of 11,500, which shed 5.03 lakh contracts, followed by 11,600, which shed 4.76 lakh contracts and 11,400 which shed 3.45 lakh contracts.
Put Options data
Maximum put open interest of 35.49 lakh contracts was seen at the 11,000 strike price. This will act as a crucial support level for September series.
This was followed by the 11,600 strike price, which now holds 31.16 lakh contracts in open interest, and the 11,500 strike price, which has now accumulated 28.95 lakh contracts in open interest.
Put writing was seen at the strike price of 11,600, which added 3.18 lakh contracts in open interest, followed by 11,000 which added 0.47 lakh contracts.
Highest Put unwinding was seen at the strike price of 11,700, which shed 18.34 lakh contracts, followed by 11,800 which shed 3.55 lakh contracts and 11,300 which shed 2.95 lakh contracts.
Stocks with high delivery percentage:
High delivery percentage suggests that investors are accepting delivery of the stock, which means that investors are bullish on it.
Bulk Deals
DLF: Rajdhani Investments & Agencies bought 1,62,00,000 shares of the company at Rs 217 per share while Kavita Singh sold 92,00,000 shares of the company at Rs 217 per share.
JBF Industries: Capri Global Advisory Services sold 5,00,000 shares of the company at Rs 44.95 per share.
Harrisons Malayalam: Manjula Venkatakrishnamohan Prabhala bought 1,00,000 shares of the company at Rs 102.72 per share.
(For more bulk deals, click here)
Analyst or Board Meet/Briefings
Mahindra & Mahindra: Company's officials are meeting analysts/investors on September 3 and 4 in Nashik and Mumbai respectively.
Voltas: Company's officials are meeting Kora Management and Blackrock Advisors Inc, Hong Kong on August 31.
Steel Exchange India: Annual General Meeting to be held on September 28.
Shyam Telecom: Annual General Meeting to be held on September 24.
Fiberweb India: Annual General Meeting to be held on September 25.
Nova Iron & Steel: Annual General Meeting to be held on September 27.
Ucal Fuel Systems: 32nd Annual General Meeting of the company will be held on September 29.
JK Tyre & Industries: Company's officials are meeting JM Financial on August 31 in Chennai.
Shriram Transport Finance: Company's officials are meeting analysts/investors on September 3, 5, 6 and 7, 2018.
Kennametal India: A meeting with Investor / Analyst from SBI Mutual Fund, is scheduled to be held on August 31 to discuss the published financials of the company.
Glaxosmithkline Pharma: Company's officials are meeting Karvy Stock Broking on August 31.
Entertainment Network India: 19th Annual General Meeting of the company will be held on September 26.
Adani Green and Energy: Company's officials are meeting with various analysts on August 31.
Mahanagar Gas: Company's officials are meeting Citigroup- First State Asia Stewart Asia on August 361 and Credit Suisse on September 6 in Mumbai.
Thyrocare Technologies: Sunil Asnani, Portfolio Manager, of Matthews International Capital Management, would be having a meeting with one or more of the following, viz. Anand Velumani, Dr Caesar Sengupta, Vice President-Operations, Sachin Salvi, General Manager-Finance, and Vatsal Goyal, Head-Strategy and Corporate Development on September 10.
Religare Enterprises: The meeting of the board of directors of the company is scheduled on September 6 to consider financial results for quarter ended June 30, 2018.
Stocks in news
GAIL: Indian Railways and GAIL (India) took a significant step towards expanding usage of environment-friendly fuel, natural gas across all applications of the Indian Railways by signing a Memorandum of Understanding (MoU).
Mindtree: GHD Digital and Mindtree collaborating on a broad Digital platform targeted to the property and infrastructure sectors. Partnership offers a disruptive approach to connected buildings to dramatically reduce costs and optimize experiences.
Mahindra Logistics: Board members approved further investment in Lords by way of an additional purchase of 2,39,220 equity shares of Lords (representing 10.12 percent of equity share capital of Lords) from the existing Shareholders of Lords.
Muthoot Finance: The meeting of the Board of Directors which is scheduled to be held on September 4 will consider fund raising by way of issue of Redeemable Non-Convertible Debentures (NCD) upto Rs 5,000 crore (including unissued portion from previous approval of Rs 2,000 crore) through Private Placement in one or more tranches.
Wipro: Wipro joins BiTA to Drive Blockchain adoption in the transportation industry.
Kesoram Industries: P Radhakrishnan will take over as Chief Financial Officer effective commencement of business August 31.
MCX: Multi Commodity Exchange Clearing Corporation (MCXCCL), a wholly owned subsidiary of MCX will commence operations from September 3.
Hubtown: Soard has decided to withdraw the proposed preferential issue.
LKP Finance: Company has received Reserve Bank of India approval for proposed sale of up to 62 percent equity shareholding to Dakshin Mercantile Private Limited, an Essel Group company and change in its management structure.
PNC Infratech: Company has received Letter of Award (LOA) from Maharashtra State Road Development Corporation for the 54.4 km long 4th Package of Nagpur-Mumbai Six Lane Super Communication Expressway (Maharashtra Samruddhi Mahamarg) on EPC basis for a negotiated contract quoted price of Rs 1,999.52 crore.
Dilip Buildcon: DBL has received Letter of Acceptance (LOA) for a new EPC Project valued at Rs 1,698 crore by the Maharashtra State Road Development Corporation.
Fortis Healthcare: Gagandeep Singh Bedi resigned as CFO w.e.f. September 30 due to personal reason.
JSW Energy: JSW Energy revises offer for Prayagraj Power to over Rs 6,000 crore to outbid Tata Power - CNBC-TV18 Sources.
ICICI Securities: Chanda Kochhar reappointed on the board of the company as ICICI Bank voted in favour of Kochhar’s reappointment at company - CNBC-TV18 Sources.
Jet Airways: Govt official says after preliminary scrutiny, ROC orders a formal inspection of company - CNBC-TV18 sources
Jet Airways: Company told CNBC-TV18 that it received communication from the office of ROC seeking response to a complaint. Company is taking necessary steps to submit its response in this regard.
Idea Cellular: NCLT approves Idea-Vodafone merger - CNBC-TV18 Sources.
No stocks under ban period on NSE
Securities in ban period for the next day's trade under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
For August 31, DHFL, not a single stock is present in this list.
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