Maximum Call open interest (OI) of 27.46 lakh contracts was seen at the 11,500 strike price. This will act as a crucial resistance level for the October series.
The market continued its southward journey for third consecutive day on Friday and closed in the red for eight out of last nine sessions. The Nifty50 attempted positive opening again but failed to hold the upside and remained lower for major part of the session on last trading day of September month, dragged by metals, IT and auto stocks.
The index closed far below 11,000 levels, forming bearish candle on the daily charts.
In fact, the month of September was like a nightmare for the market as the Nifty lost 6.4 percent, forming a long bearish candle which resembles a Bearish Engulfing pattern on the monthly charts. IL&FS-led liquidity fears in NBFC segment, rising crude oil prices and rupee volatility caused selling pressure in the market.
The Nifty50 managed to open higher above psychological 11,000 levels but wiped out all gains in first few minutes of trade. The index managed to rebound and hit an intraday high of 11,034.10 but that recovery again sold into and it a day's low of 10,850.30, which is the crucial support for next week, experts said.
The index finally closed 47 points lower at 10,930.50.
"Nifty50 continued its wild swings in both directions before signing off the session with a bearish candle which has a slightly longer lower shadow suggesting decent recovery from intraday lows," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in told Moneycontrol.
On monthly charts, he said it has registered a long bearish candle which resembles a Bearish Engulfing pattern. "As current sell-off from the highs of 11,760 levels in four weeks of continuous fall brought down the indices into oversold levels from where some pull back can't be ruled out going forward which should be ideally utilised to create fresh short positions as medium term trend of this market appears to be down."
He believes strength in the indices shall not be expected unless Nifty50 closes above 11,170 levels. "On the downsides once recent lows of 10,850 are decisively breached the downswing shall initially get extended towards 10,650 kind of levels," Mazhar said.
India VIX moved down by 1.24 percent to 16.71 levels. It has spiked by 9.36 percent in this week while up by 35 percent in this month. Rising volatility suggests that bears are holding the tight grip on the market, experts said, adding option band signifies a wider trading range in between 10,800 to 11,171 zones.
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 10,930.50 on Friday. According to Pivot charts, the key support level is placed at 10,842.5, followed by 10,754.5. If the index starts moving upwards, key resistance levels to watch out are 11,026.3 and 11,122.1.
Nifty Bank
The Nifty Bank index closed at 25,119.85, up 77.70 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 24,907.77, followed by 24,695.73. On the upside, key resistance levels are placed at 25,343.27, followed by 25,566.73.
Call Options Data
Maximum Call open interest (OI) of 27.46 lakh contracts was seen at the 11,500 strike price. This will act as a crucial resistance level for the October series.
This was followed by the 11,200 strike price, which now holds 24.34 lakh contracts in open interest, and 11,300, which has accumulated 20.21 lakh contracts in open interest.
Call writing was seen at 11,300 strike, which added 4.8 lakh contracts, followed by 11,200 which added 3.36 lakh contracts and 11,500 which added 2.27 lakh contracts.
Highest Call unwinding was seen at the strike price of 11,100 which shed 0.99 lakh contracts.
Put Options data
Maximum Put open interest of 29.37 lakh con tracts was seen at the 11,000 strike price. This will act as a crucial support level for the October series.
This was followed by the 10,800 strike price, which now holds 28.29 lakh contracts in open interest, and the 10,500 strike price, which has now accumulated 21.47 lakh contracts in open interest.
Put writing was seen at the strike price of 11,000, which added 4.09 lakh contracts in open interest, followed by 10,800 which added 3.58 lakh contracts and 10,700 strike which added 3.53 lakh contracts.
Put unwinding was seen at the strike price of 11,100, which shed 0.39 lakh contracts in open interest, followed by 11,200 which shed 0.24 lakh contracts.
FII & DII data
Foreign institutional investors (FIIs) were net sellers in September to the tune of around Rs 10,000 crore in the Indian equity market, including Friday's provisional figure of Rs 1,699.94 crore.
However, domestic institutional investors bought shares worth Rs 3,256.34 crore on Friday, taking total purchases for September to Rs 12,500 crore.
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.
12 stocks saw short covering
A decrease in open interest along with an increase in price mostly indicates short covering.
91 stocks saw a short build-up
An increase in open interest along with a decrease in price mostly indicates a build-up of short positions.
Golden Tobacco: Vandana Agarwal bought 1,11,105 shares of the company at Rs 28.25 per share.
LIC Housing Finance: BNP Paribas Arbitrage bought 26,48,530 shares of the company at Rs 415.95 per share.
Rajshree PolyPack: Next Orbit Ventures Fund sold 65,000 shares of the company at Rs 115 per share and UNIFI AIF sold 3,57,000 shares at Rs 118 per share.
Supreme Engineering: Ankit Raj Organo Chemicals sold 2,20,000 shares of the company at Rs 27.64 per share.
Veto Switchgear Cable: Reliance Wealth Management sold 1,15,269 shares of the company at Rs 118.92 per share.
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Analyst or Board Meet/Briefings
TCS: Board of Directors of the company to meet on October 11 to consider audited financial results for the quarter and six months ending September 2018.
Deep Industries: National Company Law Tribunal convened meetings of equity shareholders, unsecured creditors and secured creditors of the company on October 30.
Nestle India: Board of Directors of the company to meet on October 26 to consider audited financial results for the quarter and six months ending September 2018.
Info Edge: Board of Directors of the company to meet on October 30 to consider audited financial results for the quarter and six months ending September 2018.
Tech Mahindra: Board of Directors of the company to meet on October 30 to consider audited financial results for the quarter and six months ending September 2018.
HDFC AMC: Board of Directors of the company to meet on October 29 to consider audited financial results for the quarter and six months ending September 2018.
Williamson Magor: Board meeting to be held on October 4 to reconsider the proposal to issue secured redeemable non-convertible debenture.
Blue Star: Company's officials are meeting analysts/investors on October 1.
HDFC Standard Life Insurance: Board of Directors of the company to meet on October 23 to consider audited financial results for the quarter and six months ending September 2018.
Stocks in news
IL&FS Transportation Networks: India Ratings withdrawn its rating on company's commercial papers of Rs 310 crore while CARE downgraded rating on long term bank facilities of Rs 2,241.5 crore, short term bank facilities of Rs 230 crore, non-convertible debentures to D.
Bharti Airtel: In clarification note company said company on its own or through its subsidiary companies keeps on evaluating various opportunities of fund raising (both equity and debt) as per its requirement in ordinary course of business.
Mahindra & Mahindra: CRISIL reaffirmed its ratings to Mahindra & Mahindra's long term bank loan facilities Rs 1,100 crore to AAA/Stable and short term facilities to A1+.
Ashiana Housing: Executive committee of directors allotted 1,874 un-secured non convertible debentures on private placement basis for an amount of Rs 18.74 crore.
Bandhan Bank: RBI froze remuneration of MD & CEO till further notice.
Karnataka Bank: Raised deposit interest rates by 10 basis points.
Engineers India: The firm has bagged an order over Rs 5,000 crore from HPCL Rajasthan.
Vijaya Bank: Board approves its merger with Bank of Baroda and Dena Bank.
Yes Bank: The lender has assigned its credit exposure in Jaypee Cement to assets care
Hindustan Zinc: It has extended its tenure of CEO till 2020
BPCL: The Board approved Rs 11,130 cr Kochi petchem project.
Kalpataru Power: The firm bagged orders worth Rs 1,145 crore.
Action Construction: Reappointed Vijay Agarwal as chairman and managing director, along with Mona Agarwal and Sorab Agarwal as executive director.
Suven Lifesciences: CARE Ratings has upgraded its short and long term bank facilities and maintained the outlook to be stable in case of latter.
Darjeeling Ropeway: The firm declared a dividend of Rs 0.25 per equity share of paid-up value of Rs 10 apiece.
Jagan Lamps: Hemant Mangla, Ruchi Agarwal and Saras Kumar have been appointed as independent directors.
Salzer Electronics: CRISIL has upgraded its rating outlook on long term bank facilities of the company to A/Stable from A-/Positive.
IL&FS Transportation Networks: Interest due and payable on September 28 on non-convertible debentures - Tranch XXIV, Series 1 and Series 2 has been made to debenture holders.
Gujarat State Petronet: PNGRB has fixed the final initial unit natural gas pipeline tariff for the company's High Pressure Gujarat Gas Grid and Low Pressure Gujarat Gas Grid Network.
Indian Hotels: Company has been successful in winning the bid for Hotel Taj Mansingh, New Delhi.
TCS: Company selected as the preferred engineering and digital transformation partner for Fortive Corporation.
NMDC: Company fixed prices of lump ore (65.53. 6-40mm) at Rs 3,850 per tonne and fines (643, - l Omm) at Rs 3,310 per tonne.
Tata Power: Coastal Gujarat Power (CGPL), a wholly owned subsidiary of company, completed refinancing of ECB loans.
Future Consumer: Company sold investments in Amar Chitra Katha Private Limited (ACK) to India Special Situations Scheme I (a scheme of India
Special Situations Trust an alternative investment fund).
HCC: Subsidiary HCC Concessions executed a definitive agreement in respect of 100 percent stake sale of Farakka-Raiganj Highways (FRHL), its concessionaire subsidiary, to Cube Highways and Infrastructure II Pte. Ltd, an entity based in Singapore.
Bharat Financial Inclusion: Company assigned a pool of receivables of an aggregate value of Rs 841.17 crore to one of the largest public sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the second Direct Assignment Transaction during FY19.
Bank of Baroda: Board decided to give its in-principle approval for amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda and commence the process for the same, subject to applicable approvals.
Inox Leisure: Company commenced the commercial operations of a multiplex cinema theatre taken on sub license basis, Delhi.
Max Financial Services: Max Life Insurance said after completion of his second five-year term as Executive Vice Chairman & Managing Director of company, Rajesh Sud hands over the reins to Prashant Tripathy, who is currently Senior Director and Chief Financial Officer of the company.
Dilip Buildcon: Board approved to take the strategic initiatives by way of backward and forward integration which will add value addition to the company as well as to the stakeholders.
Mahindra Lifespace Developers: Board appointed Sangeeta Prasad, Chief Executive Officer of the company as the Managing Director designated as the 'Managing Director & Chief Executive Officer' for a term of five years effective.
Ind-Swift Laboratories: Board approved elevation of Gagan Aggarwal, AVP-Finance to the post of Chief Financial Officer an Lovekesh Mahajan, VP-Accounts to the post of Chief Accounts Officer of the company.
RPP Infra: P Arulsundaram, promoter of company pledged 3,00,000 shares of the company to IFIN Securities Finance Limited for the financial assistance obtained for the working capital loan to the company. A Nithya, promoter of company pledged 2,00,000 shares to IFIN Securities Finance Limited and 100000 shares to Cholamandalam Investment and Finance Company for the financial assistance obtained for the working capital Loan to the company.
SSPDL: Shareholders approved the special resolution with regard to increase in the aggregate limit of investment by Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) in equity share capital of the company.
Maithan Alloys: CARE upgraded the rating for long term bank facilities to AA; Stable from AA-; Stable and reaffirmed A1+ rating for its short term bank facilities.
Kallam Textiles: Board approved raising funds for the company by way of issue of equity shares to the existing equity shareholders of the company on a rights basis aggregating up to Rs 15 crore.
Golden Goenka Fincorp: Company has disposed all the equity stake in Golden Goenka Financial Advisors Limited, Golden Goenka Management Consultancy Services Limited, Golden Goenka Properties & Construction Private Limited, Goodpoint Conclave Limited and Linkwise Promoters Private Limited.
GBL Industries: Company announced divestment of 100 percent Equity stake in the subsidiary company, which ceased to be a subsidiary company of GBL Industries.
Kitex Garments: Company has incorporated a wholly owned subsidiary in the name of Kitex Littlewear.
Sambhaav Media: The credit rating of fund based long term facility amounting to around Rs 15.24 crore has been upgraded from BB+ Outlook: Stable to BBB- Outlook-Stable and the non-fund based short term facility amounting to around Rs 5 crore has been upgraded from A4+ to A3 by Brickwork Ratings.
TAAL Enterprises: Board declared an interim dividend of Rs 10 per share for the FY 2018-19.
Sunshield Chemicals: The company received directions (closure direction) from Maharashtra Pollution Control Board (MPCB) for closure of manufacturing activity.
Capital First: Company made timely payment of interest obligations on September 28 in respect of the non- convertible debentures.
Rane Holdings: Company acquired a further 3.75 percent shareholding in Rane Engine Valve Limited (REVL / subsidiary company) taking the post acquisition shareholding in REVL to 54.82 percent.
8K Miles Software: The company is in the process of appointing a new CFO.
Flexituff International: Name of the company has been changed 'Flexituff Ventures International Limited'.
Indian Energy Exchange: Company on day-ahead market crosses 300 MU volume in a day, highest trade of 306 MU at Rs 6.67 per unit for delivery on 29 September 2018.
Hitech Corporation: Company announced commencement of operations at Mysuru plant.
Phoenix Township: Shubham Agarwal resigned from the post of Chief Financial Officer of the company.
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