A recovery in late trade amid consolidation helped the market close with a positive bias on June 6, as the three-day monetary policy committee members meeting began discussions on interest rate decisions.
Benchmark indices continued to advance for the third consecutive session. The BSE Sensex was up 5.4 points at 62,793 and the Nifty 50 was up 5.2 points at 18,599, forming a doji candlestick pattern on the daily charts. levels.
“Normally, such doji formations after a reasonable up or down move calls for a reversal. If this pattern is formed during a range move, the predictive value of this pattern may be low,” said Nagaraj Shetty, technical research analyst at HDFC Securities.
He experiences immediate support such as the daily 10 and 20 day EMAs (Exponential Moving Average) and in the short term the intraday buying is emerging from this support so far.
On the upside, a retest of critical barrier around 18,600-18,700 levels is expected to lead to a critical upside breakout, while immediate support lies at 18,500 levels, Shetty said.
We saw continued gains in the broader markets with the Nifty Midcap 100 and Smallcap 100 indices rising 0.06 percent and 0.54 percent respectively.
We’ve compiled 15 data points to help you find profitable trades:
Note: The open interest (OI) and volume data for stocks in this article is the sum of three months of data, not just the current month.
Key support and resistance levels in Nifty
Nifty may find support at 18,550, 18,528 and 18,493. If the index advances, 18,619 will be the key resistance, followed by 18,641 and 18,676.
We also saw an uptrend in the Bank Nifty for the third day in a row. The index rose 63 points to 44,165 amid volatility.
“With no clear direction in the index’s movement, the doji candlestick formation indicates that the overall trend is expected to continue sideways,” said Rupak De, senior technical at LKP Securities.
He feels that the support level has been identified at 44,000 and if the index breaks below this level, it may fall to 43,700. On the other hand, resistance levels are observed at 44,300 and 44,500, which act as a barrier to further upside, he said.
According to Pivot Point Calculator, Bank Nifty is expected to take support at 44,050 followed by 43,997 and 43,910, while resistance will be at 44,223, followed by 44,277 and 44,363.
Call options data
On the weekly options front, the maximum call open interest (OI) was at 18,600 strike with 1.01 crore contracts, which is expected to be a critical resistance level for the Nifty.
This was followed by 18,800 strikes covering 89.43 lakh contracts and 18,700 strikes covering over 84 lakh contracts.
Meaningful call writing was seen at 18,800 strikes adding 21.1 lakh contracts, 18,900 strikes adding 15.11 lakh contracts and 19,000 strikes adding 9.3 lakh contracts.
The call was unwinding at 19,500 strikes, which shed 41.33 lakh contracts, followed by 18,500 strikes, 17.66 lakh contracts, and 19,300 strikes, which shed 5.58 lakh contracts.
Enter option data
On the put side, the maximum open interest was at 18,500 strike, with 1 crore contracts expected to be a key support level in the coming sessions.
This was followed by 18,600 strikes with 93.86 lakh contracts and 18,400 strikes with 70.35 lakh contracts.
Put writing saw 18,400 strikes with 18.28 lakh contracts added, followed by 18,200 strikes with 17.84 lakh contracts and 18,100 strikes with 9.43 lakh contracts added.
18,500 strikes shed 14.51 lakh contracts, followed by 18,700 strikes, 7.4 lakh contracts and 17,600 strikes shed 3.41 lakh contracts.
Stocks with high delivery percentage
A high delivery percentage indicates that investors are interested in the stock. Larsen & Toubro, Petronet LNG, Cummins India, Coal India and United Breweries saw the most deliveries.
45 stocks see long build-up
A rise in open interest (OI) and price indicates a build-up of long positions. On an OI percentage basis, 45 stocks saw long build-ups, including JK Cement, Maruti Suzuki India, ACC, Tata Communications and Syngene International.
28 stocks see long unwinding
A decline in OI and price usually indicates a longer period of inelasticity. In terms of OI percentage, 28 stocks are in long uncertainty, including Birlasoft, Escorts, Apollo Hospitals Enterprises, Hindustan Copper and Oracle Financial.
58 shares see a slight build-up
An increase in OI along with a fall in price indicates a build-up of short positions. In terms of OI percentage, 58 stocks posted minor gains, including Emphasis, Indian Energy Exchange, Persistent Systems, Chambal Fertilizers and Aarti Industries.
58 stocks see short covering
A decrease in OI along with an increase in price is an indication of short covering. On OI percentage basis, 58 stocks were in short covering list. These include India Cements, ICICI Prudential Life Insurance Company, AU Small Finance Bank, REC and Titan Company.
Gravita India: Promoter Rajat Aggarwal sold 13 lakh equity shares or 1.88 per cent stake in the lead metal producer through an open market transaction at an average price of Rs 586.04 per share, valuing it at Rs 76.18 crore. However, Jupiter India Fund acquired 10 lakh shares or 1.44 per cent of the company at an average price of Rs 585.
Synsys Tech: The information technology company took center stage as Sodious Technology Fund remained a seller offloading 1.96 lakh shares or 1.27 percent stake at an average price of Rs 199.37 per share. Sodias has been selling stakes in the company since May, selling 9.12 lakh shares or 5.91 percent stake so far. As of March 2023, it holds 10.94 lakh shares or 7.09 percent stake.
IFB Industries: Europe-based financial services group Societe Generale bought 3 lakh shares or 0.74 percent stake in the home appliances, machine tools and automobile parts maker. These shares were bought at an average price of Rs.800 per share.
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Investor meeting on June 7
Ultratech Cement: Officials of the company will meet with Kotak Mutual Fund.
Shemaroo entertainment: Management of the company will visit Lucky Securities.
Tata Steel, Metropolis Healthcare, Dr. Reddy’s Laboratories: Officials of the companies will participate in the Morgan Stanley India Investment Forum.
Persistent Systems, Adani Ports, Special Economic Zone: Officials of the companies will attend the Nomura conference.
CMS Info Systems: Company officials will interact with Abacus Asset Manager LLP, SBI Mutual Fund, Bajaj Finserv, Equitas Investments and 360 One Asset.
All cargo logistics: Company officials will meet Abakkus, Aequitas Investments, Ainios Alpha, Caprize Investments, Care PMS, Deep Financial, Entrust Family Office, Nidara Capital, Nirmal Bang, Phillip Capital, Seraphic Management & Advisory.
Stocks in the news
JSW Ispat Special Products: Kiran Menon resigned as Chief Financial Officer (CFO) of the sponge iron, steel and ferroalloys maker with effect from June 6. Menon resigned to pursue opportunities outside the group.
GMR Airport Infrastructure: GMR Hyderabad International Airport (GHIAL), the company’s step-down subsidiary, has divested approximately 8.18 lakh square feet of warehouse facility at Hyderabad Airport to ILP Core Ventures I PTE Limited for Rs 188.1 crore. ILP Core is a step-down subsidiary of Indospace Core Pte Ltd, India’s largest operator of core logistics and industrial real estate vehicles.
Wipro: The technology services and consulting company launched the Wipro Industry Innovation Experience for Financial Services solution on Microsoft Cloud. Microsoft and Wipro will develop new solutions to help financial services clients accelerate growth and deepen client relationships.
Engineers India: National Aluminum Company (NALCO) has selected the company to provide consultancy services for updating Detailed Project Report (DPR) for Potangi Bauxite Mines to increase raw ore production. Jindal Steel and Power (JSPL) has signed an agreement with Engineers India for supply of basic engineering and detail engineering for a direct reduced iron plant at Angul, Orissa. These orders are worth Rs 20.55 crore.
Deepak Fertilizers and Petrochemicals Corporation: Subsidiary Performance ChemiServ has raised Rs 900 crore by issuing non-convertible debentures (NCDs) on private placement basis to eligible institutional buyers. NCDs should be listed on BSE Limited.
GR INFRA PROJECTSSubsidiary GR Hashapur Badadal Highway executed Concession Agreement with National Highway Authority of India (NHAI). The bid project cost is Rs 872.2 crore. The said highway project in Maharashtra will be implemented in hybrid annuity mode under Bharatmala Paryojana.
Torrent Power: The company has signed an MoU with the Government of Maharashtra to develop three pumped storage hydro projects with a capacity of 5,700 MW in Maharashtra. There will be an investment of around Rs 27,000 crore for the projects. Torrent intends to implement these projects within 5 years.
FII and DII data
Foreign institutional investors (FIIs) bought shares worth Rs 385.71 crore, while domestic institutional investors (DIIs) sold shares worth Rs 489.02 crore on June 6, provisional data from the National Stock Exchange showed.
Shares under F&O ban on NSE
The National Stock Exchange has retained Indiabulls Housing Finance, India Cements and Manappuram Finance on its June 7 F&O ban list. Securities in the prohibition period under the F&O category include companies that have crossed 95 percent of the security’s market-wide position limit. .
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