Trade market estimation for Monday: 15 essentials to keep in mind before the opening bell
Experts said that if the index breaks the support, selling pressure may continue to push prices lower to 21,300, but breaking through the resistance level of 22,050 could push prices higher to a new high. The market is expected to remain in a consolidative phase in the upcoming sessions, with key support at the 21,600–21,500 zone.
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“Overall, the sideways price action is likely to continue. The range of consolidation is likely to be 21,600 – 22,050,” Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas added.
Senior technical research analyst at HDFC Securities Nagaraj Shetti says that the Nifty is still in a general upswing and that more upside towards 22,000 levels is possible in the near future. He believes that any declines to 21,600–21,500 levels would present a buying opportunity.
15 data points to assist you in identifying profitable trades:
The Nifty is expected to find immediate support at 21,672, followed by 21,631 and 21,564 levels, according to the pivot point calculator. Conversely, on the higher end, it can encounter immediate resistance at 21,799, followed by 21,847 and 21,914 levels.
By effectively defending the vital support zone at 45,000, the Bank Nifty bulls were able to establish themselves.
“The fall witnessed in the previous trading session did not continue on Friday and Bank Nify reversed sharply from the 45,000 level. The pullback can continue towards 46,000 – 46,200 where the key daily moving averages are placed,” Jatin Gedia stated.
Call selections
Regarding weekly options data, the 22,000 strike had the highest Call open interest, totaling 70.58 lakh contracts. This level of open interest may serve as a crucial short-term hurdle for the Nifty. The 23,000 strike, with 54.03 lakh contracts, came next, and the 22,700 strike, with 48.57 lakh contracts, came after it.
At the 22,900 strike, which dropped 2.59 lakh contracts, the largest Call unwinding occurred. This was followed by the 21,900 and 20,500 strikes, which shed 46,550 and 2,700 contracts, respectively.
Put option
With 49.44 lakh contracts, the put side’s largest open interest was observed at the 21,500 strike, which can serve as a crucial Nifty support level. Subsequently, there were two strikes: 21,500 with 33.76 lakh contracts and 21,000 with 44.56 lakh contracts.
Put unwinding occurred at strike number 21,900, which resulted in the loss of 3.03 lakh contracts. Strike numbers 22,000 and 22,100, on the other hand, resulted in the loss of 2.19 lakh and 51,450 contracts, respectively.
High returns stocks
A high delivery rate is indicative of interest in the stock among investors. Of the F&O equities, the highest delivery was seen by Havells India, ABB India, Crompton Greaves Consumer Electricals, ICICI Lombard General Insurance Company, and HDFC Bank.
43 high performing stocks
43 equities, including ACC, Bharat Forge, PI Industries, Sun Pharmaceutical Industries, and Zee Entertainment Enterprises, saw a protracted build-up. An increase in price and open interest (OI) signifies the accumulation of long holdings.
52 stocks unfurling on long unwinding
52 equities, including MCX India, Apollo Tyres, Biocon, Hindustan Copper, and BPCL, experienced long unwinding based on the OI %. Long unwinding is indicated by a drop in price and OI.
45 stocks see a short build-up
Forty-five stocks, including Power Finance Corporation, MRF, Ramco Cements, REC, and Indian Oil Corporation, saw a brief build-up. A rise in OI and a decline in price indicate the accumulation of short bets.
47 stocks on short-covering list
There were 47 stocks on the short-covering list based on the OI %. Cummins India, India Cements, Siemens, Punjab National Bank, and United Breweries were among them. Short-covering is indicated by a decline in OI and an increase in price.
PCR
In line with the previous session, the Nifty Put Call ratio (PCR), which gauges the state of the equity market, stayed at 1 on February 9. A neutral trend is usually indicated by a PCR of 1, which shows that the trading volume of put and call options is equal.
Bulk deals
Coal India, Bharat Forge, Allcargo Logistics, Anupam Rasayan India, BLS E-Services, Cera Sanitaryware, Dilip Buildcon, GSK Pharmaceuticals, Hindustan Aeronautics, HEG, Krsnaa Diagnostics, Mazagon Dock Shipbuilders, Samvardhana Motherson International, NHPC, Steel Authority of India, and Skipper are among the 480 companies that will be releasing their quarterly earnings scorecard on February 12.
Stocks fetching the headlines
- Apeejay Surrendra Park Hotels
- Oil and Natural Gas Corporation
- Aurobindo Pharma
- Divis Laboratories
- Multi Commodity Exchange of India
- Funds Flow (Rs crore)
FII and DII shares
On February 9, provisional data from the NSE revealed that domestic institutional investors (DIIs) sold equities worth Rs 421.87 crore, while foreign institutional investors (FIIs) net purchased shares worth Rs 141.95 crore.
NSE stocks prohibited from F&O
In addition to keeping Ashok Leyland, Aurobindo Pharma, Balrampur Chini Mills, Biocon, Delta Corp, Hindustan Copper, India Cements, Indus Towers, Punjab National Bank, SAIL, and UPL on the F&O ban list for February 12, the NSE has added Zee Entertainment Enterprises to the list. National Aluminium Company, however, was taken off of the aforementioned list.
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