Monday (October 16th) Opening Bell Stocks Trade

The Nifty created history yet again on Friday as the index surpassed its previous record high of 10,178 and hit a fresh all-time high of 10,191.90. The index made a bullish candle on the daily charts for second consecutive day in a row.

The index which now trades above its crucial short-term moving averages is all set to claim new highs towards 10,200-10,400 in the upcoming sessions. Traders should remain long with a stop below 9977 levels.

The early Diwali cheer and strong macroeconomic data helped the index to surpass its crucial resistance level of 10,178 to hit a fresh record high.

“The markets rallied further and made a new record high today, thanks to encouraging macroeconomic data and supportive global cues. Among the local factors, robust industrial growth data and ease in retail inflation were the major triggers,” Jayant Manglik, President, Retail Distribution, Religare Securities Ltd to Moneycontrol.

“Besides, the better than expected results from the IT major, TCS added to positivity. In between, indications were favorable from the global indices,” he said.

We have collated the top ten data points to help you spot profitable trade.

Key Support & Resistance Level for Nifty

The Nifty closed at 10,167.5 on Friday. According to Pivot charts, the key support level is placed at 10,127.77, followed by 10,088.03. If the index starts to move higher, key resistance levels to watch out are 10,199.57 and 10,231.63.

Nifty Bank

The Nifty Bank closed at 24,689.2. Important Pivot level, which will act as crucial support for the index, is placed at 24,458.06, followed by 24,226.93. On the upside, key resistance levels are 24,850.06, followed by 25,010.93.

Call Options Data:

Maximum Call open interest (OI) of 39.89 lakh contracts stands at strike price 10,200, which will act as a crucial resistance level for the index in the October series, followed by 10,000, which now holds 31.66 lakh contracts in open interest, and 10,300,

which has accumulated 28.89 lakh contracts in OI.

Call writing was seen at strike prices 10,200 (8.92 lakh contracts were added), followed by 10,400 (5.63 lakh contracts added), and 10,300 which added 0.12 lakh contracts.

Call unwinding was seen at strike price 10,100, which shed 12.85 lakh contracts, followed by 10,000, which shed 6.28 lakh contracts and 9,900, which shed 4.58 lakh contracts.

Put Options Data

Maximum Put OI of 71.54 lakh contracts was seen at strike price 10,000, which will act as a crucial base for the index in October series, followed by 9,900, which now holds 55.48 lakh contracts and 9,800 which has now accumulated 53.13 lakh contracts in

open interest.

Put writing was seen at strike prices 10,100 (25.04 lakh contracts added), followed by 10,200 (15.56 lakh contracts added) and 10,000 which saw an addition of 6.05 lakh contracts.

Meanwhile, Put Unwinding seen at strike price of 9,900, which saw shedding of 4.1 lakh contracts, followed by 9,800, which saw the 1.91 lakh contracts being shed 9,700, which shed 0.68 lakh contracts.

FII & DII Data

Foreign institutional investors (FIIs) sold shares worth Rs 1,698.5 crore, while domestic institutional investors bought shares worth Rs 1,590.13 crore in the Indian equity market on Friday.

Stocks with high delivery percentage

High delivery percentage suggests that investors are accepting the delivery of the stock, which means that investors are bullish on the stock.

88 stocks saw long build-up

24 stocks saw short covering

A decrease in open interest along with an increase in price mostly indicates short covering.

76 stocks saw short build-up

An increase in open interest along with a decrease in price mostly indicates short positions being built up.

22 stocks saw long unwinding

Long Unwinding happens when there is a decrease in OI as well as in price.

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