Tepid corporate results and IMF’s markdown of India’s growth forecast pulled down equity benchmark indices Sensex and Nifty on January 26.
Sensex was down . points to 49, . while Nifty fell . (points to , 192. 115 and formed small bearish candle on daily charts as closing value was lower than opening.
Experts expect the correction along with consolidation, which was warranted after stellar run-up, to continue in coming sessions .
“The short-term trend of Nifty continues to be negative and one may expect some more weakness in the coming sessions. The formation of small negative candle with range movement on January (immediately after the negative reversal of last session) could raise some hopes for bulls to show upside bounce from the lows, “Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol .
He said key lower support area to be watched around is , , where one may expect upside bounce in the market.
All sectoral indices, barring pharma, closed in the red.
“We reiterate our cautious view on the Indian markets given the stretched valuation and muted start to the earnings season. Going forward, the IMF growth forecast cut to 4.8 percent is likely to raise hopes amongst market participants of a big bang budget. Further, the earnings announcement for corporates would also induce stock specific volatility, “said Ajit Mishra, VP – Research at Religare Broking.
We have collated (data points to help you spot profitable trades:
Key support and resistance level for Nifty
According to the pivot charts, the key support level for Nifty is placed at , , followed by 15, . . If the index moves up, key resistance levels to watch out for are 16, and , . .
Nifty Bank closed at , 947. , down 0. (percent on January) . The important pivot level, which will act as crucial support for the index, is placed at , , followed by ,
. On the upside, key resistance levels are placed at , and , . .
Call options data
Maximum Call open interest (OI) of 41 (lakh contracts was seen at the , strike price. It will act as a crucial resistance level in the January series.
This is followed by 20, strike price, which holds (lakh contracts in open interest, and , , which has accumulated . (lakh contracts in open interest.)
Significant call writing was seen at the 16, 340 strike price, which added 4.7 lakh contracts, followed by 21, strike price that added 4. lakh contracts and , (strike which added 2.) lakh contracts.
Call unwinding was witnessed at , strike price, which shed 0. 60 lakh contracts, followed by , strike which shed 0. lakh contracts and , (strike which shed 0) lakh contracts.
Put options data
Maximum Put open interest of 41) (lakh contracts was seen at , strike price, which will act as crucial support in the January series.
This is follo wed by , strike price, which holds . (lakh contracts in open interest, and
, 941 strike price, which has accumulated 26. lakh contracts in open interest.
Put writing was seen at the 15, 813 strike price, which added nearly 1. lakh contracts, followed by 21, strike, which added 1.1 lakh contracts and , strike which added 1. lakh contracts.
Put unwinding was seen at , strike price, which shed 2. lakh contracts, followed by , (strike which shed 0.) lakh contracts and , 528 wh ich shed 0. 83 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in these stocks.
stocks saw long buildup
stocks saw long unwinding
Based on open interest (OI) future percentage, here are the top 16 stocks in which long unwinding was seen.
stocks saw short build -up
An increase in open interest, along with a decrease in price, mostly indicates a build-up of short positions. Based on open interest (OI) future percentage, here are the top 14 stocks in which short build-up was seen.
stocks witnessed short-covering
A decrease in open interest, along with an increase in price, mostly indicates a short covering. Here are top stocks that witnessed short-covering on January 8.
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Upcoming analyst or board. meetings / briefings
Pokarna : Board meeting is scheduled on January 35 to announce October-December quarter earnings.
Force Motors : Board meeting is scheduled on January to announce October-December quarter earnings.
Indian Energy Exchange : Board meeting is scheduled on January (to announce October-December quarter earnings.)
Dr Lal PathLabs : Board meeting is scheduled on February 3 to announce October-December quarter earnings.
HPCL : Board meeting is scheduled on February 5 to announce October-December quarter earnings.
AstraZeneca Pharma India : Board meeting is scheduled on February 3 to announce October-December quarter earnings.
Time Technoplast : Board meeting is scheduled on February 22 to announce October-December quarter earnings.
Redington (India) : Board meeting is scheduled on February 6 to announce October-Decemb er quarter earnings.
NHPC : Board meeting is scheduled on February 7 to announce October-December quarter earnings.
Phillips Carbon Black : Board meeting is scheduled on February 24 to announce October-December quarter earnings.
Stocks in the news
Results on January 30 : Larsen & Toubro, Axis Bank, Asian Paints, SBI Life Insurance, RBL Bank, Agro Tech Foods, KPR Mill, Motilal Oswal Financial Services, Hi-Tech Pipes , AU Small Finance Bank, Creditaccess Grameen, AXISCADES Engineering, Supreme Petrochem, Sharda Cropchem, Ujjivan Small Finance Bank, RS Software, Syngene International, Genus Power Infrastructures, VST Industries, CEAT, Ci gniti Technologies, Gateway Distriparks, Rane Engine Valve, Supreme Petrochem, Eimco Elecon, Alembic Pharmaceuticals, Raymond, IIFL Wealth Management, Tata Communications, Hindustan Media Ventures
Glenmark Pharma : Board approved sale of India and Nepal gynecology operations for Rs (crore.
HDFC AMC : Q3 profit jumps (percent to Rs) (crore, revenue rises) (percent to Rs) (crore YoY.)
Polycab India : Q3 consolidated profit rises 4 percent to Rs (crore, revenue jumps) . 8 percent to Rs 2, (crore YoY.)
Hatsun Agro : Q3 consolidated profit surges (percent to Rs) crore, revenue increases . 1 percent to Rs 1, 2 crore YoY.
Havells : Q3 consolidated profit rises 7.4 percent to Rs .2 crore, revenue dips 9.9 percent to Rs 2, 3 crore YoY.
IndiaMart InterMesh : Q3 consolidated profit jumps (percent to Rs) crore, revenue surges 30. 4 percent to Rs .9 crore YoY.
Tejas Networks : Q3 consolidated loss at Rs 126 crore versus profit of Rs . 8 crore, revenue falls sharply to Rs . 7 crore versus Rs . 3 crore YoY.
Sasken Technologies : Q3 profit rises 3.1 percent to Rs 30 4 crore, revenue dips 5.3 percent to Rs (crore QoQ.
Mayur Uniquoters : Company announced the commencement of commercial operation at PU plant in Morena.
ZF Steering Gear India : Pithampur plant started commercial production.
OnMobile Glo bal : Branch of the company in United Kingdom has been dissolved.
Indian Card Clothing Company : Pimpri plant in Pune suddenly caught fire on January , , which has been non-operational since last year.
Allahabad Bank : Board meeting is scheduled on January 31 to consider a proposal for raising equity capital of the bank by an amount aggregating upto Rs 2, 169 crore through preferential allotment to the Government of India.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs . (crore, and domestic institutional investors (DIIs) offloaded shares of worth Rs . 87 crore in the Indian equity market on January , provisional data available on the NSE showed.
One stock under F&O ban on NSE
Yes Bank is under the F&O ban for January 30. Securities in the ban period under the F&O segment include companies in which the security has crossed 123 percent of the market-wide position limit.
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