Yesterday, the market fell for the fourth consecutive day. The market was seen trading within a volatility range yesterday. Traders were watching the decisions of the USFed policy meeting. FMCG technology, energy and index heavyweight Reliance Industries put pressure on the market. On the other hand, buying was seen in Bajaj Twins, Auto, some banking and financial stocks and metals.
Sensex closed down 152 points at 52541. Meanwhile, Nifty closed at 15692, down 40 points. Nifty Bank climbed 28 points to close at 33,339. While the midcap climbed 93 points to close at 26809. On the other hand, the Rupee weakened 9 paise yesterday and closed at 78.08. However, there was some light buying in mid and small cap stocks yesterday.
How can the market evolve today?
Vigyan Sawant of GEPL Capital Let’s say Nifty has formed a sideways candle pattern on the daily chart, which is a sign of calm ahead of any major event. Since March 2022, Nifty has maintained respect at the 15650 level. This time too, it has remained above this level for the past three days. This indicates that there is immediate support for Nifty on the downside at 15650. Meanwhile on the upside there is first resistance for it at 15886 (current week’s high). While the second major resistance is visible at 16000. If Nifty breaks the 15650 level on the downside, then in the next few days it may see the 15450 level.
Deepak Jasani of HDFC Securities It indicates that after the decision of the US Fed meeting, Nifty will either open a gap below 15500 or open a gap above 15886. Any dips to the downside could signal further weakness. On the other hand, in the event of a bullish breakout, pressure can be observed on the upper levels.
Kunal Shah of LKP Securities The market is said to have remained volatile ahead of the FOMC meeting decisions. Support is seen at 15500 on the downside for Nifty. Here we have to see the new writing put. If Nifty fails to hold above this level, we could see further selling. On the upside, resistance can be seen for Nifty at the 16000 level. Here we see the highest open interest (permanent trades) on the call side.
In Bank Nifty, we saw trading within a range. After the FOMC meeting, we can see a sharp move coming in all directions. Bank Nifty might see the first upside hurdle at 34,000. If Nifty crosses that, we can see new short cover there. On the downside, support is seen in the 33000-32500 area for Nifty, which previously acted as a demand area for Nifty.
These 11 stocks are down 40% from their highs, they also have 13% to 64% upside potential from the lows, know the stock names
Here we give you some statistics based on which it will be easy for you to catch profitable deals. It should be noted here that the Open Interest (OI) and Equity Volume numbers in this story are the sum total of three months’ data, not just the current month.
Main support and resistance levels for Nifty
The first support for Nifty is located at 15653 and after that the second support is located at 15613. If the index moves higher it may face resistance at 15758 and then 15823.
The first support for Nifty Bank is located at 33208 and then the second support is located at 33076. If the index moves higher it may face resistance at 33513 and then 33686.
call option data
The maximum call open interest of 25.91 lakh contracts was seen at the 17000 strike, which will act as an important resistance level in the June series. After that, the highest open interest of 22.55 lakh contracts is seen at 16500. At the same time, there is an open interest call of 21.13 lakh contracts at the 16000 strike.
The call writing was seen in the strike of 15700. 6.41 lakh contracts were added to this strike. After that, 2.45 lakh contracts were also added to 15,800.
The maximum roll call was observed during the strike of 16800. After that, the peak roll call was on the strike of 16900 and then 17200.
The maximum open interest of 5 million contracts was seen during the strike of 15500, which will act as an important support level in the June series. After that, the highest Open Interest of 31.75 lakh contracts is seen at 15,000. Meanwhile, there is a Put Open Interest of 27.84 lakh contracts during a strike of 16,000.
The writing laid was seen on the strike of 15700. 7.78 lakh contracts were added to this strike. After that, 3.47 lakh contracts were added even at 15500. While 1.57 lakh contracts are attached at 15600.
The maximum unwinding of the put was seen at the 16000 strike. This was followed by the highest unwinding put at 16200 and then 14700 exercise.
Stocks with high delivery percentage
These include the names of Crompton Greaves Consumer Electricals, Ambuja Cements, Gujarat State Petronet, SBI Life Insurance Company and Muthoot Finance. A high delivery percentage indicates that investors are interested in these stocks.
FII and DII numbers
On June 15, foreign institutional investors sold Rs 3531.15 crores in the Indian markets. Meanwhile, domestic institutional investors bought Rs 2,588 crore that day.
Stocks Under F&O Ban on NSE
On June 16, 3 stocks are under F&O ban on NSE. These include the names of Indiabulls Housing Finance, RBL Bank and Delta Corp. It should be noted that stocks included in the F&O segment are placed in the prohibited category if the positions of the securities exceed their market-wide position limits.
51 stocks showed long accumulation
A rise in open interest as well as a rise in price usually leads to the formation of a long position. A long accumulation was seen in 51 stocks in yesterday’s trading based on the percentage of open interest futures. These include the names of Voltas, Nifty Financial, Torrent Power, Mahanagar Gas and Honeywell Automation.
Long ending seen in 25 actions
A long outcome is usually predicted by a drop in open interest as well as a drop in prices. Included are Federal Bank, Canara Bank, Dalmia Bharat, Eicher Motors and Bharat Electronics, among the 5 stocks that saw the longest unwind in yesterday’s trading based on percentage open interest futures.
45 stocks showed a short accumulation
A rise in open interest along with a fall in price usually indicates a short accumulation. Apollo Tyres, Sun TV Network, IndusInd Bank, Crompton Greaves Consumer Electricals and Zee Entertainment Enterprises are among the 10 stocks that saw the largest accumulation of short positions in yesterday’s trading based on interest futures percentage open.
Short view coverage in 78 stocks
A drop in open interest along with an increase in price usually indicates short coverage. Deepak Nitrite, Syngene International, Polycab India, Ashok Leyland and Shriram Transport Finance are among the 10 stocks that saw the strongest short coverage in yesterday’s trading based on the percentage of open interest futures.
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