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The BSE Sensex fell 161 points to 61,193, while the Nifty50 declined 58 points to 18,090 and formed a bearish candlestick pattern on the daily charts, negating higher highs of the last six straight sessions.
“A small negative candle was formed on the daily chart with a minor lower shadow. The smaller decline at the highs could signal a lack of sharp selling participation in the market,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
Hence, overall, he feels the short-term trend of Nifty seems to have cooled off after a decent upside movement. “There is a possibility of further consolidation or minor weakness for the next 1-2 sessions before showing an upside bounce from the higher lows. Immediate support is at 17,900 levels,” he said.
We have collated 15 data points to help you spot profitable trades:
Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data and not just the current month.
Key support and resistance levels on Nifty
The pivot charts indicate that the Nifty may get support at 18,055, followed by 18,037 and 18,009. If the index advances, 18,111 is the initial key resistance level to watch out for followed by 18,128 and 18,157.
The Bank Nifty also corrected for the first time in the last six consecutive sessions, declining 39 points to 43,313, but formed a bullish candlestick pattern on the daily scale as we have seen the recovery from the day’s low to close with moderate losses.
It has been underperforming the broader markets in the past few sessions and failed to cross 43,500 levels. It formed a small-bodied bullish candle on a daily scale as buying is visible at lower zones but failed to surpass its previous day’s high,” Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services said.
The index has to continue to hold above 43,250 levels to make an up move towards 43,500 and then 43,750 levels, whereas on the downside the support is intact at 43,000, then 42,750 levels, the market expert said.
As per the pivot point calculator, the Bank Nifty may take support at 43,143, followed by 43,077 and 42,972. Key resistance levels are expected to be 43,354, along with 43,420 and 43,525.
On the weekly options front, we have seen the maximum Call open interest (OI) at 18,200 strikes, with 1.4 crore contracts, which is expected to be a crucial resistance level for the Nifty in the coming sessions.
This was followed by 18,300 strikes, comprising 94.07 lakh contracts, and 18,100 strikes, with more than 85.53 lakh contracts.
Call writing was seen at 18,200 strikes, which added 30.94 lakh contracts, followed by 18,100 strikes, which accumulated 27.75 lakh contracts, and 18,500 strikes, which added 11.14 lakh contracts.
Call unwinding was at 17,800 strikes, which shed 4 lakh contracts, followed by 17,900 strikes, which shed 2.73 lakh contracts, and 18,600 strikes, which shed 2.19 lakh contracts.
The maximum Put open interest was at 18,000 strikes with 99.03 lakh contracts, which is expected to act as support in the coming sessions.
This was followed by the 17,900 strikes, comprising 89.12 lakh contracts, and the 17,800 strikes where we have 81.28 lakh contracts.
Put writing was seen at 18,000 strikes, which added 10.7 lakh contracts, followed by 17,900 strikes, which added 10.07 lakh contracts, and 18,400 strikes, which added 33,850 contracts.
We have seen Put unwinding at 18,200 strikes, which shed 12.64 lakh contracts, followed by 17,400 strikes, which shed 9.67 lakh contracts, and 17,500 strikes, which shed 8.26 lakh contracts.
Stocks with a high delivery percentage
A high delivery percentage suggests that investors are showing interest in the stock. The highest delivery was seen in Alkem Laboratories, SBI Life Insurance Company, TCS, Crompton Greaves Consumer Electricals and Torrent Pharma among others.
An increase in open interest (OI) and price typically indicates a build-up of long positions. Based on the OI percentage, 51 stocks, including MRF, BHEL, Apollo Tyres, Hero MotoCorp and ABB India saw long build-ups.
A decline in OI and price generally indicates a long unwinding. Based on the OI percentage, 37 stocks, including Adani Enterprises, Samvardhana Motherson International, L&T Technology Services, Bajaj Auto and Infosys saw a long unwinding.
56 stocks see a short build-up
An increase in OI along with a price decrease indicates a build-up of short positions. Based on the OI percentage, 56 stocks, including Manappuram Finance, United Breweries, MCX India, Escorts and Indus Towers saw a short buildup.
A decrease in OI along with a price increase is an indication of short-covering. Based on the OI percentage, 46 stocks were on the short-covering list. These included Voltas, IndiaMART InterMESH, Oracle Financial, Whirlpool and Gujarat Gas.
Kolte-Patil Developers: Societe Generale-Non ODI has bought 18.45 lakh equity shares in the Pune-based real estate developer via open market transactions at an average price of Rs 245 per share. However, PGIM India Mutual Fund sold 18.65 lakh shares in the company at the same price.
Suryoday Small Finance Bank: Jhelum Investment Fund I sold 5.41 lakh shares in the small finance bank at an average price of Rs 102.09 per share.
Power Mech Projects: Banyantree Growth Capital II LLC has offloaded shares 1.54 lakh shares in the company at an average price of Rs 2,600.94 per share, and 80,000 shares at an average price of Rs 2,600.5 per share, amounting to Rs 60.99 crore.
(For more bulk deals, click here)
Housing Development Finance Corporation, Hero MotoCorp, Adani Enterprises, Dabur India, Tata Power, TVS Motor, Sundram Fasteners, 360 ONE WAM, Aptus Value Housing Finance, Blue Star, Bombay Dyeing & Manufacturing Company, CEAT, Firstsource Solutions, IDFC, Jammu & Kashmir Bank, Mindspace Business Parks REIT and United Breweries will be in focus ahead of quarterly earnings on May 4.
Stocks in the news
Titan Company: The Tata Group company has recorded a 49.5 percent year-on-year growth in standalone profit at Rs 734 crore for the quarter ended March FY23, supported by topline and operating income. Standalone revenue from operations grew by 33.4 percent YoY to Rs 9,704 crore for the quarter with its jewellery business growing 33 percent to Rs 8,631 crore and the watches segment showing 40 percent growth to Rs 871 crore.
ABB India: The company has reported a 34.3 percent year-on-year decline in profit at Rs 244.9 crore for March 2023 quarter, as the year-ago period (Q1CY22) had an exceptional income of Rs 293.35 crore). Revenue from operations for the quarter at Rs 2,411.2 crore increased by 22.5 percent over a year-ago period, with an order intake of Rs 3,125 crore in Q1.
Petronet LNG: The liquified natural gas importer registered an 18.1 percent YoY decline in standalone profit at Rs 614.25 crore for the March FY23 quarter, dented by weak operating numbers. Revenue for the quarter at Rs 13,874 crore grew by 24.35 percent over the corresponding period of last fiscal.
Tata Chemicals: The Tata Group company clocked 62 percent year-on-year growth in consolidated profit at Rs 709 crore for the March FY23 quarter, driven by healthy operating performance and strong growth in topline. Consolidated revenue at Rs 4,407 crore for the quarter has grown 26.6 percent over the year-ago period.
Dabur India: The Investment Board of Nepal (IBN) has approved an additional investment of Nepalese rupees Rs 969 crore (approximately Rs 608 crore) in Dabur Nepal, a subsidiary company of Dabur India in Nepal. This investment will enable Dabur Nepal to expand and grow its business by way of capacity expansion, product diversification, upgradation of plant facility etc., over the next 4 to 5 years.
GR Infraprojects: The company has emerged as an L-1 bidder for a project – construction of a 4-lane highway with paved shoulders – on a Hybrid Annuity Mode in Uttar Pradesh. The project cost is Rs 737.2 crore.
SJVN: The company has obtained a 200 MW grid-connected solar power project in Khavda Solar Park through an e-Reverse auction conducted by Gujarat Urja Vikas Nigam. The tentative cost for the development of this project will be approximately Rs 1,200 crore.
Fund Flow
Foreign institutional investors (FII) bought shares worth Rs 1,338 crore, whereas domestic institutional investors (DII) sold shares worth Rs 583.99 crore on May 3, provisional data from the National Stock Exchange showed.
Stocks under F&O ban on NSE
The National Stock Exchange has added Manappuram Finance to its F&O ban list for May 4. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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