Trade Setup For Friday: Top 10 Things To Know Before Market Opening

Trading Setup For Today
Trading Setup For Today | Top Thing To Know Before Market Opening

After hitting record high levels on August 18, the market slowed down slightly due to interest bookings in sectors such as banking and finance, metals and car stock options.

The BSE Sensex settled at 55,629.49, down 162.78 while the Nifty50 dropped by 45.80 points to 16,568.80, creating a bearish candlestick on the daily charts as the closing was lower than the opening levels.

“A long negative candlestick was formed on the daily chart after the opening, which indicated the formation of a bearish counter-type candle pattern. This market action indicates a further consolidation or a slight correction to come,” said Nagaraj Shetti, Research Technology Specialist at HDFC Securities.

He said the market appears to be starting to tire out at 16,700 new highs. “However, there is no indication that any change is taking place at higher levels. the opportunity to buy a dip in the near future, “he said.

Nagaraj Shetti is looking forward to a blast of ups and downs from downsizing in future plans. Nifty’s top target remains at 16,900 levels, he said.

The broader markets ended mixed with the Nifty Midcap 100 index rising 0.29 percent and Smallcap 100 index falling 0.26 percent.

Key Support And Resistance Levels On The Nifty

According to pivot charts, the key support levels for the Nifty are placed at 16,502.47, followed by 16,436.13. If the index moves up, the key resistance levels to watch out for are 16,668.47 and 16,768.13.

Nifty Bank

The Nifty Bank closed 312.90 points lower at 35,554.50 on August 18. The important pivot level, which will act as crucial support for the index, is placed at 35,241.37, followed by 34,928.23. On the upside, key resistance levels are placed at 36,058.27 and 36,562.03 levels.

Call Option Data

Maximum Call open interest of 34.38 lakh contracts was seen at 17000 strike, which will act as a crucial resistance level in the August series.

This is followed by 16700 strike, which holds 31.99 lakh contracts, and 16600 strike, which has accumulated 30.33 lakh contracts.

Call writing was seen at 16700 strike, which added 17.05 lakh contracts, followed by 17000 strike, which added 13.70 lakh contracts and 16600 strike which added 11.97 lakh contracts.

Call unwinding was seen at 16400 strike, which shed 2.28 lakh contracts, followed by 16300 strike which shed 1.25 lakh contracts, and 16000 strike which shed 1.05 lakh contracts.

Call Option Data

Put Option Data

Maximum Put open interest of 45.87 lakh contracts was seen at 16500 strike, which will act as a crucial support level in the August series.

This is followed by 16000 strike, which holds 40.69 lakh contracts, and 16400 strike, which has accumulated 29.63 lakh contracts.

Put writing was seen at 16700 strike, which added 7.05 lakh contracts, followed by 16600 strike which added 6.42 lakh contracts, and 16500 strike which added 5.77 lakh contracts.

Put unwinding was seen at 16300 strike, which shed 64,550 contracts, followed by 15900 strike which shed 38,900 contracts and 17000 strike which shed 8,050 contracts.

Put Option Data

Bulk Deals

BSL Ltd: LIC of India sold 68,589 equity shares in the company at Rs 61.06 per share on the NSE, the bulk deals data showed.

Clean Science & Technology: Plutus Wealth Management LLP acquired 5.75 lakh equity shares in the company at Rs 1,518.42 per share on the NSE, the bulk deals data showed.

Coffee Day Enterprises: KKR Mauritius PE Investments II sold 19,03,533 equity shares in the company at Rs 29.45 per share on the NSE, the bulk deals data showed.

McDowell Holdings: Recovery Officer I Debt Recovery Tribunal II sold 88,458 equity shares in the company at Rs 42.84 per share on the NSE, the bulk deals data showed.

Suryoday Small Finance Bank: Kuber India Fund acquired 20 lakh equity shares in the company at Rs 166.74 per share, whereas TVS Shriram Growth Fund sold 20,50,055 equity shares in the company at Rs 166.92 per share on the NSE, the bulk deals data showed.

AAVAS Financiers: Lake District Holdings sold 49,54,608 equity shares in the company at Rs 2,452.87 per share, whereas Monetary Authority of Singapore bought 5,66,134 equity shares and Government of Singapore acquired 26,28,652 equity shares in the company at Rs 2,449.92 per share on the BSE, the bulk deals data showed.

Karda Constructions: Elara India Opportunities Fund bought 6.5 lakh shares in the company at Rs 22.6 per share on the BSE, the bulk deals data showed.

Bulk Data

Analysts/Investors Meeting

Trident: The company’s officials will meet investors in virtual conference organised by Prabhudas Lilladher on August 20.

Automotive Axles: The company’s officials will meet analysts and investors on August 20, to discuss the financial performance.

IOL Chemicals & Pharmaceuticals: The company’s officials will meet analysts and investors on August 20 to discuss the financial performance.

Mindtree: The company’s officials will meet analysts and investors in Ambit’s IT and Internet Conference, on August 20.

Meghmani Finechem: The company’s officials will meet analysts and investors on August 20 to discuss financial results.

Bharat Forge: The company’s officials will meet DSP MF on August 20, and Alchemy Capital on August 27.

Meghmani Organics: The company’s officials will meet analysts and investors on August 20 to discuss financial results.

Sobha: The company’s officials will meet analysts and investors in a meeting organised by Kotak Securities on August 24.

Castrol India: The company’s officials will meet TATA AIG General Insurance on August 25.

Stocks In The News

CarTrade Tech: The company will list its equity shares on August 20. The final price has been fixed at Rs 1,618 per share.

Tata Elxsi: The company collaborated with DStv Media Sales, to consult and collaboratively build a vision for DStv Media Sales (DMS) that addresses current challenges while also positioning DMS for future growth.

Prime Focus: Subsidiary DNEG in the United Kingdom said Novator Capital Advisers, LLP has invested $250 million in subsidiaries of Prime Focus, and personal holdings of its founder Namit Malhotra.

Kennametal India: The company reported consolidated profit at Rs 21.6 crore in Q1FY22 against loss of Rs 9.5 crore in Q1FY21, revenue jumped to Rs 211.9 crore from Rs 95.6 crore YoY.

CG Power and Industrial Solutions: The company approved a proposal for the voluntary winding up of CG Middle East FZE, a non-operating step-down subsidiary and CG International (Holdings) Singapore Pte. Ltd, a wholly-owned subsidiary of the company. The company also approved the closure of one of its non-operating subsidiaries, CG Power Solutions (PSOl), under the provisions of the Insolvency and Bankruptcy Code.

Zomato: The company acquired 9.16% shareholding in Grofers India for Rs 518.21 crore and 8.94% shareholding in Hands-on Trades for Rs 222.83 crore.

FII And DII Data

Foreign institutional investors (FIIs) net sold shares worth Rs 595.32 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 729.49 crore in the Indian equity market on August 18, as per provisional data available on the NSE.

Stocks Under F&O Ban On NSE

Seven stocks – Cadila Healthcare, Canara Bank, NALCO, Punjab National Bank, SAIL, Sun TV Network and Vedanta – are under the F&O ban for August 20. 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.

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