Nagaraj Shetti of HDFC Securities feels that Nifty’s short-term trend remains positive, but the market failure to tighten above the 14,850 barrier could be a cause for concern.
The market ended the bank-sponsored session on a high percentage on March 23, backed by the banks following an Supreme Court order opposing interest rates and extensions.
IBSE Sensex returned 50,000 marks, 280.15 points to settle for 50,051.44, while Nifty50 was up 78.40 points at 14,814.80 and formed a bullish candlestick on daily charts.
“A small candle is built with a shade above and below. Technically this pattern can be considered a high quality candle pattern and this indicates high volatility,” said Nagaraj Shetti, Technical Researcher at HDFC Securities Research.
“At some point, such a formation of large waves after a reasonable rise or significant resistance could lead to a change in the situation. Therefore, any indication of a lack of strength to stabilize the highs could mean a re-emergence of high market weakness,” he said.
“Nifty’s short-term position remains favorable, but the market’s inability to keep above the 14,850 barrier could be worrying. Sustainable movement above 14,850-14,900 levels could lead Nifty to the next level of 15,050 levels in the near future. inclusion in 14,700, “he added.
Wide markets are also closed on the Nifty Midcap 100 index, up 0.87 per cent while the Smallcap 100 index gained 0.36 per cent.
Basic Support And Nifty Resistance Levels
According to pivot charts, the key Nifty support levels are set at 14,721.67, followed by 14,628.53. If the index rises, the opposition levels are 14,893.27 and 14,971.73.
The Nifty Bank index rose 581 points or 1.73 percent to close to 34,184.40 on March 23. The pivot rate, which will serve as an important indicator support, is set at 33,750.9, followed by 33,317.4. In addition, key resistance levels are set at 34,489 and 34,793.6 levels.
Call Option Data
The open interest rate of Mall Maximum for 40.94 lakh contracts was seen in the 15,000 strike, which will serve as an important resistance level in the March series.
This is followed by a strike of 15,500, with contracts of 36.05 lakh, and a strike of 15,200, which collected 31.49 lakh contracts.
Phone calls were seen in 14,900 strikes, adding 3.84 lakh contracts, followed by 15,200 strikes adding 3.64 lakh contracts and 15,100 strikes adding 3.13 lakh contracts.
The so-called unwinding was seen in the 15,500 lakh strike, which cost 21.34 lakh contracts, followed by the 14,700 strike that lost 5.15 lakh contracts and the 15,600 strike that destroyed 3.93 lakh contracts.
Put Option Data
Maximum Put The open interest of 50.05 lakh contracts was seen in the 14,000 strike, which will serve as an important level of support for the March series.
This is followed by a strike of 14,500, with 41.86 lakh contracts, and a strike of 14,400, which collected 25.98 lakh contracts.
Put writing appeared on a strike of 14,800, which added 13.79 lakh contracts, followed by a strike of 14,000, which added 9.71 lakh contracts and a 14,700 strike that added 7.47 lakh contracts.
Put unwinding was seen in the 14,100 strike, which terminated 1.13 lakh contracts, followed by a 15,000 strike that lost 51,600 contracts and a 15,500 strike that destroyed 10,950 contracts.
Shares Have A High Delivery Rate
A high percentage of submissions suggest that investors are showing interest in these stocks.
32 Shares Have Seen A Long Build
Depending on the percentage of open future interest, here are the top 10 stocks where long-term construction has been observed.
29 Stocks Saw A Long-Term Outflow
Depending on the future percentage of open interest, here are the top 10 stocks where long-term stocks have been found.
24 Shares Saw A Short Build
The increase in open interest rates, as well as the decline in prices, indicate the formation of shorter positions. Depending on the percentage of open future interest, here are the top 10 stocks where short construction has been observed.
73 Shares Saw A Short Cover
Open interest rates, as well as price increases, are particularly indicative of short coverage. Depending on the percentage of open future interest, here are the top 10 stocks where short coverage was observed.
Analysts / Board Meetings
Amber Enterprises India: Company officials will contact investors on March 24.
Dr. Lal PathLabs: Company officials will contact Enam AMC on March 24.
Antony Waste Handling Cell: Company officials will be attending the Investment Conference on March 24 and 25 to be organized by Motilal Oswal Financial Services.
Pricol: Company representatives will have a conference call with ICICI Securities and a list of participants organized by Motilal Oswal under the ‘Motilal Oswal 4th Ideation Conference’ on March 25.
HEG: The company’s senior management is scheduled to meet with an investment analyst on March 25 at the Motilal Oswal Ideation Conference 2021 organized by Motilal Oswal Financial Services.
Transwarranty Finance: A meeting of the company’s board of directors is scheduled for March 30 to consider the collection of fixed and / or unsecured shares that can be redeemed in private.
Stocks in the news
Rossari Biotech: Rossari Biotech has approved the issuance of 30,12,046 shares of interest, at a cost of Rs 996 per share. The company has raised almost Rs 300 crore through the SBI Mutual Fund, Ramesh Siyani, Arpit Kbandelwal, Malabar Select Fund, Malabar India Fund, Malabar Value Fund and India Acom Fund.
Rail Vikas Nigam: The Government of India will sell 20,85,02,010 shares of the Rail Vikas Nigam shares or 10% of the total paid amount, for the sale of the route on March 24-25. If over-registered, the government will sell another 10,42,51,005 shares or 5% of the company’s shares.
India Glycols: India Ratings and Research set India A ” A ‘Output Rates for Rating Watch Positive (RWP).
Vascon Engineers: Vascon engineers have emerged as the lowest clients in 2 projects of the Department of Public Works in Uttar Pradesh.
Laurus Labs: CARE rating agency has kept the credit rating of long-term corporate banking institutions such as ‘AA-‘, but has reviewed Positive from Stable.
Deepak Nitrite: ICRA has developed a long-term rate from AA- to AA at Deepak Nitrite banking facilities. Long-term rating view updated from Positive to Stable.
FII and DII data
Foreign institutional investors (FIIs) sold shares worth Rs 108.24 crore, while local institutional investors (DIIs) sold shares worth Rs 529.69 crore on the Indian financial market on March 23, according to short-term information available on the NSE.
Shares are under F&O ban on the NSE
Two stocks – Vodafone Idea and SAIL – are under the F&O ban on March 24. Security during the F&O segment includes companies where security exceeds 95 percent of the market limit.