Trade Setup for Tuesday: Top 15 things to know before Opening Bell

The Sensex ended the day with gains of 1,421.90 points or 3.75 percent at 39352.67, while Nifty ended up 421.10 points or 3.69 percent at 11,828.30.

Benchmark indices ended at fresh record closing high on May 20 after posting the biggest single-session gain since 2009. The Sensex and Nifty rallied over 3.5 percent each, as exit polls of Lok Sabha election 2019 suggested a clear majority for BJP led NDA government.


The Sensex ended the day with gains of 1,421.90 points or 3.75 percent at 39352.67, while Nifty ended up 421.10 points or 3.69 percent at 11,828.30. About 2013 shares advanced, 613 shares declined, and 155 shares remained unchanged.

Indiabulls Housing, IndusInd Bank, Adani Ports, SBI and Tata Motors were among major gainers on the Nifty, while Dr. Reddy’s Labs, Zee Entertainment, Bajaj Auto, Tech Mahindra, and Infosys were losers.

All sectoral indices ended in the green led by PSU banks, infra, auto, energy, FMCG, metal, and pharma.

"After a few volatile sessions, the markets today opened with a 2 percent gain on both the indices with exit polls stating a comfortable victory to the NDA. The expected stability and continuity in policy, increase in FII inflow are keeping the markets positive, said Pradeep Gupta, Co-Founder & Vice Chairman, Anand Rathi.

"We are likely to see a revival in the corporate performance from the 2nd quarter in this financial year. If these results hold true on May 23, it will be good for the economy, though in the short term the markets may be driven by sentiments," he added.

We have collated 15 data points to help you spot profitable trades:

The key support and resistance level for Nifty

Nifty closed at 11,828.30 on May 20. According to the Pivot charts, the key support level is placed at 11,664.87, followed by 11,501.53. If the index starts moving upward, key resistance levels to watch out are 11,918.37and 12,008.53.

Nifty Bank

The Nifty Bank index closed at 30,759.7, up 1,309.55 points on May 20. The important Pivot level, which will act as crucial support for the index, is placed at 30,304.67, followed by 29,849.63. On the upside, key resistance levels are placed at 31,021.27, followed by 31,282.84.

Call options data

Maximum Call open interest (OI) of 36.88 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the May series.

This was followed by 11,800 strike price, which now holds 19.38 lakh contracts in open interest, and 11,700, which has accumulated 15.15 lakh contracts in open interest.

Significant Call writing was seen at the strike price of 12,200, which added 4.29 lakh contracts, followed by 12,300 strike price that added 2.49 lakh contracts and 12,000 strike price that added 1.80 lakh contracts.

Call unwinding was seen at the strike price of 11,500 that shed 2.35 lakh contracts, followed by 11,300 that shed 1.57 lakh contracts and 11,400 that shed 1.55 lakh contracts.

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