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

"Nifty should hold above 11,800 for further upmove," said Jayant Manglik of Religare Broking.

Driven by buying in banking, auto, metals and pharma stocks, Sensex on June 20 closed 489 points higher to end at 39,602 while Nifty too ended 140.30 points higher at 11,831.80.


"Technically, this pattern signals a sharp comeback of bulls from the lows. The crucial overhead resistance of 11,780-11,800 (as per the concept of change in polarity-previous broken support) has been broken on the upside and Nifty closed above it," Nagaraj Shetty, Technical Research Analyst, HDFC Securities, told Moneycontrol.

He said the short term trend seems to have reversed and a follow-through upmove from here could change the near term sentiment towards positive.

Jayant Manglik, President - Retail Distribution, Religare Broking, said movement on the stock specific front is expected to keep traders busy. "Nifty should hold above 11,800 for further upmove. Traders are advised to maintain a positive yet cautious approach."

The broader markets also participated in the run with Nifty Midcap and Smallcap indices rising over 1.5 percent each.

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

The key support and resistance level for Nifty

Nifty closed at 11,831.75 on June 20. According to the Pivot charts, the key support level is placed at 11,696.7, followed by 11,561.6. If the index starts moving upward, key resistance levels to watch out are 11905.2 and 11,978.6.

Nifty Bank

Nifty Bank closed at 30,781.10, up 419 points on June 20. The important Pivot level, which will act as crucial support for the index, is placed at 30,393, followed by 30,004.9. On the upside, key resistance levels are placed at 30,996.9, followed by 31,212.7.

Call options data

Maximum Call open interest (OI) of 27.91 lakh contracts was seen at the 12,000 strike price. This will act as a crucial resistance level for the June series.

This is followed by 12,200 strike price, which now holds 19.48 lakh contracts in open interest, and 11,800, which has accumulated 18.68 lakh contracts in open interest.

Significant Call writing was seen at 12,200 strike price that added 8.7 lakh contracts, followed by 12,100 strike price that added 3.97 lakh contracts and 12,000 strike price, which added 2.02 lakh contracts.

Call unwinding was seen at the strike price of 11,700, which shed 3.8 lakh contracts, followed by 11,900 strikes that shed 1.06 lakh contracts and 11,600 strikes that shed 0.5 lakh contracts.

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