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

Any decisive move above the Monday’s high 11,975 will push the index higher towards 12,040 marks, while a close below the strong support of 11,870 will change the current sentiment, says Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors.

After a volatile session, benchmark indices ended up on June 10 albeit off the day's high. The Nifty 50 finished above 11,900 level.


At close, the Sensex was up 168.62 points at 39,784.52, while Nifty was up 52 points at 11,922.70. About 967 shares advanced, 1,619 shares declined, and 172 shares remained unchanged.

Britannia Industries, Tech Mahindra, TCS, Infosys, and Dr. Reddy’s Labs were among major gainers on the Nifty, while losers were BPCL, Yes Bank, Coal India, GAIL and Tata Motors.

Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors said, "Nifty traded with positive bias throughout the day and managed to close above major hurdle of 5 EMA placed around 11,920 marks. Bullish crossover in stochastic % K and % D indicates positivity in Nifty; increasing histogram of MACD on the daily chart is also indicating bullishness in the index."

"Any decisive move above the Monday’s high 11,975 will push the index higher towards 12,040 marks, while a close below the strong support of 11,870 will change the current sentiment."

Among sectors, except energy and PSU bank, all other indices ended higher led by IT, FMCG, pharma, metal, and infra. However, Nifty Midcap ended marginally higher and Smallcap ended with negative bias.

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

The key support and resistance level for Nifty

The Nifty closed at 11,922.70 on June 10. According to the Pivot charts, the key support level is placed at 11,871.33, followed by 11,819.97. If the index starts moving upward, key resistance levels to watch out are 11,974.53 and 12,026.37

Nifty Bank

The Nifty Bank index closed at 31,034.0, down 32.55 points on June 10. The important Pivot level, which will act as crucial support for the index, is placed at 30,807.74, followed by 30,581.47. On the upside, key resistance levels are placed at 31,313.84, followed by 31,593.67.

Call options data

Maximum Call open interest (OI) of 27.10 lakh contracts was seen at the 12,500 strike price. This will act as a crucial resistance level for the June series.

This is followed by 12,000 strike price, which now holds 19.25 lakh contracts in open interest, and 12,200, which has accumulated 14.08 lakh contracts in open interest.

Significant Call writing was seen at 11,900 strikes which added 0.85 lakh contracts, followed by 12,300 strikes that added 0.84 lakh contracts and 12,200 strikes which added 0.68 lakh contracts.

Call unwinding was seen at the strike price of 12,500, which shed 0.51 lakh contracts.

A special offer this week. take 2 days  free trial in Stock Market Tips and MCX Tips 

Comments

Post a Comment

Popular posts from this blog

Technical Classroom: How to use Fibonacci Retracement Levels in stock trading

Image
Fibonacci retracement is a method of technical analysis for determining support and resistance levels A Fibonacci retracement is a popular tool among technical traders and is based on some key numbers. The origins of the Fibonacci series can be traced back to the ancient Indian mathematic scripts, with some claims dating back to 200 BC. However – in the 12th century - Leonardo Pisano Bigollo, an Italian mathematician who was known to his friends as Fibonacci, discovered Fibonacci numbers. It is a popular tool that technical traders use to help identify price levels for transactions, stop losses or target prices. These retracement levels also provide support and resistance levels for a stock. However, it really becomes most effective when confirming signals or conditions identified by additional technical analysis tools. Fibonacci Retracement is a method of technical analysis for determining support and resistance levels. It is named after the use of the Fibonacci sequ...
Read more

Veto Switchgears jumps 5% on realisation of unsecured loan

Image
Veto Switchgears had given unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E. Veto Switchgears and Cables shares rallied 4.8 percent intraday on June 14 after realization of unsecured loan from a subsidiary. "We realized an amount of $1 million against an unsecured loan on June 13," the wires & cables and electrical accessories manufacturer said in its filing. Veto Switchgears had given unsecured loan to its wholly owned overseas subsidiary Veto Overseas Private F.Z.E. The stock climbed 10 percent in the last 15 sessions. At 13:13 hours IST, it was quoting at Rs 66.75, up to Rs 1.10, or 1.68 percent on the BSE. G et a 2 days free trial in Stock Market Tips and MCX Tips  
Read more

Top buy and sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

Image
Sudarshan Sukhani of s2analytics.com recommends buying Dabur India with stop-loss at Rs 381 and target of Rs 394, Ajanta Pharma with stop-loss at Rs 944 and target of Rs 973 and Hexaware Tech with stop-loss at Rs 410 and target of Rs 424. The market reversed most of its gains that were seen in the previous session and closed sharply lower on June 21. Escalated geopolitical tensions between the US and Iran and the RBI's concern over slowing economy dented traders' sentiment. Sensex fell 407.14 points or 1.03 percent to 39,194.49, while Nifty shed 107.70 points or 0.91 percent to 11,724.10, forming a bearish candle on the daily as well as weekly charts. For the week, indices declined 0.65 percent and 0.8 percent, respectively. The broader markets outperformed benchmark indices, with the Nifty Midcap and Smallcap indices closing flat with a negative bias. All sectoral indices closed in the red. According to the Pivot charts, the key support level is placed at...
Read more