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

Rohit Singre of LKP Securities said index formed bullish candle on daily chart suggesting some more upside before expiry.

The market rebounded sharply on June 25 after a correction in the previous two consecutive sessions. Overall though it has remained in a 200-point range on the Nifty for the last several sessions.

The buying was across sectors with Nifty Metal rising most with 1.7 percent gain followed by PSU Bank (up 1 percent).

The BSE Sensex gained 311.98 points to close at 39,434.94 while the Nifty 50 climbed 96.80 points to 11,796.50 and formed bullish candle resembling a Bullish Engulfing kind of pattern on daily charts.

"Index has managed to sustain above previous day's high forming Bullish Engulfing candlestick pattern indicating a positive bias to continue towards 11,980-12,070 levels, unless it trades below 11,720 levels," Shabbir Kayyumi, Head of Technical Research, Narnolia Financial Advisors told Moneycontrol.

He said any decisive move below 11,700 levels will push the index lower towards support zone of 11,640-11,650.

Rohit Singre, Senior Technical Analyst - LKP Securities also said index formed bullish candle on daily chart suggesting some more upside before expiry.

The broader markets also participated in the rally with Nifty Midcap and Smallcap indices rising over 0.6 percent each but breadth was balanced. About 911 shares advanced against 834 that fell on the NSE.

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

The key support and resistance level for Nifty

Nifty closed at 11,796.45 on June 25. According to the Pivot charts, the key support level is placed at 11,693.53, followed by 11,590.57. If the index starts moving upward, key resistance levels to watch out are 11,856.93 and 11,917.37.

Nifty Bank

The Nifty Bank closed at 30,847.05, up 245 points on June 25. The important Pivot level, which will act as crucial support for the index, is placed at 30,561.27, followed by 30,275.44. On the upside, key resistance levels are placed at 31,023.07, followed by 31,199.03.

Call options data

Maximum Call open interest (OI) of 36.03 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 11,800 strike price, which now holds 25.98 lakh contracts in open interest, and 11,900, which has accumulated 22.86 lakh contracts in open interest.

Significant Call writing was seen at 12,100 strike price that added 0.58 lakh contracts, followed by 11,500 strike price that added 0.49 lakh contracts and 11,600 strike price, which added 0.21 lakh contracts.

Call unwinding was seen at the strike price of 11,800, which shed 8.53 lakh contracts, followed by 11,900 strikes that shed 6.34 lakh contracts and 11,700 strikes which shed 4.12 lakh contracts.

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