For the week ending July 16, the Indian equity market remained positive, with benchmarks, the Sensex and the Nifty each rising over 1%. In intra-day trade on July 16, the Indian market benchmarks, the Sensex and the Nifty, both hit new all-time highs of 53,290.81 and 15,962.25, respectively.
The coming week is holiday-shortened, so global cues and earnings announcements will likely set the tone. In addition, COVID-related updates and the monsoon’s progress will be discussed. ‘Indications point to a steady uptrend, and we expect Nifty to trade between 15,750 and 16,150.’
‘Because all sectors are moving in the same direction, traders should keep their focus on stock selection and continue to use the ‘buy on dips’ strategy,’ Mishra said.
The key support levels for the Nifty, according to pivot charts, are 15,883.27 and 15,843.13, respectively. The key resistance levels to watch if the index rises are 15,962.87 and 16,002.33.
On July 16, the Nifty Bank fell 156 points, or 0.43 percent, to 35,751.80. The pivot level of 35,625.1, which will act as critical support for the index, is followed by 35,498.4. On the upside, key resistance levels of 35,928.2 and 36,104.6 have been identified.
A total of 29.73 lakh contracts of Call open interest were seen at the 16,000 strikes, which will act as a key resistance level in the July series.
The 16,300 strike, which has 17.81 lakh contracts, is followed by the 16,200 strike, which has 17.11 lakh contracts.
The 16,300 strikes added 4.86 lakh contracts, followed by the 16,400 strikes, which added 4.33 lakh contracts, and the 16,000 strikes, which added 2.64 lakh contracts.
The 15,700 strikes shed 54,650 contracts, followed by the 15,800 strikes, which shed 46,700 contracts, and the 15,600 strikes, which shed 23,800 contracts.
A total of 29.20 lakh contracts of put open interest were seen at the 15,500 strikes, which will act as a key support level in the July series.
The 15,800 strike, which has 20.49 lakh contracts, is followed by the 15,700 strike, which has 15.95 lakh contracts.
The 15,400 strikes saw the most put writing, with 3.19 lakh contracts added, followed by the 15,500 strikes with 1.89 lakh contracts added, and the 15,900 strikes with 1.74 lakh contracts added.
The 15,700 strikes saw the most unwinding, with 1.15 lakh contracts lost, followed by the 15,400 strikes, which lost 2,200 contracts.
There was a long build-up in 44 stocks.
A rise in open interest accompanied by a rise in price usually indicates a build-up of long positions. The top 10 stocks with a long build-up, as measured by open interest future percentage, are listed below.
Long unwinding was seen in 29 stocks.
A drop in open interest accompanied by a drop in price usually indicates a long unwinding. Here are the top 10 stocks where long unwinding was observed based on open interest future percentage.
There was a short build-up in 41 stocks.
An increase in open interest accompanied by a drop in price usually indicates the accumulation of short positions. Here are the top ten stocks with a short build-up based on open interest futures percentage.
Short-covering was seen in 47 stocks.
Short-covering is usually indicated by a decrease in open interest combined with an increase in price. Here are the top 10 stocks where short-covering was observed based on open interest future percentage.
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