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Thursday’s Trade Setup: The Top 15 Things to Know Before the Opening Bell

A long build-up was noticed in 30 stocks, including TVS Motor Company, JK Cement, Dr Lal PathLabs, Dalmia Bharat, and Bandhan Bank, based on open interest future %.

On June 8, the market plunged four-tenths of a percent after the Reserve Bank of India revised up its inflation forecast for FY23 from 5.7% to 6.7%, raising the repo rate by 50 basis points to 4.9%.

The BSE Sensex down 215 points to 54,893, while the Nifty50 fell 60 points to 16,356, forming a bearish candle on the daily charts, extending the downtrend for the fourth straight session and adding to the market’s concern.

“On Wednesday, a respectable negative candle was produced on the daily chart, which was positioned next to the previous session’s modest negative candle. This pattern denotes choppy market activity with a negative bias “HDFC Securities’ Technical Research Analyst, Nagaraj Shetti, stated.

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Stock Market

He went on to say that the current choppy action could last another 1-2 sessions and that the lows should be kept an eye on around 16,200 levels. The market gurus noted that substantial overhead resistance is located at 16,450-16,500 levels.

Because the market breadth was negative, the decline was also visible in the broader space. The Nifty Midcap 100 and Smallcap 100 indices have both dropped 0.5% and 0.3%, respectively, as nearly three shares fell for every two that rose on the NSE.

We’ve Compiled 15 Data Points to Assist You in Identifying Profitable Trades

Note that the open interest (OI) and volume data for stocks in this story are three-month averages, not just for the current month.

The Nifty’s Key Support And Resistance Levels

The pivot charts show that the Nifty’s main support level is 16,262, followed by 16,167. The important resistance levels to watch if the index rises are 16,483 and 16,609.

Nifty Bank is a Financial Institution That Specializes

Nifty Bank, which lost 50 points to 34,946 on Wednesday, too had a moderate fall. The pivot level of 34,702, which will operate as critical support for the index, is followed by 34,458. On the upside, significant resistance levels of 35,320 and 35,694 have been identified.

Data on The Call Option

At the 17,000 strike, there was a maximum Call open interest of 24.15 lakh contracts, which will operate as a key resistance level in the June series.

The 17,500 strike, which has 20.73 lakh contracts, is followed by the 18,000 strike, which has 17.08 lakh contracts.

The 16,400 strike created 1.97 lakh contracts, followed by the 16,300 strike, which added 1.13 lakh contracts, and the 17,000 strike, which added 93,400 contracts.

The 17,500 strike lost 1.04 lakh contracts, followed by the 16,500 strike, which lost 89,150 contracts, and the 17,800 strike, which lost 73,750 contracts.

Optional info Should Be Entered

At the 16,000 strike, there was a maximum Put open interest of 39.9 lakh contracts, which would operate as a significant support level in the June series.

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Stock Market

The 15,500 strike, which has 32.33 lakh contracts, is followed by the 15,000 strike, which has 22.93 lakh contracts.

The 16,300 strike saw the most put writing, with 1.17 lakh contracts written, followed by 15,900 strike with 57,900 contracts added and 14,800 strike with 53,050 contracts added.

The 16,500 strike lost 3.53 lakh contracts, followed by the 15,700 strike, which lost 79,100 contracts, and the 16,600 strike, which lost 54,600 contracts.

Stocks with a High Percentage of Deliveries

A high delivery percentage indicates that these stocks have piqued the curiosity of investors. ICICI Lombard General Insurance, City Union Bank, Ambuja Cements, Bharti Airtel, and Muthoot Finance, among others, had the highest deliveries.

A Long Build-up Was Seen in 30 Stocks

A rise in open interest accompanied by a rise in price usually suggests a build-up of long positions. Here are the top 10 stocks with a long build-up based on open interest future %, including TVS Motor Company, JK Cement, Dr Lal PathLabs, Dalmia Bharat, and Bandhan Bank.

A Long Build-Up was seen in 30 Stocks

A rise in open interest accompanied by a rise in price usually suggests a build-up of long positions. Here are the top 10 stocks with a long build-up based on open interest future %, including TVS Motor Company, JK Cement, Dr Lal PathLabs, Dalmia Bharat, and Bandhan Bank.

There was a Short Build-up in 67 Stocks

An increase in open interest accompanied by a drop in price usually implies the accumulation of short bets. Here are the top 10 stocks with a short build-up based on open interest future %, including Gujarat Gas, Nifty Financial, ICICI Lombard General Insurance Company, Deepak Nitrite, and Polycab India.

Short-covering was seen in 63 stocks

Short-covering is usually indicated by a fall in open interest along with an increase in price. Here are the top 10 equities where short-covering was observed, based on open interest future percentage: Apollo Tyres, REC, GAIL India, Ipca Laboratories, and Indraprastha Gas.

On June 9th, there will be Investor Meetings

Officials from Larsen & Toubro, Hindustan Unilever, Zomato, Sona BLW Precision Forgings, and State Bank of India will attend the Jefferies India Forum.

Officials from the following companies will attend the Motilal Oswal Annual India Ideation Conference: Craftsman Automation, Raymond, Lemon Tree Hotels, Nuvoco Vistas Corporation, SKF India, Symphony, TTK Prestige, PG Electroplast, Rama Steel Tubes, Allcargo Logistics, IIFL Finance, Birlasoft, Welspun Corp, RateGain Travel Technologies, Apollo Tyres, Arvind Fashions, and Vaibhav Global.

Officials from Tata Consumer Products, Grasim Industries, Vedanta, and Sobha will attend Morgan Stanley’s Virtual India Summit 2022.

Sun Pharma will send representatives to the Nomura Investment Forum Asia 2022.

FSN E-Commerce Ventures (Nykaa): Officials from the company will meet with representatives from JP Morgan Asset Management and Alliance Berstein.

Tata Steel: Officials from the company will attend the Citi Pan-Asian Regional Investor Conference 2022, where they will meet with Fidelity Investments (FMR).

Mahindra & Mahindra (Mahindra & Mahindra) is a company that manufacture Officials from the company will attend the Nomura Virtual Investor Conference.

Officials from Tata Chemicals will meet with the Canada Pension Plan Investment Board.

India Pesticides: Officials from the company will meet with Antique Stock Broking.

Officials from the company will meet with Enam AMC.

BMO Global Asset Management and Blackrock Asset Management will meet with Asian Paints authorities.

Axis Bank will send representatives to the second Annual APAC EM ESG Conference.

RWC Partners, Abu Dhabi Investment Authority, Ellerston Capital, Kotak Mahindra Old Mutual Life Insurance, L&T Investment, Nomura Site, Platinum Asset Management, Schroder Investment Management, Sephira Emerging Markets, and others will meet with Tata Motors officials.

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In the News: Stocks

Bank of India: The public sector bank has increased its Repo-Based Lending Rate (RBLR) from 7.25% to 7.75% with immediate effect. The change is due to the RBI’s announcement on June 8 of an upward revision in the repo rate in its monetary policy.

Punjab National Bank has increased its Repo-Linked Lending Rate (RLLR) from 6.90% to 7.40% with effect from June 9. The bank made this move in response to the RBI’s decision to raise the repo rate.

Wipro and ServiceNow will assist Petrobras, Brazil’s largest publicly traded enterprise, in furthering its digital transformation. By modernizing and aligning IT infrastructure procedures with the company through a modern cloud solution centered on automation and integration, the project intends to improve the level of service for internal users while also lowering costs.

Tata Power Company: Tata Power Solar, a subsidiary of Tata Power, has completed a 450 MWDC EPC project for Brookfield Renewable India in Rajasthan. The business has installed over 8 lakh modules in a record-breaking 7-month timeframe. The project will generate over 800 GWh of clean energy per year and help to avoid up to 600,000 tons of CO2 emissions each year.

Rail Vikas Nigam (RVNL) and “Kyrgyzindustry” have signed an agreement for the execution of infrastructure projects in the Kyrgyz Republic. In particular, the corporation will build a railway line network in Kyrgyz Republic on mutually agreed terms and conditions.

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Stock Market

BLS International Services: The company has paid Rs 120 crore for Mumbai-based Zero Mass Private (ZMPL), the country’s largest business correspondent.

BLS International becomes India’s largest business correspondent (BC) network with an all-cash acquisition from the company’s internal accruals. BLS International now holds 88.26% of ZMPL’s shares, while State Bank of India still retains 6.83%.

With roughly 11,500 active CSPs, ZMPL has been operating the largest BC network for State Bank of India (SBI) (around 15% of all the SBI BCs). With CSPs in all Indian states and union territories, the firm has a pan-India reach. ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank in addition to SBI.

Crompton Greaves Consumer Electricals: On June 13, the company’s Board of Directors will evaluate a proposal to acquire capital through a private placement of debt securities worth up to Rs 925 crore.

Data from the FII and DII

According to provisional data available on the NSE, foreign institutional investors (FIIs) net sold Rs 2,484.25 crore worth of shares on June 8, while domestic institutional investors (DIIs) remained net purchasers, buying Rs 1,904.33 crore worth of shares.

NSE stocks that are subject to a F&O ban

The NSE F&O suspension for June 9 still applies to one stock, Delta Corp. Companies in the F&O category that have crossed 95% of the market-wide position limit are included in the securities in the ban period.

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