The market ended an eight-day losing skid on March 1 by gaining about 1%, with purchasing visible in most beaten-down equities. The market was supported by metal, technology, banking and financial services, auto, oil and gas, and some FMCG stocks.
The BSE Sensex rose 449 points to 59,411, while the Nifty50 gained 147 points to 17,451 and produced a bullish candlestick pattern on the daily charts, countering the creation of lower highs and lower lows over the previous eight sessions.
“Further sustainable upside from here could open a short-term upside bounce in the market ahead. Immediate support is at 17,250 levels and on the higher side, the Nifty could encounter strong resistance at 17,600 levels,” the market expert said.
The Nifty Midcap 100 and Smallcap 100 indexes rose 1.5 percent and 1.3 percent, respectively, on good breadth, while the volatility index fell 7.3 percent to 13 levels.
We have collated 14 data points to help you spot profitable trades:
Note: Please keep in mind that the open interest (OI) and volume figures for stocks in this article are three-month averages, not just the current month.
The Nifty’s key support and resistance levels
According to the pivot charts, the Nifty has support at 17,374, 17,346 and 17,299. If the index rises, the main resistance levels to watch for are 17,468, 17,497, and 17,544.
The Nifty Bank also joined the rally, climbing 429 points, or 1%, to 40,698, and producing a bullish candlestick pattern on the daily charts, with higher highs and lower lows for the second session in a row, following the recent double-bottom formation.
The pivot level that will serve as a support is at 40,442, followed by 40,351 and 40,205. Key resistance levels on the upswing are 40,735, 40,825, and 40,972.
Call Option Data
On a weekly basis, the most Call open interest (OI) was noted near the 17,500 strike, with 1.13 crore contracts, which may continue to be a key resistance level for the Nifty in the coming sessions.
This is followed by a 17,600 strike with 1.10 crore contracts and a 17,800 strike with over 75.74 lakh contracts.
Call writing was seen at the 17,500 strike, adding 3.09 lakh contracts.
Call unwinding has occurred at the 17,400 strike, which has lost 63.06 lakh contracts, followed by the 18,500 strike, which has shed 37.73 lakh contracts, and the 17,300 strike, which has shed 35.81 lakh contracts.
Put Option Data
Weekly, the biggest Put OI around 17,400 strike, with 1.1 crore contracts, is projected to perform as a critical support zone for the Nifty50 in the future sessions.
This is followed by the 17,300 strike (81.16 lakh contracts) and the 17,000 strike (80.89 lakh contracts).
The 17,400 strike contributed 63.73 lakh contracts, followed by the 17,500 strike, which added 25.29 lakh contracts, and the 17,200 strike, which added 19.82 lakh contracts.
The 16,900 strike dropped 12.74 lakh contracts, followed by the 16,500 strike, which shed 7.39 lakh contracts, and the 17,600 strike, which shed 3.48 lakh contracts.
Stocks with High Delivery percentage
A high delivery percentage indicates that these equities are appealing to investors. Petronet LNG, Page Industries, Honeywell Automation, HDFC, and Can Fin Homes, among others, had the highest delivery rates.
98 Stocks see a long build-up
An rise in open interest (OI) and price usually indicates a buildup of long holdings. Based on the OI %, 98 equities had a protracted build-up, including Polycab India, Max Financial Services, IndiaMART InterMESH, Gujarat Gas, and Adani Enterprises.
3 Stocks see long unwinding
In most circumstances, a fall in OI and a decrease in price suggest protracted unwinding. According to the OI %, three equities – Britannia Industries, Glenmark Pharma, and ICICI Lombard General Insurance Company – have had a lengthy unwinding.
16 Stocks see a short build-up
An rise in OI coupled by a decline in price usually indicates the accumulation of short positions. According to the OI %, 16 equities had a brief build-up, including Dabur India, Cipla, Alkem Laboratories, BPCL, and Petronet LNG.
76 Stocks see short-covering
Short-covering is indicated by a fall in OI and a rise in price. 76 equities were on the short-covering list based on the OI %. Dixon Technologies, Delta Corp, GNFC, Bajaj Auto, and Shriram Finance were among them.
Delhivery: SoftBank-owned foreign investor SVF Doorbell (Cayman) has sold a 3.8 percent interest in the logistics firm. SVF has sold 2.8 crore shares of the firm on the open market at an average price of Rs 340.80 per share.
Investors’ meetings on March 2
Bharat Forge: Officials from the firm will meet with Lord Abbett.
Eicher Motors: Company officials will meet with Point72 Asset Management.
HCL Technologies: Officials from the business will take part in Citi’s Global IT Services Virtual Investor Tour.
Advanced Enzyme Technologies: Company representatives will meet with Nalanda Capital.
Medplus Health Services: Company representatives will attend the Goldman Sachs India Pharma and Healthcare Tour 2023 and the Investec Equity Conference.
Ramkrishna Forgings: Company officials will meet with a number of institutional investors.
Clean Science and Technology: During the non-deal roadshow in Singapore, firm representatives will meet with numerous funds and investors.
Century Textiles and Industries: Company officials will meet with Theleme Partners.
Asian Paints: Company representatives will meet with FSSA Investment Managers.
Stocks in the news
Rail Vikas Nigam: The state-owned railway corporation has emerged as the lowest bidder (L1) for the’production and maintenance of Vande Bharat trainsets, including up-gradation of government manufacturing plants and trainset depots’ in a joint venture with three partners. The total number of trainsets is 200, with a cost of Rs 120 crore each set.
Hero MotoCorp: The world’s largest motorcycle and scooter manufacturer sold 3.94 lakh units in February 2023, a 10% increase over the previous year’s corresponding month, when the company sold 3.58 lakh units, with domestic sales volumes increasing by 15.3 percent YoY to 3.82 lakh units but exports falling by 55 percent to 12,143 units in the same period.
Bajaj Finserv: The diversified financial services firm has acquired final approval from the Securities and Exchange Board of India (Sebi) to launch its Bajaj Finserv Mutual Fund. Moreover, Bajaj Finserv Asset Management has been authorised to function as the asset management business for the Bajaj Finserv Mutual Fund. Bajaj Finserv MF will soon provide a variety of mutual fund products to investors, including equities, debt, and hybrid funds in both active and passive segments.
Dreamfolks Services: The world’s leading airport service aggregator platform has gotten board permission to purchase 60 percent of Vidsur Golf’s stock. Vidsur will now operate as a subsidiary of the corporation. In addition, the corporation will establish a subsidiary in Singapore.
KNR Constructions: The construction engineering firm has got a Letter of Acceptance for the development of six lanes of the Bengaluru-Vijayawada economic corridor on HAM method under Bharatmala Pariyojana Phase-1 in Andhra Pradesh, from Marripudi to Somvarappadu. The project has a cost of Rs 665 crore, a completion duration of 24 months, and an operational period of 15 years from the commercial operational date.
Royal Enfield sold 71,544 bikes in February 2023, a 21 percent increase over the 59,160 motorcycles sold in the same month the previous year, according to Eicher Motors. Its overseas operations increased by 1% year on year, selling 7,108 bikes. Motorcycles with engine capacity up to 350cc showed a 31 percent YoY increase at 64,180 units, while motorbikes with engine capacity exceeding 350cc reported a 30 percent YoY loss at 6,734 units.
CreditAccess Grameen: The overall income tax demand for the fiscal year 2019 has been decreased from Rs 2,333 crore to Rs 122.63 crore following the receipt of a revised assessment order from the Income Tax Department’s assessment unit.
Sunteck Realty: The Mumbai-based real estate development business has leased out 2 lakh square feet of built-up space of its premium commercial building Sunteck BKC51 to Upgrad Education for 29 years. On a carpet area basis, Upgrad would charge starting rents of around Rs 300 per square foot per month. Throughout the course of the lease, the total money earned by the project would be close to Rs 2,000 crore.
FII and DII Data
On March 1, foreign institutional investors (FII) sold shares worth Rs 424.88 crore, while domestic institutional investors (DII) acquired shares worth Rs 1,498.66 crore, according to provisional data from the National Stock Exchange.
Stocks under F&O ban on NSE
The National Stock Exchange has not included any stock on its F&O ban list for March 2. Stocks prohibited under the F&O section include corporations whose derivative contracts have exceeded the market-wide position limit by 95 percent.
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