nse market news

trade setup for wednesday: top 15 things to know before opening bell

Wednesday, Mar 18 2020 9:09AM

Fears of a coronavirus-induced global recession once again lopped off early gains as benchmark indices on March 17 logged in heavy losses for the fourth consecutive session.

Equity barometer Sensex failed to hold intraday gains and closed with losses due to fag-end selling.

The 30-share pack closed with a loss of 811 points, or 2.58 percent, at 30,579.09 while Nifty ended 230 points, or 2.50 percent, down at 8,967.05.

BSE Midcap and Smallcap indices closed 1.84 percent and 2.27 percent down, respectively."Markets across the globe are witnessing high volatility and the recent stimulus measures have failed to assuage the fears of investors. On the domestic front, the market will continue to follow the global cues and therefore further downside cannot be ruled out in the near-term. In these uncertain times, we suggest market participants avoid risky bets and start investing in a phased manner," said Ajit Mishra, VP - Research, Religare Broking.

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

Note: The OI and volume data of stocks given in this story are the aggregates of the three-months data and not of the current month only.

Key support and resistance level for Nifty

According to the pivot charts, the key support level for Nifty is placed at 8787.17, followed by 8607.28. If the index moves up, key resistance levels to watch out for are 9275.37 and 9583.68.

Nifty Bank

Nifty Bank closed with a massive loss of 4.10 percent at 22,155.15. The important pivot level, which will act as crucial support for the index, is placed at 21621.64, followed by 21088.07. On the upside, key resistance levels are placed at 23069.14 and 23983.07.
Call options data

Maximum call open interest (OI) of 7.73 lakh contracts was seen at the 9,500 strike price. It will act as a crucial resistance level in the March series.

This is followed by 9,000 strike price, which holds 6.20 lakh contracts in open interest, and 8,500, which has accumulated 2.83 lakh contracts in open interest.

Significant call writing was seen at the 9,000 strike price, which added 1.33 lakh contracts, followed by 9,200 strike price that added 1.13 lakh contracts.

Call unwinding was witnessed at 9,500 strike which shed 1.65 lakh contracts.Put options data

Maximum put open interest of 21.73 lakh contracts was seen at 8,500 strike price, which will act as crucial support in the March series.

This is followed by 9,000 strike price, which holds 20.77 lakh contracts in open interest, and 9,500 strike price, which has accumulated 14.85 lakh contracts in open interest.

Put writing was seen at the 8,500 strike price, which added 9.5 lakh contracts.

Put unwinding was seen at 9,500 strike price, which shed 6.59 lakh contracts, followed by 9,300 strike price which shed 1.2 lakh contracts.


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