BizzBuzz
The BSE Sensex experienced a reduction of 223 points, settling at 62,626, while the Nifty50 also decreased by 71 points to reach 18,563. This resulted in a bearish candlestick pattern for the second session in a row.
According to Santosh Meena, who is the Head of Research at Swastika Investmart, there are indications of tiredness and a lack of agreement in the momentum indicators. This could mean that there is a possibility of people taking profits at higher levels.
The Nifty has a support level of 18,450, which is the 20-day moving average (DMA). If the price goes lower than that, it might hit a resistance zone of 18,180. On the other hand, there is a range of 18,800-18,888 where the resistance is expected to be stronger.
The Nifty Midcap 100 and Smallcap 100 indices went down and had low participation. However, there was not much fluctuation in the market as the volatility remained relatively steady. The India VIX marked a new low, which indicates stability in the market.
Based on the data from the pivot point calculator, it appears that the Nifty may find support at 18,552, 18,523, and 18,477, if it experiences a decline. In contrast, if the Nifty demonstrates an upward trend, it may encounter resistance at 18,645, 18,673, and 18,720.
The Bank Nifty finished the day with a decline of 6.3 points, closing at 43,989. This formed a small bearish candlestick pattern with a lengthy upper shadow.
When it comes to the Nifty's options data, the highest amount of Call open interest (OI) was at the 18,700 strike, with the 18,800 and 18,600 strikes following closely behind. We noticed that the largest amount of call writing activity was happening at the 18,600 strike.
In terms of Puts, the highest open interest could be found at the 18,700 strike, with the 18,600 and 18,300 strikes following closely behind. Observers noticed Put writing activity at the 18,300 strike.
Some of the stocks that have a high delivery percentage are Alkem Laboratories, Kotak Mahindra Bank, Ipca Laboratories, HDFC, and Asian Paints, among others.
According to the surge in open interest (OI) and price, 31 different stocks underwent a long build-up. These 31 stocks include Balrampur Chini Mills, India Cements, Hindustan Aeronautics, Apollo Tyres, and Delta Corp.
