Trade setup for Thursday: Things to know before opening bell

On November 15, 2023, the market experienced a significant breakout after a seven-day consolidation, with the BSE Sensex surging 742 points to 65,676. Positive global cues, supported by favorable data from the US and China, contributed to the bullish sentiment. The Nifty50 also saw substantial gains, closing at 19,676, up 232 points (1.19%), marking the most significant single-day increase since March 31.

Experts anticipate a potential extension of the upward trend, with some consolidation around current levels. The crucial resistance area for the month is identified at 19,850, while key support is at 19,600-19,500. Technical analyst Jatin Gedia suggests that the Nifty is heading towards 19,800–19,850, facing resistance from the daily upper Bollinger band and the previous swing high.

The market breadth was positive, reflected in gains across sectors, with the Nifty Midcap 100 and Smallcap 100 indices rising by 1% and 1.32%, respectively.

Here are some key points and observations from the market:

Nifty and Bank Nifty Levels:

Nifty Levels: The Nifty's crucial support zone is identified at 19,580–19,550, while the immediate hurdle zone is at 19,800–19,850.

Bank Nifty Levels: The Bank Nifty, closing at 44,202, formed a bearish candlestick pattern. It needs to maintain support above 44,044 to move towards 44,444 and 44,750, with downside support at 43,750 and 43,500.

Options Data:

Call Options Data: The 19,800 strike has the maximum Call open interest (OI), acting as a key resistance level. Maximum Call writing occurred at the 19,700 strike.

Put Options Data: The 19,600 strike holds maximum open interest on the Put side, serving as a key support level.

Stock Movement:

Delivery Percentage: Stocks with high delivery percentage include Godrej Consumer Products, Power Grid Corporation of India, Bharti Airtel, Infosys, and Marico.

Long Build-up: 71 stocks, including MCX India, ONGC, Oracle Financial, Eicher Motors, and Persistent Systems, showed a long build-up.

Long Unwinding: 11 stocks, including Hindustan Copper, Polycab India, ABB India, Lupin, and Aurobindo Pharma, witnessed long unwinding.

Short Build-up: 21 stocks, including Bajaj Finance, Power Grid Corporation of India, Bajaj Finserv, Abbott India, and NMDC, displayed a short build-up.

Short Covering: 83 stocks, such as Manappuram Finance, MRF, Indiabulls Housing Finance, Bosch, and Dalmia Bharat, saw short-covering.

Put Call Ratio (PCR):

The Nifty Put Call ratio (PCR) increased to 1.19, indicating a rise in bearish sentiment as the number of purchased Put Options exceeded the number of Calls.

Bulk Deals:

ASK Automotive witnessed a bulk deal with Goldman Sachs Funds buying 23.2 lakh equity shares.

Stocks in the News:

Bajaj Finance faced regulatory action from the Reserve Bank of India, instructing a halt in sanctioning and disbursal of loans for two lending products.

Suzlon Energy's wind turbine series received listing approval from the Ministry of New and Renewable Energy.

One 97 Communications (Paytm operator) announced a partnership with Amadeus to enhance the travel experience with Artificial Intelligence.

Satin Creditcare Network board members will meet on November 20 to consider fundraising via non-convertible debentures.

Bayer Cropscience and other companies will trade ex-dividend from November 16.

RateGain Travel Technologies initiated a qualified institutions placement (QIP) issue.

Funds Flow:

Foreign institutional investors (FIIs) bought shares worth Rs 550.19 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 609.82 crore on November 15.

F&O Ban:

MCX India was added to the F&O ban list for November 16, while Manappuram Finance and Chambal Fertilisers and Chemicals were removed.

This summary provides an overview of the market movements, key levels, options data, stock actions, and other relevant information on November 15, 2023. Investors are advised to verify details and seek professional advice before making any investment decisions.