Traders Watchlist: Top 12 data points to know before the stock market opening bell on Wednesday

Indian market closed remained volatile on Tuesday, but bears managed to take control pushing the S&P BSE Sensex lower by about 200 points while the Nifty50 failed to hold on to 17000 levels on closing basis.

Sectorally, buying was seen in consumer durables, IT, realty, and consumer discretionary stocks while profit booking was visible in metals, energy, and banks.

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The broader markets outperformed wherein midcap and smallcap ended higher by 0.4% and 1.4% respectively.

The market will react to the Q2 GDP numbers on Wednesday and the auto sales will also start pouring in from December 1.

India reported an 8.4 per cent growth in its Gros Domestic Product (GDP) for July-September 2021 quarter which is estimated at Rs 35.73 lakh crore at Constant (2011-12), according to a data released by the National Statistical Office (NSO).

Amid the current volatility, the Nifty50 has formed a strong reversal formation with bearish candle which indicates further weakness from current levels, according to technical experts.

“The index has also maintained a lower top formation that also supports short term weakness. For day traders, 17000 and 17050 would be the key resistance level, and above the same we can expect a pullback rally up to 17175-17225 levels,” Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said.

“On the flip side, as long as the index is trading below 17000 it could continue its weak formation till 16900-16800,” he added.

Here is a list of 12 data points that will help you in making a profitable trade:

Key support & resistance levels for Nifty50:

The Nifty50 closed 0.4 per cent lower at 16,983. Key Pivot points (Fibonacci) support for the index is placed at 16929, 16836, 16686, and while resistance is placed at 17230, 17322, and 17473.

Key support & resistance levels for Nifty Bank:

The NiftyBank closed 0.78 per cent lower at 35,695. Key Pivot points (Fibonacci) support for the index is placed at 35521, 35227, 34750 while resistance is placed at 36475, 36769, and 37246.

Gross Open Interest:

Open Interest means the number of contracts open or outstanding in futures trading in NSE at any one time. One seller and one buyer together create one contract.

Here the gross values of Open Interest Positions taken by the four participants namely Client are Clients are the retail individual investors who invest in the derivatives instruments, DIIs are domestic individual investors, FIIs are foreign institutional investors and Pro are the proprietors and brokerage firms who trade on their own behalf.

43 stock seeing new Long Positions:

If price increases and open interest increases, then participants are having more of long positions.

As many as 12 stocks witnessing Long Cover

If the price decreases and open interest decreases, then participants are long covering their contracts.

46 stocks witnessing short positions: here are top 10

If price decreases and open interest increases, then participants are having more of short positions.

27 stock witnessing short covering: here are top 10

If the price increases and open interest decreases, then Participants are short covering their contracts.

Options Data:

On Option front, the maximum Call OI is placed at 18000, and then towards 19000 strikes while the maximum Put OI is at 17000 then 16000 strikes.

"Option data suggests a wider trading range in between 16500 to 17500 zones," Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

FII Activity:

Foreign portfolio investors (FPIs) remained net sellers for Rs 5445.25 crore in the Indian markets while Domestic Institutional Investors (DIIs) were net buyers to the tune of Rs 5350.23 crore, provisional data showed on the NSE.

FII Index and Stock F&O:

India VIX:

India VIX was up by 1.62 per cent from 20.83 to 21.16 levels. Volatility has spiked to its multi months high levels signalling wild swings and underperformance in the market.

Stocks under F&O ban on NSE

One stock: Indiabulls Housing Finance placed under the F&O ban on Wednesday. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

 (Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)