A total of 96 equities were on the short-covering list based on the OI %. Among them were Hindalco Industries, Mphasis, Sun Pharmaceutical Industries, Atul, and Hindustan Copper.
Bank Nifty
For the fifth straight session on March 14, the Bank Nifty was under pressure. It dropped 191 points to 46,790 and formed a High Wave or Doji-style candlestick pattern on the daily charts, suggesting that buyers and sellers were undecided about the direction of the market. According to experts, the pattern also points to the potential for a trend reversal with resistance at the 47,000 mark.
Bank Nifty was able to close above the 61.82 percent Fibonacci retracement level (46,616) as well as the 40-day average (46,700). Technical analysis analyst at Sharekhan by BNP Paribas Jatin Gedia stated, “We believe that the selling pressure is being absorbed and we expect a recovery over the next few trading sessions in the case of Bank Nifty as well.”
He believes that in terms of levels, 47,200–47,300 is the immediate obstacle and 46,600–46,500 is the critical support.
Data on call options
Based on weekly options data, the 22,200 strike had the highest Call open interest with 1.59 million contracts. This could serve as a crucial short-term resistance level for the Nifty. With 1.17 crore contracts, the 22,500 strike came next, and with 1.12 crore contracts, the 22,300 strike came first.
Only at the 22,200 strike, which added 71.19 lakh contracts, was meaningful call writing observed.
The 23,000 strike resulted in the largest Call unwinding of 51.62 lakh contracts, while the 22,000 and 22,900 strikes dropped 46.75 lakh and 36.67 lakh contracts, respectively.
stocks with a high proportion of deliveries
A high delivery rate indicates that the stock is attracting the attention of investors. Among the F&O equities, Marico, Dabur India, Godrej Consumer Products, Syngene International, and Atul experienced the highest delivery.
PCR
The equities market’s sentiment is gauged by the Nifty Put Call ratio (PCR), which increased to 1.12 on March 14 from 0.65 the day before. A PCR of 1 or higher signifies that the number of Put options traded exceeds that of Call options, often pointing to a slow but steady increase in a bearish market trend in the near future.
Wipro: Desjardins and the technology services and consulting firm have reached an agreement for Wipro’s NetOxygen Platform to be used in the modernization of consumer banking services. Desjardins’ credit card and consumer lending operations will benefit from the solution.
One97 Communications: One97 Communications, the parent company of Paytm, has been approved by the National Payments Corporation of India (NPCI) to engage in UPI services as a Third-Party Application Provider (TPAP) under the multi-bank model. In accordance with the revised model, Paytm will now offer the payment service in collaboration with four additional institutions, who will serve as its payment system providers (PSP): Axis Bank, HDFC Bank, State Bank of India, and Yes Bank.
RailTel Corporation of India: The company has been awarded a work order of Rs 113.46 crore by the Odisha Computer Application Centre (OCAC).
Biocon: As of March 15, Indranil Sen has stepped down from his role as the company’s chief financial officer. He left his position as CFO to take advantage of opportunities outside the company.
Eris Lifesciences: The board of directors has approved the pharmaceutical company’s agreement to pay the company’s proprietors Rs 237.50 crore to purchase a 19% equity investment in Swiss Parenterals.
Data from FII and DII
On March 14, provisional data from the NSE revealed that domestic institutional investors (DIIs) bought Rs 139.47 crore worth of stocks, while foreign institutional investors (FIIs) net sold shares worth Rs 1,356.29 crore.