As an investor, it’s crucial to maintain a keen eye on the market trends, particularly before the start of the trading day.
1. Nifty’s Expected Resistance
Based on the expert analysis from the first reference article, it is anticipated that the Nifty may face resistance at 21,900-22,000 levels. This prediction is based on the recent recovery from the day’s low and the formation of a Doji candlestick pattern on the daily charts on March 20, following a large bearish candle in the previous session.
2. BSE Sensex Trend
According to the second reference article, the BSE Sensex plunged 906 points to 72,762. This significant drop has been attributed to overvaluation concerns raised by the market regulator, leading to a dampening of sentiments.
3. Key Support and Resistance Levels on Nifty
The pivot point calculator from the third reference article suggests that the Nifty may find immediate support at 21,742, followed by 21,690 and 21,606. On the higher side, resistance might be encountered at 21,911, followed by 21,963 and 22,047.
4. Call Options Data
The maximum Call open interest was observed at the 22,000 strike with 1.13 crore contracts, which could act as a significant resistance level for Nifty in the short term.
5. Put Options Data
On the Put side, the 21,500 strike witnessed the maximum open interest. This could act as a key support level for the Nifty, with 64.6 lakh contracts.
6. Bank Nifty Trend
As inferred from the second reference article, the Bank Nifty ended the volatile session on a negative note, falling 74 points to 46,311. However, it defended the 46,000 mark, suggesting a potential for recovery in the upcoming sessions.
7. FII and DII Data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,599.19 crore, while domestic institutional investors (DIIs) bought Rs 2,667.52 crore worth of stocks on March 20, according to the first reference article.
8. Stocks with High Delivery Percentage
High delivery percentage typically indicates investor interest in the stock. ICICI Prudential Life Insurance Company, Crompton Greaves Consumer Electricals, Hindustan Unilever, Bharti Airtel, and Divis Laboratories saw the highest delivery among the F&O; stocks.
9. Stocks Seeing a Long Build-Up
An increase in open interest (OI) and price indicates a build-up of long positions. A long build-up was seen in 51 stocks, including Maruti Suzuki India, National Aluminium Company, Marico, ICICI Bank, and Coromandel International.
10. Stocks Experiencing Long Unwinding
A decline in OI and price indicates long unwinding. Based on OI percentage, 35 stocks saw long unwinding, including Pidilite Industries, MRF, Mphasis, Balrampur Chini Mills, and Page Industries.
11. Short Build-up in Stocks
An increase in OI along with a fall in price points to a build-up of short positions. A short build-up was observed in 52 stocks, including Tata Chemicals, Tata Steel, Hindustan Unilever, Bajaj Auto, and Hero MotoCorp.
12. Stocks Witnessing Short Covering
A decrease in OI along with a price increase is an indication of short-covering. Based on OI percentage, a total of 46 stocks were on the short-covering list, including Indus Towers, Bajaj Finance, Hindustan Petroleum Corporation, Voltas, and Dalmia Bharat.
13. Analysts and Investors Meeting
Prince Pipes and Fittings will be meeting analysts and investors on March 21, as per the first reference article.
14. Bulk Deals
Several bulk deals were reported, with the government of Singapore, and ICICI Prudential MF picking Rs 3,901 crore worth of shares in ITC and British American Tobacco offloading a 3.5 percent stake for Rs 17,484.98 crore.
15. Stocks in the News
Several stocks made the headlines, including Wipro, which announced the appointment of Anne-Marie (Annie) Rowland as the Chief Executive Officer of Capco, and Krystal Integrated Services, set to debut on the bourses on March 21.