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Bizz Buzz Pre-market Thursday: Things to know before opening bell

On January 10, the BSE Sensex witnessed a 272-point surge, reaching 71,658, while the Nifty 50 recorded a 74-point increase, closing at 21,619.

Overall undertone remains bullish

Bizz Buzz Pre-market Thursday: Things to know before opening bell

On January 10, the BSE Sensex witnessed a 272-point surge, reaching 71,658, while the Nifty 50 recorded a 74-point increase, closing at 21,619. The Nifty formed a bullish candlestick pattern with a long lower shadow on the daily timeframe, indicating buying interest at lower levels.

Experts believe that the Nifty may experience an upward movement towards the range of 21,700-21,850, considering the sharp recovery from the day's low and its ability to consistently hold the 21,500 mark on a closing basis. The technical analysis suggests a false downside breakout of the immediate support at 21,500, with renewed buying emerging from the lows.

Nagaraj Shetti, senior technical research analyst at HDFC Securities, noted that the short-term trend of Nifty seems to have reversed upward after a minor decline in the last two sessions. He expects the Nifty to retest the upper trajectory around 21,750-21,850 levels in the next few sessions, with immediate support at 21,450 levels.

Kunal Shah, senior technical & derivative analyst at LKP Securities, stated that if the index manages to close above 21,700-21,750 levels, it might pave the way for the Nifty to reach 22,000.

The India VIX, a fear index, dropped further by 2.2 percent to 12.97 levels, providing comfort for bulls.

Key data points for Thursday's trading:

Support and Resistance Levels on Nifty:

Resistance: 21,636, 21,689, 21,763

Support: 21,496, 21,450, 21,377

Nifty Bank:

The Bank Nifty rebounded sharply on January 10, closing with a gain of 118 points at 47,361.

Bullish candlestick pattern formed on the daily timeframe, holding support at 47,000.

Expected resistance: 47,399, 47,520, 47,678

Expected support: 47,107, 47,010, 46,852

Call Options Data:

Maximum Call open interest at 21,800 strike, followed by 22,000 and 21,700 strikes.

Call writing at 21,800 strike, with meaningful additions at 22,000 and 21,900 strikes.

Maximum Call unwinding at 21,600 strike, followed by 22,100 and 22,400 strikes.

Put Options Data:

Maximum Put open interest at 21,500 strike.

Put writing at 21,500, 21,600, and 21,000 strikes.

Put unwinding at 22,000, 21,800, and 21,900 strikes.

Stocks with High Delivery Percentage:

ICICI Lombard General Insurance Company, Torrent Pharmaceuticals, Kotak Mahindra Bank, Havells India, and Godrej Consumer Products recorded high delivery percentage.

Long Build-up in 60 Stocks:

Zee Entertainment Enterprises, JK Cement, Vedanta, Polycab India, and IRCTC witnessed a long build-up in open interest and price.

Long Unwinding in 38 Stocks:

Gujarat Gas, Chambal Fertilisers and Chemicals, BPCL, Dalmia Bharat, and Zydus Lifesciences experienced long unwinding based on open interest percentage and price decline.

Short Build-up in 49 Stocks:

PVR, INOX, Ramco Cements, United Breweries, State Bank of India, and AU Small Finance Bank saw a short build-up.

Short Covering in 38 Stocks:

Delta Corp, National Aluminium Company, GMR Airports Infrastructure, LTIMindtree, and Birlasoft witnessed short-covering based on open interest percentage and price increase.

Nifty Put Call Ratio (PCR):

PCR climbed to 1.06 on January 10, indicating increased bearish sentiment as traders bought more Puts than Calls.

Bulk Deals:

For more bulk deals, readers are directed to the respective section on the platform.

Stocks in the News:

Phoenix Mills, Bank of India, Angel One, Safari Industries (India), Metro Brands, and Nuvama Wealth Management were highlighted for various reasons.

Funds Flow (Rs crore):

Details on FII and DII activities, with FIIs selling shares worth Rs 1,721.35 crore, while DIIs purchased stocks worth Rs 2,080.01 crore on January 10.

Stocks under F&O Ban on NSE:

Indus Towers, PVR INOX, and Zee Entertainment Enterprises added to the F&O ban list for January 11. Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers & Chemicals, Escorts Kubota, Hindustan Copper, Indian Energy Exchange, India Cements, National Aluminium Company, Piramal Enterprises, and SAIL retained on the list. Delta Corp, and GNFC removed from the list.

This information is based on experts' views and market data, and investors are advised to verify with certified experts before making investment decisions.

Dwaipayan Bhattacharjee
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