The market returned more than half of the profits of the previous day in the late sale and sharply closed the April F & O expiration day on April 25 amid the rise in crude oil prices.
The BSE Sensex fell 323.82 points and closed at 38.730.86 while the Nifty50 slid 84.40 points to 11.641.80 and formed a bearish candle that looks like a kind of Dark Cloud Cover on the daily charts.
The reversal of profits and a sharp sellout indicated that Handige could break its crucial support of 11,550 levels, although the status of the uptrend could remain intact in the near future, experts said.
"A long negative candle was formed on Thursday with the upper shadow." Technically, this pattern indicates a counter-attack of bulls from a height, "Nagaraj Shetti – Senior Technical & Derivative Analyst, HDFC Securities told Moneycontrol.
He said that Nifty showed a sharp downward turn, after an upmove session could signal a weak upward force and there is a possibility to re-visit Nifty's crucial support of 11550 levels.
Shabbir Kayyumi, head of technical research, Narnolia Financial Advisors also said that as long as the index is traded under the 5 EMA trade at 11,660 levels and the weekly pivot point is set at 11,681, the correction can extend to the parity line (11,550).
In addition, sustained trading of more than 11,700 will accelerate, making the index higher to Thursday's high, he added.
Among the sectors, the Nifty Bank and Financial Service indices lost one percent each, followed by FMCG (a decrease of 0.85 percent) and Auto (0.67 percent).
Broader markets outperformed front liners with the Nifty Midcap index down 0.4 percent and Smallcap index closing flat.
We have collected 15 data points to help you spot profitable transactions:
Key support and resistance level for Nifty
Handily closed on 11 2541.80 on 25 April. According to the Pivot charts, the most important support level is set at 11,578.47, followed by 11,515.13. If the index goes up, the most important resistance levels to watch out for are 11.750.97 and 11.860.13.
The Nifty Bank index closed at 29,561.35, a decrease of 299.45 points on 25 April. The important Pivot level, which will act as crucial support for the index, is set at 29,362.91, followed by 29,164.5. On the positive side, the most important resistance levels are set at 29,908.71, followed by 30,256.1.
Data call options
Maximum Call Open Interest (OI) of 38.49 lakh contracts was seen at the 11,800 exercise price. This will act as a crucial resistance level for the May holiday.
This was followed by 12,000 strike prices, which now include 23.86 lakh contracts in open interest and 11,700, which have collected 15.57 lakh contracts in open interest.
Significant calling was seen at the strike price of 11,800, resulting in 11.38 lakh contracts, followed by 11,900 strike that added 1,339 lakh contracts.
Call to unwind was seen at the strike price of 11,600 that declined 5.43 lakh contracts, followed by 11,500 strike prices that declined 5.1 lakh contracts and 12,000 strike with 2.81 lakh contracts being lost.
Put options data
The maximum outstanding interest rate of 26.35 lakh contracts was set at 11,600 strike prices. This will act as a crucial support level for the May holiday.
This was followed by 11,500 strike prices, which now include 25.24 lakh contracts in open interest and 11,400 strike prices, which have now collected 16.25 lakh contracts in open interest.
Hardly any Put script can be seen.
Significant Put unwinding was seen at the strike price of 11,700, which declined 22,16 lakh contracts, followed by 11,800 strike prices that declined 3.06 lakh contracts and 11,500 strike prices that declined 2.15 lakh contracts.
FII and DII data
Foreign institutional investors (FIIs) bought crs worth Rs 3,785.73 while Domestic Institutional Investors (DIIs) rs. 4,069.98 purchased shares on the Indian stock market, according to preliminary data available on the NSE.
Fund flow chart
Stocks with a high delivery percentage
A high delivery rate suggests that investors accept the delivery of the share, which means that investors are optimistic about the share.
No stock saw a long build-up
No stock saw a long build-up on 25 April, the expiry date for April contracts and option contracts.
56 shares saw a short cover
A decrease in the outstanding interest rate, together with a price increase, usually indicates short coverage.
7 shares saw a short build-up
An increase in the outstanding interest rate and a fall in prices usually indicate an accumulation of short positions.
135 shares were settled for a long time
Bulk Deals on April 25
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Analyst or Board Meet / Briefings
United Spirits: Audited financial results for the quarter and year ending March 31, 2019, a conference call on May 30.
Specialty restaurants: Company officials will meet Sanjay Agarwal Securities on April 26.
Majesco: Company announces three-year strategic plan on May 8 Investor Day in Nasdaq.
Hindustan Zinc: Company announces March income on May 2.
Laurus Labs: Company announces March income on May 2.
Mahindra Logistics: The conference call for income is scheduled for May 8 with various analysts / institutional investors / funds.
Stocks in news:
Results on April 26: Hero MotoCorp, Yes Bank, HDFC Asset Management Company, HDFC Life Insurance Company, Adarsh Plant Protect, Atul, Carborundum Universal, Classic Electricals, Deltron, DIC India, Foseco India, Hindustan Appliances, Indian Energy Exchange, Lloyds Steels Industries, Piramal Enterprises, Shikhar Leasing & Trading, Sujana Universal Industries, Supreme Petrochem
Axis Bank Q4: Profit at Rs 1,505.1 crore against loss of Rs 2,188.7 crore, net interest income increased by 20.6 percent to R 5,705.6 crore versus Rs 4,730.5 crore YoY. Gross NPA decreased by 5.26 percent versus 5.75 percent and net NPA by 2.06 percent versus 2.36 percent QoQ.
MCX Q4: Profit increases 78.6 percent at Rs 61 crore versus Rs 34 crore, revenue increases by 11.9 percent to Rs 79 crore versus Rs 71 crore YoY.
Cyient Q4: Profit jumps 90.3 percent to Rs 176 crore versus Rs 92.5 crore, turnover drops 2.1 percent to Rs 1,163 crore versus Rs 1,187 crore QoQ.
Rallis India Q4: Consolidated profit drops to Rs 1.52 crore versus Rs 19.78 crore; yield dips up to Rs 339.7 crore versus Rs 371 crore YoY.
Biocon Q4: Consolidated profit jumps to Rs 213.7 crore versus Rs 130.4 crore; yield increases to Rs 1,528.8 crore versus Rs 1,169.5 crore YoY.
Recommended issuance of bonus shares by capitalization of free reserves in a ratio of 1: 1 approved by the Board.
Tata Steel Q4: Consolidated profit drops to Rs 2,431 crore versus Rs 10,153 crore YoY but rises from Rs 2,334 crore QoQ; turnover jumps to Rs 42,424 crore versus Rs 33,705 crore YoY.
Board approved composite schedule of fusion of Bamnipal Steel and Tata Steel BSL in and with Tata Steel.
Kotak Mahindra Bank: Subsidiary to sell 19.7 percent stake in Matrix Business.
Bank Of Baroda: The board has agreed to increase Rs 5,040 crore via share issue to the government.