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Trade setup for Thursday, Aug 11: The Nifty50 may test key resistance at 17,800 in the near term, say experts. Here’s what the technical charts suggest:
Data showing consumer prices in the world’s largest economy increased at a pace better than what the markets had expected boosted US futures.
What do the charts suggest for Dalal Street?
This signals the inability of the bulls to lead a follow-through upmove above 17,500, he said.
All eyes on 17,800
The bullish momentum in the Nifty50 after recent consolidation may continue all the way up to 17,800 in the short term, said Mohit Nigam, Head-PMS at Hem Securities.
He sees immediate support for the index at 17,200.
Here are key things to know about the market ahead of the August 11 session:
European shares edged lower on Wednesday amid losses in tech stocks though gains in supermarket major Ahold Delhaize lent some support. The pan-European Stoxx 600 was down 0.1 percent at the last count.
S&P 500 futures jumped 1.7 percent, suggesting a gap-up opening ahead on Wall Street, after data showed consumer inflation in the US stood at a better-than-expected 8.5 percent in July.
What to expect on Dalal Street
HDFC Securities’ Shetti is of the vie that the Nifty’s short-term uptrend remains intact, with no sign of a reversal pattern at higher levels.
For the Nifty Bank, one can expect immediate support at 37,700 and resistance at 38,750, according to Nigam.
Moving averages
Both the Nifty50 and the Nifty Bank remain comfortably above six key simple moving averages in a bullish sign.
| Period (No. of sessions) | SMA | |
| Nifty50 | Nifty Bank | |
| 5 | 17,519.6 |
38,298.6 |
| 10 | 17,520.6 | 38,300.7 |
| 20 | 17,484.1 | 38,166.1 |
| 50 | 17,394.8 | 37,991.2 |
| 100 | 17,086 |
37,492.2 |
| 200 | 16,633.4 | 36,347 |
FII/DII activity
Call/put open interest
The maximum call open interest is accumulated at the strike price of 18,000, with 1.6 lakh contracts, and the next highest at 17,800, with 1.5 lakh, according to exchange data. On the other hand, the maximum put open interest is at 17,000 (1.4 lakh contracts), and then 17,400 and 17,500 (1.2 lakh each).
This suggests immediate resistance at 17,800 before a major hurdle at 18,000, and immediate support in the 17,400-17,500 zone.
Here are five stocks that saw an increase in open interest as well as price:
| Stock | Current OI | CMP | Price change | OI change |
| TATACHEM | 5,268,000 | 1,078.40 | 12.06% | 49.85% |
| CUB | 5,185,000 | 176.3 | 8.46% | 34.72% |
| ABB | 835,000 | 2,788 | 1.84% | 15.90% |
| AARTIIND | 3,236,800 | 827.1 | 2.45% | 15.78% |
| HINDALCO | 25,389,350 | 437.8 | 4.47% | 15.04% |
Long unwinding
| Stock | Current OI | CMP | Price change | OI change |
| ASTRAL | 661,100 | 1,948.15 | -1.70% | -3.79% |
| INDIAMART | 247,050 | 4,397.40 | -2.21% | -2.85% |
| CONCOR | 4,197,000 | 692.3 | -0.34% | -1.95% |
| BERGEPAINT | 7,055,400 | 666.25 | -1.25% | -1.62% |
| OFSS | 395,400 | 3,343.75 | -1.18% | -1.37% |
(Increase in price and decrease in open interest)
| Stock | Current OI | CMP | Price change | OI change |
| WHIRLPOOL | 487,550 | 1,807 | 0.27% | -5.60% |
| GUJGASLTD | 4,893,750 | 453.45 | 2.35% | -5.36% |
| ESCORTS | 2,624,050 | 1,660.10 | 2.48% | -2.85% |
| BPCL | 14,711,400 | 323.95 | 1.16% | -2.45% |
| IGL | 12,310,375 | 380.85 | 5.70% | -2.38% |
(Increase in price and decrease in open interest)
| Stock | Current OI | CMP | Price change | OI change |
| IPCALAB | 812,500 | 983.1 | -3.11% | 22.64% |
| MOTHERSON | 41,692,500 | 121.5 | -5.34% | 22.32% |
| MRF | 67,450 | 82,949.95 | -5.39% | 13.31% |
| ICICIPRULI | 7,677,000 | 552.35 | -2.70% | 12.37% |
| METROPOLIS | 811,500 | 1,514.95 | -1.20% | 11.94% |
(Decrease in price and increase in open interest)
A total of 25 stocks in the BSE 500 universe — the broadest index on the bourse — scaled 52-week peaks.
| ABB | COALINDIA | GESHIP | KEI | SOLARINDS |
| ADANIENT | COROMANDEL | HAL | LEMONTREE | TATAELXSI |
| AEGISLOG | DEEPAKFERT | INDHOTEL | M&M | TIMKEN |
| AIAENG | ELGIEQUIP | JKPAPER | METROBRAND | TVSMOTOR |
| BEL | FINEORG | JYOTHYLAB | SIEMENS | ZFCVINDIA |
On the flipside, two stocks in the 500-scrip basket hit 52-week lows: Zensar Tech and Alembic Pharma.
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