Indian equity benchmarks finished a choppy session nearly unchanged on Wednesday as Dalal Street resumed trading after a day's holiday.
Later in the day, data showing consumer prices in the world's largest economy increased at a pace better than what the markets had anticipated lifted global shares.
What do the charts suggest for Dalal Street?
The Nifty50 has formed a small negative candle on the daily chart with a minor lower shadow, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
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:
SGX Nifty
On Thursday, Singapore Exchange (SGX) Nifty futures — an early indicator of the Nifty index — jumped as much as 211.5 points or 1.2 percent to 17,758 ahead of the opening bell on Dalal Street.
Global markets
Equities in other Asian markets surged following a strong session on Wall Street overnight, with MSCI's broadest index of Asia Pacific shares outside Japan quoting up 1.2 percent in early hours.
China's Shanghai Composite was up 0.4 percent and Hong Kong's Hang Seng 1.2 percent. The Japanese market was shut for the Mountain Day holiday.
S&P 500 futures were up 0.2 percent. On Wednesday, the three main US indices surged 2-3 percent after amid rising hopes the Fed will become less aggressive on interest rates hikes.
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.
Long build-up
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)
Short covering
| 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)
Short build-up
| 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)
52-week highs
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 |
52-week lows
On the flipside, two stocks in the 500-scrip basket hit 52-week lows: Zensar Tech and Alembic Pharma.
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