Trade Setup for November 4: Top 15 things to know before the opening bell

A sustained move above this level could open the door for further upside towards the 24,000–24,200 zone, which is expected to act as a crucial resistance area. On the downside, the 23,500–23,600 zone is likely to provide immediate support to the index, according to market experts. Here are 15 data points we have collated to help you spot profitable trades: 1) Key Levels For The Nifty 50 (23,811) Resistance based on pivot points: 23,827, 23,904, and 24,029

Support based on pivot points: 23,576, 23,499, and 23,373 Special Formation: The Nifty 50 formed a long bullish candle with a minor lower shadow on the daily timeframe following a gap-up opening, indicating strengthening bullish momentum. The index convincingly reclaimed its 100-day EMA after moving above the 50-day and 20-day EMAs in recent sessions. The short-term moving averages continued to slope upwards, while the Bollinger Bands expanded further on both sides, signalling rising volatility.

The index also decisively surpassed the 50 percent Fibonacci retracement level of the decline from 24,774 to 22,180. The RSI climbed to 66.59, while the MACD moved above the zero line for the first time since August 26, with its green histogram bar expanding for the fourth consecutive session. Collectively, these technical indicators point to strengthening bullish momentum and suggest the possibility of further upside in the near term.

2) Key Levels For The Bank Nifty (55,540) Resistance based on pivot points: 55,700, 55,834, and 56,049 Support based on pivot points: 55,269, 55,135, and 54,920 Resistance based on Fibonacci retracement: 56,173, 56,775 Support based on Fibonacci retracement: 55,049, 54,035 Special Formation: The Bank Nifty rose 1 percent following a gap-up opening and formed a small-bodied bullish candle with noticeable upper and lower shadows on the daily timeframe, indicating indecision between bulls and bears.

The index moved closer to its 50-day EMA while sustaining comfortably above its short-term moving averages, which continued to trend upwards. The RSI climbed further to 53.84, while the MACD extended its upward trajectory, maintaining a bullish crossover. Additionally, the green histogram bar expanded for the third consecutive session. Collectively, these technical indicators suggest a gradual improvement in bullish momentum, although the formation of a small-bodied candle indicates some indecision at higher levels.

3) Nifty Call Options Data According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 58.16 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 23,600 strike (41.9 lakh contracts) and 24,200 strike (37.95 lakh contracts). Maximum Call writing was observed at the 24,200 strike, which saw an addition of 28.1 lakh contracts, followed by the 23,600 and 24,000 strikes, which added 22.56 lakh and 13.04 lakh contracts, respectively.

The maximum Call unwinding was seen at the 23,300 strike, which shed 5.46 lakh contracts, followed by the 23,350 and 23,400 strikes, which shed 4.12 lakh and 2.95 lakh contracts, respectively. 4) Nifty Put Options Data On the Put side, the maximum Put open interest was seen at the 23,600 strike (with 46.12 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 23,500 strike (44.51 lakh contracts) and the 23,700 strike (36.33 lakh contracts).

The maximum Put writing was placed at the 23,600 strike, which saw an addition of 44.89 lakh contracts, followed by the 23,500 and 23,700 strikes, which added 38.97 lakh and 35.73 lakh contracts, respectively. There was hardly any Put unwinding seen in the 23,300-24,250 strike band. 5) Bank Nifty Call Options Data According to the monthly options data, the 57,000 strike holds the maximum Call open interest, with 11.89 lakh contracts.

This can act as a key resistance level for the index in the short term. It was followed by the 56,000 strike (10.79 lakh contracts) and the 55,000 strike (10.24 lakh contracts). Maximum Call writing was observed at the 55,600 strike (with the addition of 1.09 lakh contracts), followed by the 55,700 strike (70,320 contracts) and 55,500 strike (49,290 contracts). The maximum Call unwinding was seen at the 57,000 strike, which shed 6.39 lakh contracts, followed by the 55,000 and 54,500 strikes, which shed 1.98 lakh and 61,680 contracts, respectively.

6) Bank Nifty Put Options Data On the Put side, the maximum Put open interest was seen at the 55,000 strike (with 12.51 lakh contracts), which can act as a key support level for the index in the short term. This was followed by the 56,000 strike (6.18 lakh contracts) and the 57,000 strike (5.89 lakh contracts). The maximum Put writing was placed at the 56,400 strike (which added 1.13 lakh contracts), followed by the 55,600 strike (1.06 lakh contracts) and 56,000 strike (90,270 contracts).

The maximum Put unwinding was seen at the 57,000 strike, which shed 37,200 contracts, followed by the 54,900 and 55,100 strikes, which shed 14,040 and 9,360 contracts, respectively. 7) Funds Flow (Rs crore) The Nifty Put-Call ratio (PCR), which indicates the mood of the market, declined to 1.2 on November 3, compared to 1.4 in previous session. The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market.

If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market. The India VIX, which measures expected market volatility, rose 1.44 percent to 15.72, extending its upward trend for the third consecutive session. The volatility gauge remained comfortably above all key moving averages, indicating elevated volatility expectations.

This continued rise in the VIX suggests some caution among market participants despite the prevailing bullish momentum in equities. 10) Long Build-up (56 Stocks) A long build-up was seen in 56 stocks. An increase in open interest (OI) and price indicates a build-up of long positions. 11) Long Unwinding (31 Stocks) 31 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.

12) Short Build-up (33 Stocks) 33 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 13) Short-Covering (103 Stocks) 103 stocks saw short-covering, meaning a decrease in OI, along with a price increase. 14) High Delivery Trades Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.

15) Stocks Under F&O Ban Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Stocks added to F&O ban: Nil Stocks retained in F&O ban: Kaynes Technology India, SAIL Stocks removed from F&O ban: Nil