TRADER SETUP TODAY

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Based on the Ol percentage, a total of 75 stocks witnessed short-covering on Thursday, including Cummins India, Syngene International, Gujarat Gas, GAIL India, and Britannia Industries.The market remained under pressure for the second consecutive session on January 5, dented by selling in banking & financial services, and technology stocks after FOMC minutes hinted at continuity in aggressive stance as Fed officials' focus remains on controlling inflation.

The BSE Sensex fell 304 points to 60,353, while the Nifty50 slipped below the psychological 18,000 mark, down 51 points at 17,992 and formed a bearish candle on the daily charts with the lower shadow indicating support -based buying"The market continued to remain under the bears' control as the benchmark Nifty corrected for the second consecutive day. The daily momentum indicator is in a bearish crossover, suggesting weak price momentum for the near term," Rupak De, Senior Technical Analyst at LKP Securities said.

The analyst feels the volatility may continue over the short term, with a predominant weakness.

"On the lower end, the support is visible at 17,800. On the higher end, the resistance is visible at 18,250, above which a bullish reversal may happen," the market expert said.

But the broader markets performed better than frontline indices despite breadth tilted in favour of declines. The Nifty Midcap 100 index was up half a percent and Smallcap 100 index closed flat with a positive blasWe have collated 15 data points to help you spot profitable trades:

Note: The open interest (OI) and

volume data of stocks in this

article are the aggregates of

three-month data, and not just of

the current month.

Key support and resistance levels on the Nifty

Per the pivot charts, we have

the key support level for the

Nifty at 17,915, followed by

17,861, and 17,774. If the index

moves up, the key resistancelevels to watch out for are 18,089, followed by 18,142 and 18,229.

Nifty Bank

The Nifty Bank index corrected 350 points to 42,609 on January 5 and formed a bearish candlestick pattern on the daily charts for the second straight session.

The important pivot level, which will act as crucial support for the index, is placed at 42,361, followed by 42,163, and 41,843. On the upside, key resistance levels are placed at 43.002.followed by 43,200, and 43,521.

Call option data

We have seen the maximum Call open interest (OI) at 19,000 strike, with 26.48 lakh contracts, which can act as a crucial resistance level in January series.

This is followed by 18,500 strike, comprising 22.24 lakh contracts, and 18,000 strike, where we have more than 16.95 lakh contracts.

Call writing was seen at 18,000 strike, which added 4.17 lakhcontracts, followed by 18,500 strike, which added 3.92 lakh contracts, and 18,600 strike, which added 1.96 lakh contracts.

Call unwinding was seen at 18,200 strike, which shed 4.03 lakh contracts, followed by 18,300 strike, which shed 2.26 lakh contracts, and 18,100 strike, which shed 1.51 lakh contracts.Put option data

We have seen maximum Put Ol at 18,000 strike, with 32.15 lakh contracts, which can act as a crucial support level in January series.

This is followed by 17,500 strike, comprising 30.46 lakh contracts, and 17,000 strike, where we have 28.13 lakh contracts.

Put writing was seen at 17,300 strike, which added 1.5 lakh contracts, followed by 17,800 strike, which added 1.26 lakh contracts, and 17,700 strike,which added 1.06 lakh contracts.

Put unwinding was seen at 18,200 strike, which shed 5.8 lakh contracts, followed by 18,000 strike, which shed 3.07 lakh contracts, and 18,100 strike, which shed 2.88 lakh contracts.Stocks with a high delivery percentage

A high delivery percentage suggests that investors are showing interest in these and ICICI Bank, among others.

stocks. We have seen the

highest delivery in Crompton

Greaves Consumer Electricals,

Infosys, HDFC, Havells India,