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March 03, 2021
Technical & Derivatives Report
Nifty
Bank Out
look
-
(
35420)
Despite SGX Nifty was indicating a muted start, our market
surprised everyone once again with a gap up opening. The
banking index too opened higher but the relative strength was
very low. For the major part of the session, the banking index
traded marginally in the red. Fortunately, due to some tail end
surge in banking conglomerates, the BANKNIFTY eventually
ended the session with nearly three tenths of a percent gains.
Yesterday, although some of the other heavyweight pockets were
buzzing, the banking space remained muted. It neither had the
strength to go beyond intraday resistance of 35600 nor had the
weakness to break sacrosanct support of 35000. Let’s see how
things pan out in the forthcoming session as it would be
interesting to see that the last hour buying was genuine or not.
The intraday resistance zone remains at 35600 35900 and on
the lower side, 35000 is the level to watch out for. Although,
markets have not continued their corrective mode seen last
Friday, we still remain a bit sceptical of the up move. Hence, we
still reiterate that traders shouldn’t get carried away and rather
wait for some decisive moves to gauge the near term direction.
Key Levels
Support 1 – 35000 Resistance 1 – 35600
Support 2 – 34650 Resistance 2 – 35900
Exhibit 1: Nifty Daily Chart
Sensex (50297) / Nifty (14919)
Following the positive global cues, we had another session with a
positive opening as Nifty started the day above 14850 mark. The
index continued the momentum in the first hour of the trade but it
then corrected from 14930 and gave up the intraday gains before
noon itself. The index then consolidated within a range but it was
not over yet. Nifty suddenly witnessed a sharp surge in the last half
an hour and surpassed the morning highs to end the day above
14900, with gains of over a percent.
The index has seen a fair bit of volatility in yesterday’s session but
the market breadth was in favor of advances throughout the day as
we had seen a good stock specific action from the broader
markets. The Nifty Midcap index surpassed its recent swing high
and is in an uncharted territory, thus showing its outperformance
to the benchmark. Even the Auto space yesterday was buzzing as
the stocks from the sector rallied sharply post the monthly sales
numbers. On the other hand, the banking space showed relative
underperformance throughout the day as the banking index is yet
to recover the recent losses. From a technical perspective, the Nifty
has now entered the Friday’s gap zone of 14920-15065 and hence
it would be crucial to see the index movement from hereon. A
move above the gap and then the swing high of 15177 will then
negate the recent lower top lower bottom structure on the index.
Exhibit 2: Nifty Bank Daily Chart
However, since the banking space has not yet shown signs of
resumption of the uptrend, we would advise traders to avoid
aggressive positions and prefer trading with a stock specific
approach from a near term perspective. The intraday supports for
the Nifty are placed around 14820 followed by 14760 whereas
resistances are seen around 15065 and 15177.
Key Levels
Support 1 – 14820 Resistance 1 – 15000
Support 2 – 14760 Resistance2 – 15065
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Nifty Vs OI
14000
14200
14400
14600
14800
15000
15200
15400
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2/9 2/12 2/17 2/19 2/23 2/25 3/1
(`000)
Openinterest Nifty
View
Similar to previous trading session, we started-off the
day on a cheerful note tad above 14850. We witnessed
some follow-up buying in the early morning trade to
surpass 14900; but, in the very next hour of trade some
profit booking was seen to drag index almost towards
14750. In the mist, we witnessed fresh buying at lower
levels to surpass 14950, eventually after all these ups
and downs index concluded the day above 14900.
FIIs were net buyers in the cash segment to the tune of
Rs. 2223 crores. In Index Future segment, they bought
worth Rs. 1498 crores with good amount of fall in open
interest indicating short covering for second
consecutive session
.
In index futures segment, we saw fresh long formation
in Nifty. The call writers of 14700 and 14800 strikes ran
for shelter seeing strong opening and follow-up buying
in the latter half. On the flip side, we saw fresh writing in
14700-14900 put strikes. Stronger hands continued to
cover their shorts from index and stock futures; they
also added some longs in case of stock futures. At
current juncture, index has approached the important
psychological mark of 15000, which is a study hurdle.
Hence, we would advise traders to wait for the follow-
up activity in today’s session before initiating any
aggressive directional bets.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 3.49%
Bank Nifty futures open interest has increased by 7.22%
as market closed at 14919.10 levels.
The Nifty March future closed with a premium of 39.05
point against a premium of 36.20 point in last trading
session. The April series closed at a premium of 108.85
point.
The INDIA VIX decreased from 25.62 to 23.60.
At the same time, the PCR-OI of Nifty increased from
1.05 to 1.20.
Few of the liquid counters where we have seen high cost
of carry are MINDTREE, PAGEIND, GMRINFRA, M&M
and NTPC.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
SAIL 149796000 13.46 78.80 0.38
BPCL 27165600 13.26 469.00 2.83
DRREDDY 3809250 12.50 4404.70 -1.05
PVR 1703702 9.47 1389.80 2.15
BEL 35469200 8.46 151.50 3.65
ASHOKLEY 38475000 7.90 132.55 2.30
MINDTREE 1093600 7.89 1734.75 6.44
HDFCBANK 26591400 7.87 1568.15 0.58
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ONGC 40679100 -10.85 113.50 -3.13
AARTIIND 413100 -9.75 1293.05 1.41
POWERGRID 12200000 -8.85 225.05 -0.45
MARUTI 2712500 -8.02 7214.15 2.80
MOTHERSUMI 29596000 -7.91 232.60 0.34
CHOLAFIN 4725000 -7.71 538.55 2.93
PAGEIND 75630 -6.42 29463.65 4.52
TORNTPOWER 3315000 -6.04 388.95 0.75
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.20 0.90
BANKNIFTY 0.73 1.06
RELIANCE 0.47 0.48
ICICIBANK 0.47 0.57
INFY 0.62 0.37
Historical Volatility
SCRIP HV
MINDTREE 54.20
PAGEIND 46.69
GMRINFRA 52.75
M&M 49.79
NTPC 38.96
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Technical & Derivatives Report
March 03, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.
Nifty Spot =
14919.10
FII Statistics for March 02, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
6032.05 4533.89 1498.16
122541 13008.26 (10.95)
INDEX
OPTIONS
362337.46 362987.91 (650.45) 794385 83460.41 6.80
STOCK
FUTURES
13231.18 12219.24 1011.94
1185563 101570.81 (0.04)
STOCK
OPTIONS
11169.67 10927.11 242.56
107200 9234.46 8.50
Total 392770.36
390668.15
2102.21
2209689
207273.94
2.01
Turnover on March 02, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 4,10,191 40643.01 14.28
Index Options
3,40,23,858
33,25,481.44 35.81
Stock Futures 7,88,878 73978.46 13.18
Stock Options
12,64,112
1,22,671.45 10.97
Total 3,64,87,039
35,62,774.36 33.93
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14900 363.50
52.15 47.85 14952.15
Sell 15000 311.35
Buy 14900 363.50
102.65 97.35 15002.65
Sell 15100 260.85
Buy 15000 311.35
50.50 49.50 15050.50
Sell 15100 260.85
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14900 307.95
37.60 62.40 14862.40
Sell 14800 270.35
Buy 14900 307.95
76.15 123.85 14823.85
Sell 14700 231.80
Buy 14800 270.35
38.55 61.45 14761.45
Sell 14700 231.80
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500
Call Put
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Technical & Derivatives Report
March 03, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
685
703
714
731
742
ASIANPAINT 2,340 2,365
2,384
2,409
2,428
AXISBANK
713
722
731
741
750
BAJAJ-AUTO 3,715 3,830
3,896
4,010
4,077
BAJFINANCE 5,182 5,249
5,329
5,397
5,477
BAJAJFINSV 9,688 9,782
9,874
9,968
10,060
BPCL
451
460
471
480
492
BHARTIARTL
523
532
538
547
553
BRITANNIA 3,376 3,412
3,431
3,467
3,486
CIPLA
782
797
806
821
830
COALINDIA
150
152
154
156
158
DIVISLAB 3,432 3,474
3,498
3,541
3,565
DRREDDY 4,335 4,370
4,425
4,460
4,515
EICHERMOT 2,500 2,551
2,581
2,632
2,662
GAIL
142
143
145
147
148
GRASIM 1,247 1,271
1,285
1,309
1,322
HCLTECH
917
936
947
965
976
HDFCBANK 1,532 1,550
1,569
1,587
1,605
HDFCLIFE
697
709
718
730
740
HDFC 2,500 2,532
2,573
2,606
2,647
HEROMOTOCO 3,301 3,389
3,439
3,527
3,578
HINDALCO
334
340
344
350
355
HINDUNILVR 2,124 2,151
2,167
2,194
2,211
ICICIBANK
591
601
609
618
626
IOC
100
101
103
104
105
INDUSINDBK 1,047 1,060
1,073
1,086
1,100
INFY 1,267 1,286
1,298
1,317
1,329
ITC
205
207
209
212
213
JSW STEEL
396
405
410
419
424
KOTAKBANK 1,796 1,820
1,844
1,869
1,893
LT 1,446 1,466
1,478
1,497
1,509
M&M
801
831
849
879
897
MARUTI 6,955 7,084
7,160
7,289
7,365
NESTLEIND 16,165
16,371
16,495
16,701
16,826
NTPC
106
109
111
115
117
ONGC
110
112
114
116
118
POWERGRID
220
222
226
228
232
RELIANCE 2,067 2,087
2,108
2,128
2,149
SBILIFE
863
871
879
887
894
SHREECEM 27,060
27,359
27,580
27,879
28,100
SBIN
386
390
395
399
404
SUNPHARMA
600
607
612
619
624
TCS 2,916 2,961
2,993
3,038
3,070
TATAMOTORS
319
332
340
353
361
TATASTEEL
716
726
733
742
749
TECHM
931
949
960
978
989
TITAN 1,441 1,456
1,465
1,480
1,489
ULTRACEMCO 6,241 6,332
6,403
6,494
6,565
UPL
564
577
593
605
621
WIPRO
412
421
427
436
442
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Technical & Derivatives Report
March 03, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: [email protected]angelbroking.com
For Derivatives Queries E-mail: derivat[email protected]m
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives sameet.cha[email protected]roking.com
Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bh[email protected]roking.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com