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February 04, 2021
Technical & Derivatives Report
Nifty
Bank Out
-
(
34758)
For the second straight session, BANKNIFTY had a gap up opening
along with broader market as the budget hangover still continues.
The global optimism is adding fuel to this rally and hence, despite
some muted activity post the strong opening, banking index
ended at record highs by adding another one and half a percent
gains to the tally.
Yesterday, we witnessed some profit booking in Nifty but
BANKNIFTY remained unmoved as it chose to consolidate around
highs. Although we have seen a phenomenal move in this index
over the past three sessions, it would be very difficult to expect
similar kind of move and the speed as well. We most probably
would see it consolidating for a while. For the coming session,
35000 is to be seen as psychological hurdle; whereas on the lower
side, 34500 - 34000 should be treated as immediate supports.
Key Levels
Support 1 – 34500 Resistance 1 – 35000
Support 2 – 34000 Resistance 2 – 35150
Exhibit 1: Nifty Daily Chart
Se
nsex
(
50256)
/ Nifty
(
14790
)
Following the positive global cues, we started the day on a positive
note, but immediately the indices corrected from the opening level
within five minutes. However, traders took this dip as a buying
opportunity and the index marched higher to register a high of over
14850 mark. It gave up some of the gains in the last hour, but still
managed to end the day at 14790 with gains of almost a percent.
The bulls are in no mood to give up and our markets have
overwhelmed traders and investors post the Union Budget. Nifty
continues to clock new records and is now not far from creating a
new history of 15000 mark. Now, Nifty is into uncharted terrain and
in such scenarios, conventional trend lines and Fibonacci Ratios
usually help us to see probable target/resistance zones. Considering
this, if we join recent two swing highs of January, then a trendline
resistance for Nifty is seen in the range of 14850-14900 (which Nifty
achieved yesterday). If we manage to surpass this resistance with an
ease, then the next level to watch out will be around 15070 which is
the 127% retracement of the recent correction. On the flipside,
yesterday’s low of 14474 will be seen as an immediate support for
Nifty. Traders are advised to keep a tab on these levels and trade in
the direction of the trend.
Key Levels
Support 1 – 14600 Resistance 1 – 14900
Support 2 – 14450 Resistance2 – 15000
Exhibit 2: Nifty Bank Daily Chart
In the last three sessions, almost all sectors have participated with
many stocks showing eye popping moves. While the banking space
already has rallied sharply in the last couple of sessions, other sectors
such as Pharma and the PSE’s were seen buzzing yesterday. Such
sector/stock specific themes are likely to provide good opportunities
to traders and hence, one should look for and capitalize on such
potential movers.
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February 04, 2021
Nifty Vs OI
13000
13200
13400
13600
13800
14000
14200
14400
14600
14800
15000
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
1/21 1/25 1/28 2/1 2/3
(`000)
Openinterest Nifty
View
Nifty continued its run up and added another percent to the
recent gains.
FIIs were net buyers in the cash segment to the tune of
Rs. 2521 crore. In index future segment, the activity was
muted as they sold worth Rs. 69 crore with increase in open
interest.
The positive momentum continued and the move was
supported by fresh long formation in the Nifty as well as
Bank Nifty. FII's bought equities in cash segment while their
net activity was muted in index futures. But their recent
longs are still intact and thus seems they continue with their
optimistic view on our markets. In options segment, 14600-
14700 call writers unwound their positions while 14800-
14700 put options added good amount of open interest.
The open interest data indicates support around 14700
while resistance is seen around 15000. Traders are advised
to continue to trade with a positive bias and look for buying
opportunities on intraday declines.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 4.63%
Bank Nifty futures open interest has increased by 11.08%
as market closed at 14789.95 levels.
The Nifty February future closed with a premium of 30.6
point against a premium of 48.15 point in last trading
session. The March series closed at a premium of 72.55
point.
The INDIA VIX increased from 23.34 to 23.74.
At the same time, the PCR-OI of Nifty increased from 1.39
to 1.46.
Few of the liquid counters where we have seen high cost
of carry are AARTIND, IDEA, PNB, INDUSTOWER, AND
GAIL.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
RAMCOCEM 1770550 40.27 860.70 -2.24
VOLTAS 2500000 25.25 1004.45 1.62
INDUSTOWER 12950000 24.76 248.10 0.34
AARTIIND 629000 22.82 1188.15 0.77
GODREJPROP 1953250 22.15 1388.90 -0.87
PNB 233904000 21.07 38.35 6.04
BHEL 121023000 15.28 39.70 2.04
IOC 54171000 14.70 101.85 3.07
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
POWERGRID 10408000 -13.41 206.50 5.86
RBLBANK 16962100 -12.07 256.55 6.05
M&MFIN 13344000 -10.61 184.05 6.95
CUMMINSIND 1340400 -9.33 763.70 1.42
NATIONALUM 52343000 -7.84 50.90 1.01
COALINDIA 34696200 -7.62 137.25 4.27
APOLLOTYRE 16870000 -7.21 227.45 -0.24
SUNPHARMA 43747200 -6.91 629.20 2.92
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.46 0.94
BANKNIFTY 1.54 1.02
RELIANCE 0.45 0.32
ICICIBANK 1.23 0.73
INFY 0.49 0.40
Historical Volatility
SCRIP HV
POWERGRID 36.60
COALINDIA 40.86
GMRINFRA 53.17
DRREDDY 36.96
PNB 58.91
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Technical & Derivatives Report
February 04, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (February Series) are given as an information and not as a recommendation.
Nifty Spot =
14789.95
FII Statistics for February 03, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
4427.50
4496.29
(68.79) 114742
12016.78
3.51
INDEX
OPTIONS
528217.90
530300.42
(2082.52) 1001335
103106.31
(3.29)
STOCK
FUTURES
15601.12
16459.00
(857.88) 1183788
100134.57
0.22
STOCK
OPTIONS
11671.25
11888.99
(217.74) 125097
10703.54
10.26
Total 559917.77
563144.70
(3226.93) 2424962
225961.20
(0.66)
Turnover on February 03, 2020
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 3,97,897 38530.13 -32.94
Index Options 4,10,44,165
39,12,007.33 2.49
Stock Futures 10,10,797 90280.28 -13.06
Stock Options 19,00,101 1,71,019.86 -10.20
Total 4,43,52,960
42,11,837.60 1.03
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14800 320.05
52.40 47.60 14852.40
Sell 14900 267.65
Buy 14800 320.05
100.45 99.55 14900.45
Sell 15000 219.60
Buy 14900 267.65
48.05 51.95 14948.05
Sell 15000 219.60
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14800 298.65
40.85 59.15 14759.15
Sell 14700 257.80
Buy 14800 298.65
76.15 123.85 14723.85
Sell 14600 222.50
Buy 14700 257.80
35.30 64.70 14664.70
Sell 14600 222.50
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300
Call Put
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February 04, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
535
547
555
568
575
ASIANPAINT 2,400 2,427
2,465
2,492
2,531
AXISBANK
707
721
729
742
750
BAJAJ-AUTO 4,119 4,178
4,219
4,277
4,318
BAJFINANCE 5,088 5,167
5,218
5,297
5,348
BAJAJFINSV 9,333 9,435
9,537
9,638
9,741
BPCL
397
406
411
420
426
BHARTIARTL
587
598
610
621
633
BRITANNIA 3,478 3,497
3,521
3,540
3,564
CIPLA
796
823
851
877
905
COALINDIA
129
133
136
140
142
DIVISLAB 3,497 3,589
3,653
3,744
3,808
DRREDDY 4,432 4,541
4,651
4,760
4,870
EICHERMOT 2,836 2,876
2,912
2,953
2,989
GAIL
128
129
131
132
134
GRASIM 1,156 1,174
1,190
1,207
1,223
HCLTECH
941
951
962
971
983
HDFCBANK 1,526 1,551
1,566
1,590
1,606
HDFCLIFE
672
680
688
696
704
HDFC 2,569 2,636
2,685
2,753
2,802
HEROMOTOCO 3,203 3,292
3,357
3,446
3,511
HINDALCO
247
252
258
263
269
HINDUNILVR 2,196 2,215
2,236
2,254
2,275
ICICIBANK
608
615
621
629
635
IOC
99
100
101
103
104
INDUSINDBK
925
987
1,034
1,096
1,142
INFY 1,256 1,270
1,287
1,301
1,318
ITC
212
214
218
221
224
JSW STEEL
378
386
392
399
406
KOTAKBANK 1,789 1,820
1,852
1,884
1,915
LT 1,478 1,503
1,531
1,556
1,584
M&M
796
815
837
855
878
MARUTI 7,353 7,471
7,594
7,712
7,834
NESTLEIND 16,931
17,049
17,169
17,287
17,407
NTPC
93
95
96
99
100
ONGC
92
92
94
95
96
POWERGRID
188
197
204
213
219
RELIANCE 1,876 1,903
1,928
1,955
1,980
SBILIFE
847
856
868
878
890
SHREECEM 25,254
25,624
26,101
26,472
26,949
SBIN
320
328
334
342
348
SUNPHARMA
591
610
629
648
667
TCS 3,126 3,163
3,200
3,236
3,273
TATAMOTORS
317
324
333
340
349
TATASTEEL
625
639
652
666
679
TECHM
941
961
981
1,001
1,020
TITAN 1,478 1,502
1,515
1,539
1,552
ULTRACEMCO 5,920 5,997
6,118
6,195
6,316
UPL
539
549
564
574
589
WIPRO
425
429
435
439
444
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Technical & Derivatives Report
February 04, 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]
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives sameet.cha[email protected]oking.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