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March 04, 2021
Technical & Derivatives Report
Nifty
Bank Out
look
-
(
36368)
For the third consecutive session this week, the banking index
opened higher in tandem with the benchmark. During the
remaining part of the session, the BANKNIFTY continued its
upward march with a series of higher highs higher lows on
intraday chart. In the process, we witnessed a smart rally to
conclude the session with over two and half percent gains.
Since last couple of days, the banking space was a bit quiet and
did not participate at all in the rally. We were seeing 35600 as an
immediate resistance and yesterday at the opening itself, this
hurdle got surpassed with an ease. Lot of heavyweight banking
stocks had a good catch move yesterday and hence, BANKNIFTY
managed to rally beyond the 36000 mark. If we take a glance at
the daily chart, the BANKNIFTY has now reached its higher end
(36500) of the bearish gap created last Friday. The Nifty has
already crossed this gap area and hence, it would be interesting
to see whether the banking index too has a similar sort of
strength or not. Beyond 36500, the next levels to watch out for
would be 36800 37000. On the flipside, 36000 35600 are to
be seen as intraday supports.
Key Levels
Support 1 – 36000 Resistance 1 – 36800
Support 2 – 35600 Resistance 2 – 37000
Exhibit 1: Nifty Daily Chart
Sensex (51445) / Nifty (15246)
Nifty started the day with a decent gap up well above the 15000
mark. The index then crept higher towards the swing high of
15175. Just when it looked that the Nifty is facing some hurdle
towards that swing high and saw some dip, the index heavyweight
RIL took the leadership to take out that resistance and then we
witnessed a swift upmove in the last hour to end the day around
15250, with gains of over a couple of percent.
Once again, post the recent correction, our markets have managed
to show a V-shaped recovery and that is a usual character of a
strong bull market. At the start of the week, we were sceptical of
the upmove and were reading it as a pullback as both Nifty as well
as BankNifty had breached their swing lows. However, as the chart
structure changes, we have to follow the markets and yesterday we
saw a change in the structure as the index breached the crucial
resistances post the gap up. A continuation of this upmove could
lead the Nifty towards its previous highs of 15430 whereas the
‘hourly 20 EMA’ around 15000 would be seen as a crucial support.
In last couple of sessions, the banking index was showing some
relative underperformance, but it regained the momentum in
yesterday’s session (along with other heavyweights) which led the
benchmark higher.
Exhibit 2: Nifty Bank Daily Chart
The Nifty Midcap index has already been doing well and stocks
from the broader markets are providing good trading
opportunities. Thus, we continue with our advice to look for stock
specific buying opportunities and trade with proper risk
management.
Key Levels
Support 1 – 15130 Resistance 1 – 15350
Support 2 – 15000 Resistance2 – 15430
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Technical & Derivatives Report
March 04, 2021
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 3/3
(`000)
Openinterest Nifty
View
The last two sessions momentum continued as we saw
a gap up opening tad above 15000 mark and follow-up
buying during the day led Nifty surpassing 15250 mark.
The index concluded the session with handsome gains
of more than two percent.
FIIs were net buyers in the cash segment to the tune of
Rs. 2088 crores. In Index Future segment, they bought
worth Rs. 1372 crores with some rise in open interest
indicating blend of long formation and short covering
.
Surprisingly, despite a strong upmove we could hardly
see any meaningful open interest build-up in both the
indices. In index options front, we saw fresh build-up in
15300-15500 call options; followed by decent
unwinding in 15000-15200 strike price. On the other
side, good amount of writing was witnessed in 15000-
15200 put options. Stronger hands continued their
buying streak in equities. In index futures, they
preferred covering shorts and also added few bullish
bets resulting surge in ‘Long Short Ratio’ from 59% to
61%. Considering the above data points, we believe
15100-15200 shall now act as an immediate demand
zone; whereas, on the higher side resistance is placed
around 15400-15500.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 1.42%
Bank Nifty futures open interest has increased by 0.13%
as market closed at 15245.60 levels.
The Nifty March future closed with a premium of 53.25
point against a premium of 39.05 point in last trading
session. The April series closed at a premium of 119.70
point.
The INDIA VIX decreased from 23.60 to 22.09.
At the same time, the PCR-OI of Nifty increased from
1.20 to 1.44.
Few of the liquid counters where we have seen high cost
of carry are PAGEIND, IBULHSGFIN, FEDERALBNK, BHEL
and SIEMENS.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IBULHSGFIN 42268500 23.68 248.00 8.48
CUMMINSIND 1526400 18.66 864.45 4.21
PNB 251040000 16.79 43.55 5.32
FEDERALBNK 88950000 14.98 88.10 6.16
L&TFH 33018800 11.82 112.30 4.92
LICHSGFIN 10142000 11.77 464.30 5.52
RBLBANK 20543600 9.29 248.95 5.33
HINDALCO 24604600 8.31 359.35 3.97
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
TVSMOTOR 3584000 -13.07 626.70 -1.04
POWERGRID 10980000 -10.00 227.50 1.31
M&M 7872200 -9.23 852.05 -0.71
ESCORTS 2668050 -7.67 1341.45 2.07
BATAINDIA 1552100 -7.57 1525.00 1.74
BERGEPAINT 3324200 -6.93 731.50 2.83
SAIL 139479000 -6.89 78.45 -0.63
AARTIIND 385475 -6.69 1300.75 0.68
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.44 0.89
BANKNIFTY 1.08 0.76
RELIANCE 0.49 0.30
ICICIBANK 0.53 0.44
INFY 0.70 0.40
Historical Volatility
SCRIP HV
HDFCAMC 45.55
TATACHEM 47.21
INDIGO 53.24
TATASTEEL 53.95
TORNTPOWER 40.43
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Technical & Derivatives Report
March 04, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.
Nifty Spot =
15245.60
FII Statistics for March 03, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
6062.49 4690.74 1371.75
123164 13579.85 0.51
INDEX
OPTIONS
495928.92 493885.96 2042.96
1005855 108439.89 26.62
STOCK
FUTURES
14808.17 14007.98 800.19
1168587 103963.81 (1.43)
STOCK
OPTIONS
13597.22 13377.23 219.99
128946 11402.08 20.29
Total 530396.80
525961.91
4434.89
2426552
237385.63
9.81
Turnover on March 03, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 3,57,146 35900.47 -11.67
Index Options
4,14,98,117
41,16,673.71 23.79
Stock Futures 8,05,882 75925.98 2.63
Stock Options
15,19,142
1,44,626.79 17.90
Total 4,41,80,287
43,73,126.95 22.74
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 15200 365.25
56.10 43.90 15256.10
Sell 15300 309.15
Buy 15200 365.25
109.70 90.30 15309.70
Sell 15400 255.55
Buy 15300 309.15
53.60 46.40 15353.60
Sell 15400 255.55
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 15200 268.75
37.65 62.35 15162.35
Sell 15100 231.10
Buy 15200 268.75
71.40 128.60 15128.60
Sell 15000 197.35
Buy 15100 231.10
33.75 66.25 15066.25
Sell 15000 197.35
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500 15600 15700 15800
Call Put
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Technical & Derivatives Report
March 04, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
705
717
736
749
768
ASIANPAINT 2,357 2,379
2,399
2,421
2,440
AXISBANK
724
739
750
765
776
BAJAJ-AUTO 3,795 3,848
3,917
3,970
4,038
BAJFINANCE 5,252 5,398
5,485
5,631
5,719
BAJAJFINSV 9,689
10,042
10,244
10,597
10,798
BPCL
452
459
470
477
487
BHARTIARTL
535
541
546
551
556
BRITANNIA 3,416 3,448
3,468
3,501
3,520
CIPLA
802
807
813
818
823
COALINDIA
152
153
155
157
159
DIVISLAB 3,474 3,519
3,546
3,592
3,619
DRREDDY 4,392 4,447
4,481
4,537
4,571
EICHERMOT 2,543 2,571
2,599
2,627
2,655
GAIL
144
145
146
148
149
GRASIM 1,264 1,291
1,317
1,344
1,370
HCLTECH
939
952
960
973
981
HDFCBANK 1,552 1,569
1,583
1,600
1,614
HDFCLIFE
716
722
727
732
737
HDFC 2,565 2,610
2,637
2,682
2,709
HEROMOTOCO 3,326 3,375
3,443
3,492
3,560
HINDALCO
346
353
357
364
368
HINDUNILVR 2,159 2,176
2,191
2,208
2,222
ICICIBANK
607
619
627
639
646
IOC
100
101
103
104
105
INDUSINDBK 1,067 1,083
1,094
1,110
1,120
INFY 1,294 1,319
1,333
1,358
1,372
ITC
207
209
210
212
213
JSW STEEL
406
417
426
437
446
KOTAKBANK 1,829 1,864
1,886
1,922
1,944
LT 1,467 1,482
1,496
1,511
1,525
M&M
835
843
856
864
877
MARUTI 7,002 7,063
7,163
7,224
7,324
NESTLEIND 16,482
16,591
16,655
16,764
16,829
NTPC
110
112
113
114
116
ONGC
112
113
114
115
117
POWERGRID
221
224
227
231
234
RELIANCE 2,064 2,133
2,176
2,246
2,289
SBILIFE
873
890
900
916
926
SHREECEM 27,193
27,444
27,802
28,053
28,411
SBIN
390
398
403
411
416
SUNPHARMA
608
616
621
629
634
TCS 2,973 3,016
3,040
3,083
3,107
TATAMOTORS
340
344
351
355
361
TATASTEEL
725
751
767
793
808
TECHM
954
965
973
984
991
TITAN 1,459 1,467
1,474
1,482
1,490
ULTRACEMCO 6,385 6,443
6,489
6,547
6,593
UPL
579
596
607
624
634
WIPRO
425
430
433
439
442
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Technical & Derivatives Report
March 04, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: [email protected]king.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]g.com
Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bh[email protected]g.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com