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April 08, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
look
-
(
32991
)
Similar to Tuesday’s session, we had a slightly positive start and
then a sharp fall in initial ten minutes to test the support of 32300.
However, post this early morning hiccups banking index witnessed
fresh buying interest as the Monetary Policy Committee
announced to keep rates on hold. The BankNifty rallied sharply
towards 33200 and then consolidated in the final hour of trade to
conclude the session around 33000 mark. It’s been third
consecutive sessions wherein the banking index has been taking
support around the important make or break levels around 32200.
However, we did see decent recovery in yesterday’s session. Most
of the banking name were also placed at some support zone and
saw decent recovery which contributed the BankNifty’s rally.
However, we need to see follow-up buying in the coming session
to confirm the trend reversal from this important juncture. Hence,
traders are advised to wait for a follow-up activity in today’s
session before initiating any aggressive directional bets. As far as
levels are concerned, 32000-32300 are the important support
zone; whereas, on the upper side 33300-33500 shall be the
immediate hurdles.
Key Levels
Support 1 – 32300 Resistance 1 – 33300
Support 2 – 32000 Resistance 2 – 33500
Sensex (49662) / Nifty (14819)
Similar to the previous session, we started off slightly in the green
and then there was some roller coaster move seen in the initial
trades. The market stabilised after this small hiccup and then
consolidated with a positive bias for a while. However, the
momentum accelerated post the RBI monetary policy as lot of
banking counters started rebounding sharply. In this process, the
Nifty moved beyond the 14800 mark and enter a crucial resistance
zone of 14850 – 14900. In the latter half, market cooled off a bit to
conclude the session tad above 14800 by adding another nine
tenths of a percent gains to the bulls’ kitty.
Yesterday’s up move was mainly propelled by the banking space and
we have been mentioning since last couple of days how the
BANKNIFTY is placed at a crucial support. If it has to recover, this is
the best place from where it can. It was a good day of trade for
banking space but one day rally is not sufficient to confirm this as a
complete trend reversal. So we need to have some sort of follow up
buying in order to regain the strength for the banking space as well
as the benchmark. As far as Nifty is concerned, it has now reached a
crucial resistance zone of 14850 14900 and it’s been 12 trading
sessions, it is unable to surpass it despite making multiple attempts.
.
Exhibit 2: Nifty Bank Daily Chart
Hence, it’s important to see how things pan out in the coming
session. If Nifty manages to break and sustain above 14900, then we
can see the overall sentiments lifting in the market. Until then it
would be prudent to stay light and avoid aggressive bets overnight,
especially in the F&O space. On the downside, 14750 followed by
14650 to be seen as intraday supports. The coming session may turn
out to be interesting one as it probably would decide the near term
direction for the market. Traders ae advised to focus on stock specific
moves and trade with proper exit strategy.
Key Levels
Support 1 – 14750 Resistance 1 – 14850
Support 2 – 14650 Resistance2 – 14900
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April 08, 2021
Nifty Vs OI
13800
14000
14200
14400
14600
14800
15000
15200
15400
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
3/10 3/16 3/18 3/22 3/24 3/26 3/31 4/5 4/7
(`000)
Openinterest Nifty
View
The indices started the day marginally positive and
then traded with a positive bias post the
announcement of the RBI policy. Nifty ended the day
above 14800 mark with gains of almost a percent
while the Banking index too participated yesterday
and posted gains of one and a half percent
.
FIIs were net buyers in the cash segment to the tune
of Rs. 227 crores. In index futures front, they bought
worth Rs. 762 crores with decrease in open interest
indicating short covering in yesterday’s session.
We witnessed some long formation in Nifty while Bank
Nifty rallied due to short covering. Finally, the short
positions in the banking space which were rolled
during expiry have recently been covered to some
extent. FII's covered short positions in the index
futures segment and bought some equities in cash
segment. In options front, 14700-14800 call writers
ran to cover their positions while put writing was seen
in 14800 and 14700 strikes. The above data indicates
short positions being covered which could continue in
today's session as well. Hence, traders are advised to
trade with a positive bias and look to buy at-the-
money call option in intraday declines
.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 2.46%.
Bank Nifty futures open interest has decreased by 7.21%
as market closed at 14819.05 levels.
The Nifty April future closed with a premium of point
68.95 against a premium of 67.95 point in last trading
session. The May series closed at a premium of 117.05
point.
The INDIA VIX decreased from 20.84 to 20.24.
At the same time, the PCR-OI of Nifty increased from 1.13
to 1.29.
Few of the liquid counters where we have seen high cost
of carry are IDEA, APLLTD, BERGERPAINT, VEDL, AND BEL.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
MPHASIS 692250 30.20 1732.35 -0.80
PIIND 445750 29.67 2422.70 4.96
AMARAJABAT 3256000 25.09 836.35 -1.23
VEDL 86601600 24.45 236.85 1.57
CHOLAFIN 6372500 18.01 578.05 6.98
NAM-INDIA 1008000 14.96 340.45 1.00
LICHSGFIN 6928000 12.18 418.90 -0.07
TVSMOTOR 3697400 11.01 569.20 -0.03
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CUMMINSIND 1820400 -8.89 888.55 1.22
MGL 1438800 -8.05 1122.85 2.63
SRF 448375 -7.17 6189.70 1.08
RBLBANK 21280200 -7.00 216.20 1.90
SBILIFE 4809000 -6.71 918.50 2.32
ASIANPAINT 5211000 -6.38 2628.55 0.77
BAJFINANCE 3555250 -5.86 5077.10 1.61
NTPC 76214700 -5.56 105.45 -0.61
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.29 0.94
BANKNIFTY 0.94 0.88
RELIANCE 0.56 0.46
ICICIBANK 0.51 0.38
INFY 0.52 0.40
Historical Volatility
SCRIP HV
CUB 50.97
PIIND 43.58
CHOLAFIN 71.48
JSWSTEEL 52.61
IDFCFIRSTB 60.61
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Technical & Derivatives Report
April 08, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (April Series) are given as an information and not as a recommendation.
Nifty Spot =
14819.05
FII Statistics for April 07, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
6148.46
5386.51
761.95
104104
11009.25
(12.03)
INDEX
OPTIONS
536185.43
536668.65
(483.22) 948267
97170.74
2.88
STOCK
FUTURES
12405.67
12106.50
299.17
1072822
93677.69
(0.37)
STOCK
OPTIONS
9646.64
9700.59
(53.95) 143333
12912.58
7.00
Total 564386.20
563862.25
523.95
2268526
214770.26
0.79
Turnover on April 07, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
3,85,226 36015.61 7.30
Index Options
4,41,65,323 41,40,159.35 27.14
Stock Futures
6,61,277 66899.94 7.72
Stock Options
13,70,975 1,43,224.34 7.18
Total 4,65,82,801 43,86,299.24 25.84
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14800 333.60
57.10 42.90 14857.10
Sell 14900 276.50
Buy 14800 333.60
109.15 90.85 14909.15
Sell 15000 224.45
Buy 14900 276.50
52.05 47.95 14952.05
Sell 15000 224.45
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14800 244.20
38.05 61.95 14761.95
Sell 14700 206.15
Buy 14800 244.20
68.50 131.50 14731.50
Sell 14600 175.70
Buy 14700 206.15
30.45 69.55 14669.55
Sell 14600 175.70
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300
Call Put
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April 08, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
742
778
832
868
922
ASIANPAINT 2,564 2,596
2,632
2,664
2,700
AXISBANK
659
674
683
697
706
BAJAJ-AUTO 3,559 3,620
3,657
3,717
3,754
BAJFINANCE 4,873 4,975
5,042
5,144
5,211
BAJAJFINSV 9,363 9,451
9,555
9,643
9,747
BPCL
425
427
429
431
433
BHARTIARTL
530
536
541
547
553
BRITANNIA 3,610 3,678
3,717
3,784
3,824
CIPLA
824
832
839
847
853
COALINDIA
129
130
131
132
133
DIVISLAB 3,666 3,682
3,708
3,725
3,751
DRREDDY 4,596 4,644
4,689
4,737
4,782
EICHERMOT 2,468 2,503
2,525
2,560
2,582
GRASIM 1,420 1,429
1,437
1,445
1,453
HCLTECH 1,015 1,026
1,036
1,047
1,056
HDFCBANK 1,407 1,427
1,442
1,462
1,477
HDFCLIFE
690
695
700
705
710
HDFC 2,432 2,457
2,483
2,508
2,533
HEROMOTOCO 2,8
48
2,895
2,922
2,969
2,996
HINDALCO
342
347
354
359
366
HINDUNILVR 2,362 2,383
2,409
2,431
2,457
ICICIBANK
552
565
572
585
593
IOC
91
92
92
93
94
INDUSINDBK
908
927
940
958
971
INFY 1,396 1,413
1,424
1,441
1,452
ITC
211
212
214
215
217
JSW STEEL
521
542
554
575
587
KOTAKBANK 1,718 1,755
1,783
1,820
1,848
LT 1,376 1,390
1,404
1,418
1,431
M&M
767
782
790
805
813
MARUTI 6,732 6,798
6,842
6,908
6,952
NESTLEIND 16,593
17,001
17,434
17,842
18,275
NTPC
104
105
1
06
107
108
ONGC
103
104
104
106
106
POWERGRID
205
208
212
215
219
RELIANCE 1,961 1,982
2,014
2,035
2,068
SBILIFE
890
904
913
927
935
SHREECEM 29,627
29,929
30,255
30,557
30,882
SBIN
341
350
356
365
372
SUNPHARMA
610
615
622
628
634
TCS 3,219 3,245
3,261
3,288
3,304
TATACONSUM
651
658
667
674
682
TATAMOTORS
302
305
308
311
313
TATASTEEL
854
865
875
885
895
TECHM
973
988
997
1,011
1,020
TITAN 1,474 1,494
1,528
1,548
1,581
ULTRACEMCO 6,631 6,696
6,778
6,842
6,924
UPL
639
647
660
668
682
WIPRO
418
428
433
444
449
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Technical & Derivatives Report
April 08, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
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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