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February 09, 2021
Technical & Derivatives Report
Nifty
Bank Out
look
-
(
35984)
The global optimism yesterday morning led to a head start for the
new trading week. The Banking index opened with a good bump up
beyond the 36000 mark. In fact, in the initial trade, the lead
extended and it marched towards it’s Friday’s record high. However,
traders chose to take some money off the table and during the
remaining part, we witnessed a consolidation in all key indices. The
BANKNIFTY pared down some portion of gains but managed to
conclude by adding another percent to the previous close. Yesterday
at the beginning, we witnessed a good traction in almost all
constituents. But as the day progressed, the enthusiasm seems to
have faded a bit and hence, the BANKNIFTY didn’t have enough
strength to go beyond Friday’s high of 36640. In our previous
commentary, we had highlighted the ‘Gravestone Doji’ pattern
formed on the dally chart. Yesterday’s range was contained to
Friday’s candle and the pattern still remains valid. Thus, we continue
to advise caution (especially in banking space) as long as 36640 is
not surpassed convincingly. If any weakness has to trigger, it is
possible after the activation of the mentioned pattern i.e. below
35500. Traders are advised to take a note of all these key levels and
should position themselves accordingly.
Key Levels
Support 1 – 35500 Resistance 1 – 36250
Support 2 – 34980 Resistance 2 – 36640
Exhibit 1: Nifty Daily Chart
Sensex (51349) / Nifty (15116)
The positive global sentiment aided to a gap up opening for the week
and the Nifty continued to march higher to end the first day of the
week above the 15100 mark.
The bulls continue to dominate the market movement as we had
another gap up opening yesterday to surpass the 15000 mark with an
ease. Post the budget, it was the sixth straight session of gains and this
vertical upmove has certainly overwhelmed traders with good returns.
Yesterday, the banking index initially took the charge but as the day
progressed, we witnessed some sector rotation with other sectors such
as Auto, IT and Metals gaining momentum in the later half. There’s no
second thought about the trend for the market which continues to be
up, but stock/sector specific approach is now providing good
opportunities for traders. Hence, traders are advised to continue with a
positive approach and look for stock specific opportunities. As far as
levels are concerned, the 20 EMA on the hourly chart at 14970 is the
support and till this is intact, one should look for buying opportunities
on dips. On the flipside, 15200 followed by 15300 are the important
levels to watch out for.
Key Levels
Support 1 – 15000 Resistance 1 – 15200
Support 2 – 14970 Resistance2 – 15300
Exhibit 2: Nifty Bank Daily Chart
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February 09, 2021
Nifty Vs OI
12500
13000
13500
14000
14500
15000
15500
,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 2/5
(`000)
Openinterest Nifty
View
Post last week’s smart recovery, we began Monday’s
session with an upside gap. Follow-up buying during the
day led Nifty surpassing 15150 mark; but, due to sme
profit booking in the end index concluded the session
slightly above 15100 mark with a handsome gains of
1.25%.
FIIs were net buyers in the cash segment to the tune of
Rs. 1876 crore. In index future segment, they bought worth
Rs. 491 crore with decrease in open interest indicating
short covering.
Despit a strong upmove, we hardly saw any fresh build-up
in both the indices. Stronger hands continued their buying
streak in equities and opted to cover few of their shorts in
yesterday’s session. In index options front, fresh build-up
was seen in 15100 and 15300-15600 call options; followed
by unwinding in 14800-15050 strikes. On the other side,
good amount of writing was seen in 15000 and 15100
strikes. In the recent upmove, longs were missing which is
not a very encouraging sign, Considering the development
seen in options segment, we believe 14900-15000 may
now act as a demand zone; whereas, around 15300 is an
immediate resistance. Traders are advised to keep a close
watch on the above mentioned levels and be very selective
while picking up stocks.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 0.13%
Bank Nifty futures open interest has decreased by 7.87%
as market closed at 15115.82 levels.
The Nifty February future closed with a premium of
10.70 point against a discount of 44.15 point in last
trading session. The March series closed at a premium of
46.5 point.
The INDIA VIX increased from 23.41 to 23.95.
At the same time, the PCR-OI of Nifty increased from
1.41 to 1.52.
Few of the liquid counters where we have seen high cost
of carry are VEDL, IGL, WIPRO, MOTHERSUMI and
ADANIPORTS.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
EXIDEIND 13168800 17.39 214.55 5.19
IOC 65988000 17.26 104.10 1.70
POWERGRID 12236000 14.48 212.55 2.74
PAGEIND 93480 14.43 29203.35 -0.41
MOTHERSUMI 40040000 14.24 162.85 4.33
RBLBANK 23440700 12.84 247.40 -1.52
BRITANNIA 2696800 12.59 3473.70 -2.13
PETRONET 15540000 12.05 242.05 -0.69
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
BHEL 136185000 -17.02 39.85 -8.70
PNB 189328000 -12.04 38.00 -5.35
DIVISLAB 3269400 -11.23 3781.85 -1.45
COFORGE 454875 -10.41 2604.85 5.13
CUMMINSIND 1155600 -8.81 792.25 0.47
M&MFIN 12412000 -8.28 184.15 4.52
HDFCAMC 449800 -8.02 3086.75 4.55
INDUSTOWER 13202000 -7.84 239.95 1.51
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.52 1.07
BANKNIFTY 1.03 1.02
RELIANCE 0.42 0.33
ICICIBANK 1.15 0.59
INFY 0.46 0.26
Historical Volatility
SCRIP HV
RAMCOCEM 42.55
CONCOR 49.39
M&M 49.56
BHEL 65.97
EXIDEIND 39.56
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Technical & Derivatives Report
February 09, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (February Series) are given as an information and not as a recommendation.
Nifty Spot =
15115.80
FII Statistics for February 08, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
4203.93 3713.36 490.57
117126 12624.86 (3.84)
INDEX
OPTIONS
302480.81 305340.90 (2860.09) 908530 96803.91 9.49
STOCK
FUTURES
12838.97 11930.43 908.54
1198613 103619.15 0.29
STOCK
OPTIONS
13853.46 13749.60 103.86
161366 14219.40 10.03
Total 333377.17
334734.29
(1357.12) 2385635
227267.32
4.02
Turnover on February 08, 2020
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 3,66,613 36144.62 -29.41
Index Options 2,26,51,110
22,23,833.47 2.64
Stock Futures 8,07,669 74902.05 -24.83
Stock Options 16,98,320 1,61,856.81 -15.20
Total 2,55,23,712
24,96,736.95 -0.46
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 15100 282.25
52.20 47.80 15152.20
Sell 15200 230.05
Buy 15100 282.25
99.60 100.40 15199.60
Sell 15300 182.65
Buy 15200 230.05
47.40 52.60 15247.40
Sell 15300 182.65
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 15100 269.00
40.85 59.15 15059.15
Sell 15000 228.15
Buy 15100 269.00
73.25 126.75 15026.75
Sell 14900 195.75
Buy 15000 228.15
32.40 67.60 14967.60
Sell 14900 195.75
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
14400 14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500 15600 15700
Call Put
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Technical & Derivatives Report
February 09, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
559
571
582
594
605
ASIANPAINT 2,347 2,382
2,408
2,443
2,470
AXISBANK
715
726
737
747
758
BAJAJ-AUTO 4,167 4,202
4,230
4,266
4,294
BAJFINANCE 5,356 5,427
5,546
5,617
5,736
BAJAJFINSV 9,584 9,803
9,956
10,175
10,328
BPCL
412
416
420
424
429
BHARTIARTL
576
587
595
606
614
BRITANNIA 3,365 3,420
3,518
3,572
3,671
CIPLA
831
839
849
857
867
COALINDIA
139
140
141
143
144
DIVISLAB 3,535 3,659
3,773
3,897
4,011
DRREDDY 4,780 4,820
4,865
4,905
4,950
EICHERMOT 2,906 2,938
2,962
2,994
3,018
GAIL
126
129
132
134
137
GRASIM 1,170 1,191
1,205
1,226
1,240
HCLTECH
931
945
955
968
978
HDFCBANK 1,575 1,590
1,611
1,626
1,647
HDFCLIFE
670
677
684
691
698
HDFC 2,683 2,708
2,736
2,762
2,790
HEROMOTOCO 3,381 3,438
3,472
3,529
3,564
HINDALCO
257
268
274
285
291
HINDUNILVR 2,193 2,215
2,252
2,273
2,310
ICICIBANK
617
623
629
635
640
IOC
102
103
104
105
106
INDUSINDBK 1,012 1,024
1,039
1,051
1,066
INFY 1,262 1,283
1,296
1,317
1,331
ITC
228
230
234
237
241
JSW STEEL
395
406
413
424
431
KOTAKBANK 1,901 1,929
1,980
2,008
2,058
LT 1,497 1,525
1,547
1,575
1,597
M&M
863
896
924
957
985
MARUTI 7,399 7,487
7,562
7,650
7,726
NESTLEIND 17,018
17,118
17,201
17,302
17,385
NTPC
94
97
99
102
104
ONGC
98
99
100
101
102
POWERGRID
203
208
211
215
218
RELIANCE 1,910 1,931
1,950
1,971
1,990
SBILIFE
848
854
863
868
877
SHREECEM 26,149
27,086
27,687
28,623
29,224
SBIN
387
392
400
405
413
SUNPHARMA
625
630
637
642
650
TCS 3,128 3,171
3,198
3,242
3,269
TATAMOTORS
310
323
331
344
352
TATASTEEL
675
689
697
711
719
TECHM
946
964
979
997
1,011
TITAN 1,484 1,513
1,539
1,568
1,594
ULTRACEMCO 6,223 6,296
6,390
6,463
6,557
UPL
520
529
537
547
555
WIPRO
422
429
433
440
445
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Technical & Derivatives Report
February 09, 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: deri[email protected].com
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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