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Technical & Derivatives Report
Se
ptember 09, 2020
Nifty
look
-
(
22744
)
The banking index opened flat and then stabilised from initial
nervousness. In fact, the Bank Nifty started moving northwards in
tandem with benchmark. This was followed by a long
consolidation as the prices kept flirting with the ‘200-SMA’ on
hourly chart. However, due to further escalation with respect to
India-China clash at the border, markets came off sharply in last
hour of the trade once the news is out in the public domain.
Looking at the daily chart of Bank Nifty, it’s trading around the
cluster of supports; but since there is lot of headwind due to
uncertainty on the domestic as well as global front, it’s not letting
banking stocks lift from their supports. In the coming session, if
things worsen with respect to geopolitical developments, we may
see retesting of 22550-22350. On the flipside, 22900-23100
should be considered as immediate hurdles. In our sense, if the
correction happens towards the mentioned supports, traders are
advised not to create fresh shorts around it, rather book out
existing one.
Key Levels
Support 1 – 22550 Resistance 1 – 22900
Support 2 – 22350 Resistance 2 – 23100
Exhibit 1: Nifty Daily Chart
Se
nsex
(
38365)
/ Nifty
(
11317
)
Nifty started the session marginally positive yesterday and
attempted a pullback move with the support of IT heavyweights.
However, the bears took the charge in the later half of the day and
the index corrected sharply in the last hour to end with a loss of one-
third of a percent.
Yesterday’s move can be divided into two-halves, in the first half the
index made a pullback move majorly supported by the heavyweights
from the IT basket, however, the pullback got arrested tad below the
intraday resistance of 11450 and the index then corrected sharply in
the later half with the broader markets taking a knock. As mentioned
yesterday, our market is undergoing a corrective phase where traders
need to be agile and look for opportunities on both the sides of the
trade. For the near term, 11250 is the immediate support for the
Nifty and if index breaks that, then it could drag towards the next
support around 11133 which is the potential reversal zone (PRZ) of
AB=CD harmonic pattern. On the flipside, 11450 continues to be the
immediate resistance to watch out for.
From a trading perspective, we continue with our advise for traders
to avoid aggressive bets for the time being and trade with a proper
risk management strategy.
.Key Levels
Support 1 – 11250 Resistance 1 – 11400
Support 2 – 11133 Resistance 2 – 11450
Exhibit 2: Nifty Bank Daily Chart
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Technical & Derivatives Report
September 09, 2020
Nifty Vs OI
11100
11200
11300
11400
11500
11600
11700
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
8/20 8/24 8/26 8/28 9/1 9/3 9/7
(`000)
Openinterest Nifty
View
s
Post some hiccups in the initial half an hour of trade, we
witnessed decent buying interest to rally beyond 11400
mark. In the midst, Nifty consolidated above the 11400
mark but all of a sudden sharp profit booking in the final
hour wiped-off all the gains to eventually conclude the
session almost at the lowest point of the day.
FIIs were net sellers cash market segment to the tune of
Rs. 1057 crores. In index futures, they bought worth Rs.
211 crores with fall in open interest which suggests
blend of long unwinding and short covering
.
As far as F&O activities in the indices are concerned, we
saw fresh short formation in Nifty and long unwinding
took place in case of BankNifty. In the weekly options
front, massive writing was seen in 11300-11600 call
options; whereas, 11000 and 11350 put strikes added
some fresh trades. Now considering the above data
points, we believe 11450-11500 may now act as a
strong hurdle for the Nifty. On the downside, 11250 is
an immediate support, any downside below this may
drag the index towards the 11100 mark. Hence, traders
are advised to stay cautious and avoid any unnecessary
bets.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 1.76%
Bank Nifty futures open interest has increased by 9.38%
as market closed at 11317.35 levels.
The Nifty September future closed with a premium of 2.50
point against a premium of 10.85 point in last trading
session. The October series closed at a premium of 16.30
point.
The INDIA VIX has increased from 22.01 to 22.72.
At the same time, the PCR-OI of Nifty decreased from
1.23 to 1.22.
Few of the liquid counters where we have seen high cost
of carry are APOLLOTYRE, JINDALSTEL, PNB, BHARTIARTL
and ADANIENT.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IDFCFIRSTB 149131000 9.29 30.30 -4.75
ONGC 58681700 7.72 74.45 -2.93
RAMCOCEM 1413550 7.22 698.10 -3.46
MINDTREE 1808000 6.60 1186.90 -1.36
MUTHOOTFIN 3810750 5.04 1084.40 -0.91
SHREECEM 179450 5.00 19357.15 -2.22
NTPC 50000400 4.98 90.65 -2.10
RBLBANK 19110000 4.97 179.80 -4.36
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
TORNTPHARM 977500 -10.97 2753.65 -1.03
HEROMOTOCO 2046300 -8.32 2863.20 -0.16
MOTHERSUMI 23912000 -6.95 111.80 -2.01
ZEEL 26976000 -6.26 213.75 -4.31
MRF 48050 -5.88 58212.45 -0.55
GODREJCP 4662000 -5.15 669.70 2.04
APOLLOHOSP 864000 -5.05 1651.75 -0.87
AMARAJABAT 1173000 -4.94 717.90 -2.12
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.22 0.91
BANKNIFTY 0.75 0.88
RELIANCE 0.54 0.39
ICICIBANK 0.47 0.56
INFY 0.52 0.37
Historical Volatility
SCRIP HV
INFRATEL 74.98
APOLLOTYRE 52.28
PVR 64.45
RAMCOCEM 43.19
GMRINFRA 55.26
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Technical & Derivatives Report
September 09, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (September Series) are given as an information and not as a recommendation.
Nifty Spot =
11313.35
FII Statistics for September 08, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3185.10 2973.93 211.17
123438 9717.71 (3.19)
INDEX
OPTIONS
182021.38 181580.17 441.21
768754 59640.85 (0.32)
177589.05
STOCK
FUTURES
12568.75 12130.75 438.00
1201472 83844.34 (0.02)
STOCK
OPTIONS
5113.88 5212.70 (98.82) 91016 6282.38 4.28
Total 202889.11
201897.55
991.56
2184680
159485.28
(0.14)
197578.59
Turnover on September 08, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 4,16,158 28557.46 1.98
Index Options 1,93,54,246 13,69,851.35 15.63
Stock Futures 6,87,038 51225.84 13.36
Stock Options
10,04,490 80056.51 14.31
Total 2,14,61,932 15,29,691.16 15.20
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 11300 216.10
53.10 46.90 11353.10
Sell 11400 163.00
Buy 11300 216.10
98.50 101.50 11398.50
Sell 11500 117.60
Buy 11400 163.00
45.40 54.60 11445.40
Sell 11500 117.60
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 11300 194.85
38.30 61.70 11261.70
Sell 11200 156.55
Buy 11300 194.85
70.70 129.30 11229.30
Sell 11100 124.15
Buy 11200 156.55
32.40 67.60 11167.60
Sell 11100 124.15
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
10700 10800 10900 11000 11100 11200 11300 11400 11500 11600 11700 11800 11900 12000
Call Put
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Technical & Derivatives Report
September 09, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
336
341
348
353
361
ASIANPAINT 1,921 1,941
1,971
1,991
2,021
AXISBANK
428
436
449
457
470
BAJAJ-AUTO 2,844 2,873
2,895
2,924
2,947
BAJFINANCE 3,417 3,458
3,517
3,558
3,617
BAJAJFINSV 6,141 6,188
6,259
6,305
6,377
BPCL
390
401
411
422
431
BHARTIARTL
480
489
503
512
526
INFRATEL
200
207
218
224
235
BRITANNIA 3,684 3,708
3,735
3,759
3,786
CIPLA
691
7
00
713
722
735
COALINDIA
127
129
131
132
134
DRREDDY 4,234 4,291
4,386
4,444
4,539
EICHERMOT 2,109 2,135
2,176
2,202
2,243
GAIL
93
94
95
96
98
GRASIM
656
667
685
695
713
HCLTECH
687
706
723
742
758
HDFCBANK 1,096 1,104
1,111
1,12
0
1,127
HDFC
570
576
586
592
601
HEROMOTOCO 1,758 1,768
1,780
1,790
1,803
HINDALCO 2,822 2,842
2,873
2,894
2,924
HINDUNILVR
174
177
183
186
191
ICICIBANK 2,108 2,125
2,148
2,165
2,188
IOC
363
369
375
382
388
INDUSINDBK
81
82
83
84
85
INFY
590
595
604
609
618
ITC
913
926
939
952
965
JSW STEEL
182
185
188
191
194
KOTAKBANK
273
277
283
287
293
LT 1,332 1,342
1,357
1,366
1,381
M&M
899
908
922
931
945
MARUTI
594
601
613
620
632
NESTLEIND 7,073 7,148
7,213
7,289
7,354
NTPC 15,929
16,028
16,199
16,297
16,468
ONGC
88
90
91
93
94
POWERGRID
72
73
75
76
78
RELIANCE
173
174
175
176
177
SHREECEM 2,062 2,085
2,103
2,125
2,143
SBIN 18,682
19,019
19,609
19,946
20,536
SUNPHARMA
200
202
205
207
211
TCS
487
494
506
513
525
TATAMOTORS 2,292 2,320
2,355
2,383
2,419
TATASTEEL
136
139
144
148
153
TECHM
388
397
411
420
434
TITAN
731
742
755
766
779
ULTRACEMCO 1,144 1,153
1,164
1,173
1,183
UPL 3,783 3,803
3,833
3,853
3,883
VEDANTA
473
480
492
499
510
WIPRO
274
278
283
287
291
ZEEL
204
209
217
222
230
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Technical & Derivatives Report
September 09, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical & Derivatives Queries E-mail: [email protected]lbroking.com
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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]roking.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com