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Technical & Derivatives Report
December 10, 2020
Nifty
Bank Out
look
-
(
30709)
Bank Nifty as well started on a positive note and with positive
momentum throughout the session added another 1.48% to bulls
kitty to eventually end tad above the 30700 mark.
Momentum is strongly gripped by the bulls however we have been
mentioning since last week to avoid aggressive bets as the prices
are overstretched from its short-term moving averages and as
oscillators are in deep overbought territory. Now prices have
reached a confluence resistance zone formed by the higher range
of Rising Wedge on the daily chart and 88.6% retracement level
taken from all-time high level to March low. Hence, we would
reiterate our view to have a stock-specific approach from this
basket however avoid aggressive bets. As far as levels are
concerned, immediate resistance is placed around 30850 - 31150
whereas support is placed around 30500 - 30250 levels.
Key Levels
Support 1 – 30500 Resistance 1 – 30850
Support 2 – 30250 Resistance 2 – 31150
Exhibit 1: Nifty Daily Chart
Sensex (46103) / Nifty (13529)
The global set up was just ideal yesterday morning to have yet
another gap up opening in our market at fresh record highs.
Subsequently, index went into a consolidation mode for the
remaining few hours. But the buying momentum accelerated at the
stroke of the mid session to conclude the Nifty convincingly above
13500 by adding another percent to the bulls' kitty.
Our markets reached yet another milestone of 13500 with ease and
banking as well as Reliance were the major charioteer of the move
yesterday. Since we are in an uncharted territory, sky's the limit for
our market; but in our sense, we have now reached the extreme zone,
at least for the current vertical move. With a broader view, 14000
and beyond levels are very much possible, but for a time being,
13500 - 13600 are the extreme levels as per few fibonacci ratios.
Let's see why these levels are considered important. The 'Golden
Ratio' (161%) of the 'Price Extension' of the previous up move is
placed at current levels. This level coincides with the 'Multi-year
Upward Sloping Trend Line', drawn by connecting all important highs
from March 2015 on the monthly chart. Hence, some profit booking
around these levels cannot be ruled out.
Yes, we agree to the fact that a strong trend up or down, doesn't
necessarily follow any theory. But there is no harm being a bit
conservative at times. Hence, since the last 3 - 4 days, we have been
continuously advising booking profits in the rally and avoiding
aggressive bets overnight. As far as support levels are concerned,
13449 - 13375 would now be seen as key points.
Key Levels
Support 1 – 13449 Resistance 1 – 13600
Support 2 – 13375 Resistance2 – 13700
Exhibit 2: Nifty Bank Daily Chart
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Technical & Derivatives Report
December 10, 2020
Nifty Vs OI
12400
12600
12800
13000
13200
13400
13600
13800
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
11/20 11/24 11/26 12/1 12/3 12/7 12/9
(`000)
Openinterest Nifty
View
Nifty started yesterday's session on a higher note
following the positive global cues and rallied higher to
surpass the 13500 mark.
FIIs were net buyers in the cash segment to the tune of
Rs. 3564 crore. In index future segment, they bought
worth Rs. 598 crores with no relevant change in open
interest indicating blend of long formation and some
short unwinding.
We saw some open interest addition in both the indices
while the stronger hands continued to buy in both the
cash segment as well as the futures segment. As the
market rallied, 13400 and 13500 call writers unwound
some of their positions while put options of same
strikes witnessed open interest addition. For
today'ssession, 13600 is seen as the resistance whereas
support is in the range of 13500-13400. The Nifty PCR-
OI is trading at 1.73 which is in the overbought zone.
Hence, we advise traders to look to book some profits
on the existing longs in index and look for stock specific
opportunities.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 2.55%
Bank Nifty futures open interest has increased by 3.34%
as market closed at 13529.10 levels.
The Nifty December future closed with a premium 38.6
point against a premium of 35.2 point in last trading
session. The January series closed at a premium of 75.15
point.
The INDIA VIX remained increased from 18.61 to 18.92.
At the same time, the PCR-OI of Nifty increased from 1.60
to 1.73.
Few of the liquid counters where we have seen high cost
of carry are IDEA, RAMCOCEM, APOLLOTYRE, VOLTAS
AND HINDALCO.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PNB 128856000 27.55 39.40 -4.80
BEL 33288000 18.44 116.95 3.75
ACC 3211000 16.26 1656.60 -1.79
SIEMENS 1635150 14.13 1564.90 1.64
WIPRO 31536000 12.69 359.50 -1.33
PVR 1551077 12.42 1488.10 7.37
GODREJCP 5352000 11.66 704.95 -0.25
AMBUJACEM 19257000 10.35 252.85 -1.89
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ICICIPRULI 5580000 -14.46 486.85 0.78
TATACHEM 6420000 -12.34 510.65 0.33
ULTRACEMCO 1520800 -11.94 5144.85 -1.09
BOSCHLTD 237950 -8.92 13510.50 1.57
CHOLAFIN 5387500 -8.69 369.95 -1.01
BANKBARODA 65885300 -6.47 65.60 0.15
LICHSGFIN 11444000 -5.72 357.20 0.13
UBL 1240400 -5.44 1139.95 2.49
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.73 1.09
BANKNIFTY 1.38 0.90
RELIANCE 0.61 0.29
ICICIBANK 0.65 0.44
INFY 0.61 0.64
Historical Volatility
SCRIP HV
CUMMINSIND 41.24
CANBK 64.13
RECLTD 50.31
PVR 63.33
ASIANPAINT 38.90
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Technical & Derivatives Report
December 10, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (December Series) are given as an information and not as a recommendation.
Nifty Spot =
13529.10
FII Statistics for December 09, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3952.25
3354.59
597.66
141417
13769.60
0.09
INDEX
OPTIONS
239570.42
239636.51
(66.09) 844577
81311.42
6.20
STOCK
FUTURES
11773.75
12365.08
(591.33) 1311278
104104.72
(0.78)
STOCK
OPTIONS
4304.07
4175.58
128.49
75668
6072.10
1.17
Total 259600.49
259531.76
68.73
2372940
205257.84
1.71
Turnover on December 09, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
3,06,469 26546.85 -8.95
Index Options
2,82,34,013 24,34,223.73
17.58
Stock Futures
7,21,175 57245.75 -10.95
Stock Options
12,01,726
98648.29 -15.31
Total 3,04,63,383 26,16,664.62
14.76
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 13500 246.30
57.75 42.25 13557.75
Sell 13600 188.55
Buy 13500 246.30
104.10 95.90 13604.10
Sell 13700 142.20
Buy 13600 188.55
46.35 53.65 13646.35
Sell 13700 142.20
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 13500 178.70
35.05 64.95 13464.95
Sell 13400 143.65
Buy 13500 178.70
65.00 135.00 13435.00
Sell 13300 113.70
Buy 13400 143.65
29.95 70.05 13370.05
Sell 13300 113.70
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
12700 12800 12900 13000 13100 13200 13300 13400 13500 13600 13700 13800 13900 14000
Call Put
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Technical & Derivatives Report
December 10, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
452
458
464
470
476
ASIANPAINT 2,415 2,469
2,500
2,554
2,586
AXISBANK
612
623
630
641
648
BAJAJ-AUTO 3,266 3,286
3,320
3,340
3,374
BAJFINANCE 4,768 4,806
4,829
4,868
4,891
BAJAJFINSV 8,888 8,949
9,012
9,073
9,136
BPCL
387
391
395
399
403
BHARTIARTL
495
499
503
507
511
BRITANNIA 3,591 3,609
3,637
3,656
3,684
CIPLA
751
757
765
771
779
COALINDIA
132
134
136
137
139
DIVISLAB 3,679 3,702
3,719
3,742
3,759
DRREDDY 4,986 5,021
5,061
5,096
5,136
EICHERMOT 2,515 2,531
2,546
2,562
2,577
GAIL
120
121
123
124
125
GRASIM
906
913
923
931
941
HCLTECH
856
863
872
879
887
HDFCBANK 1,362 1,385
1,397
1,420
1,432
HDFCLIFE
640
646
651
658
663
HDFC 2,253 2,280
2,307
2,334
2,361
HEROMOTOCO 3,136 3,163
3,184
3,211
3,231
HINDALCO
235
238
243
246
251
HINDUNILVR 2,224 2,258
2,277
2,311
2,330
ICICIBANK
502
507
511
516
520
IOC
90
92
93
95
96
INDUSINDBK
909
919
929
938
948
INFY 1,148 1,162
1,171
1,184
1,193
ITC
203
204
206
207
209
JSW STEEL
354
358
363
367
372
KOTAKBANK 1,817 1,850
1,870
1,903
1,922
LT 1,159 1,170
1,177
1,189
1,196
M&M
743
749
756
762
769
MARUTI 7,626 7,668
7,734
7,775
7,842
NESTLEIND 17,403
17,486
17,564
17,647
17,725
NTPC
97
98
99
100
101
ONGC
90
90
92
92
94
POWERGRID
189
191
193
195
197
RELIANCE 1,985 2,006
2,020
2,041
2,055
SBILIFE
850
854
859
863
868
SHREECEM 23,975
24,198
24,574
24,796
25,172
SBIN
266
268
271
274
277
SUNPHARMA
556
563
573
580
591
TCS 2,768 2,789
2,815
2,836
2,862
TATAMOTORS
179
181
184
186
188
TATASTEEL
599
604
612
618
626
TECHM
918
924
932
938
946
TITAN 1,409 1,417
1,426
1,435
1,444
ULTRACEMCO 5,031 5,088
5,173
5,230
5,316
UPL
468
480
488
500
507
WIPRO
351
355
362
366
372
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Technical & Derivatives Report
December 10, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: techni[email protected]
For Derivatives Queries E-mail: derivatives.d[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