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Technical & Derivatives Report
September 14, 2020
Nifty
Bank Out
-
(
22480
)
On Friday, Bank Nifty started on a flat note and gyrated within a
range throughout the day to end flat tad below 22500 levels.
During the week gone by the benchmark index Nifty witnessed a
strong bounce back from its key support levels however the bank
index disappointed as it ended the week with a loss of 2.31%
against the previous week close. With reference to our previous
outlook we continue to see strong support around 22000 - 22200
levels however the bullish momentum continues to be missing.
Going ahead, 22600 - 22700 are the immediate hurdle and if
prices breaks above the same then we may see an extension of
upmove towards 23200 - 23500 levels. Traders are advised to
keep a tab on the above levels and trade accordingly.
Key Levels
Support 1 – 22200 Resistance 1 – 22600
Support 2 – 22000 Resistance 2 – 22700
Exhibit 1: Nifty Daily Chart
Se
nsex
(
38855)
/ Nifty
(
11464
)
During the previous week, finally the brakes were applied on the
recent euphoria on the back of geopolitical concerns with respect to
the India - China clash at the border and to make it worse, US
markets started correcting sharply after a strong gravity defying
move in the last couple of months. All these factors triggered profit
booking in our market and left us with some uncertainty at the end
of the previous week. Fortunately, no escalation was seen over the
last weekend and during the week also. Hence, some respite was
seen in the latter half to reclaim the 11450 mark.
In the week gone by, no further damage was done after a previous
week’s hiccup. However, the overall intra-week range was extremely
small and barring one or two days, there was no major activity seen
in indices. In our sense, one should still continue with a slightly
cautious stance because the uncertainty is still looming over and till
the time, we do not get clarity with respect to all these developments,
better to stay light with a stock specific approach. As far as levels are
concerned, 11550-11650 are likely to act as immediate hurdles;
whereas on the lower side, 11350-11200 would be seen as a key
support zone.
.Key Levels
Support 1 – 11360 Resistance 1 – 11550
Support 2 – 11300 Resistance 2 – 11585
Exhibit 2: Nifty Bank Daily Chart
During the week, the majority of the gains were contributed by the
stellar move in RELIANCE towards the fag end and IT stocks too chip
in. At this juncture, the banking index is clearly underperforming and
is placed around the crucial junction. We are observing a cluster of
support around 22200-22000 and till the time it is defended, we can
expect some recovery in the market. However, if it fails to hold this,
the Nifty can easily slide below the key support of 11200. So, one
should keep a close eye on all these possibilities and should position
accordingly.
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Technical & Derivatives Report
September 14, 2020
Nifty Vs OI
11000
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 9/9 9/11
(`000)
Openinterest Nifty
View
s
We started-off the week on a slightly positive note and
then index consolidate for the first two sessions in the
range of 200 points. On Wednesday, selling aggravated
to test 11200 mark; however, decent buying interest was
seen at the lower levels to recover all the losses. Nifty
extended its upmove for next two sessions to rally almost
towards 11500 mark
.
FIIs were net buyers in cash market segment to the tune
of Rs. 1176 crores. In index futures, they sold worth
Rs. 467 crores with rise in open interest which suggests
short positions were formed on Friday’s session
.
In index futures segment, we saw fresh longs in Nifty;
whereas, majority of shorts were added in the banking
index. As far as Nifty options activities are concerned,
huge build-up was seen in 11500-11800 call options. In
case of put options, build-up was scattered between
11000-11500 strikes. For the entire September month,
BankNifty has been an underperformer and has also
added decent shorts; but considering the overall
positions we believe this index is short heavy. Hence, may
see decent short covering move going ahead. At present,
22200-22000 is a strong support zone for BankNifty; any
dips shall be utilized to buy ATM weekly call options
.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 7.04%
Bank Nifty futures open interest has increased by 5.92%
as market closed at 11464.45 levels.
The Nifty September future closed with a premium of 2.65
point against a premium of 6.10 point in last trading
session. The October series closed at a premium of 13.50
point.
The INDIA VIX has decreased from 21.26 to 20.71.
At the same time, the PCR-OI of Nifty increased from 1.46
to 1.49.
Few of the liquid counters where we have seen high cost
of carry are NATIONALUM, BATAINDIA, SAIL,
BHARTIARTL and NMDC.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
COFORGE 582000 68.70 2090.70 9.14
CANBK 13285000 21.94 100.85 1.30
CUMMINSIND 2013600 13.76 456.40 -3.83
WIPRO 28339200 11.09 293.30 3.14
ADANIENT 19348000 10.74 296.00 -0.78
TITAN 5802750 10.09 1167.75 0.79
ACC 2348000 8.75 1321.55 -1.52
VEDL 131322200 8.24 131.90 0.95
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ESCORTS 2574000 -9.48 1198.55 0.48
APOLLOTYRE 12725000 -8.49 116.20 0.34
MANAPPURAM 16680000 -8.25 157.25 7.12
COLPAL 2875600 -7.21 1418.65 1.25
GRASIM 18872700 -5.58 720.95 1.09
IBULHSGFIN 16166500 -5.42 198.90 2.77
HEROMOTOCO 1838400 -5.27 2992.25 1.38
BAJFINANCE 5091750 -4.97 3544.35 1.66
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.49 0.93
BANKNIFTY 0.87 0.96
RELIANCE 0.84 0.48
ICICIBANK 0.44 0.51
INFY 0.51 0.41
Historical Volatility
SCRIP HV
COFORGE 68.55
CUMMINSIND 41.45
MANAPPURAM 74.94
CONCOR 54.23
IGL 46.89
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Technical & Derivatives Report
September 14, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (September Series) are given as an information and not as a recommendation.
Nifty Spot =
11464.45
FII Statistics for September 11, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3601.71 4069.12 (467.41) 120316 9608.25 4.26
INDEX
OPTIONS
138566.48 138215.09 351.39
808756 63364.62 15.75
177589.05
STOCK
FUTURES
12171.11 12408.96 (237.85) 1210259 85339.65 0.27
STOCK
OPTIONS
6487.55 6468.53 19.02
102118 7228.03 4.14
Total 160826.85
161161.70
(334.85) 2241449
165540.55
5.77
197578.59
Turnover on September 11, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 4,29,403 28192.07 -17.75
Index Options
1,38,04,188 9,34,112.04 -78.53
Stock Futures 7,20,681 55590.44 -16.06
Stock Options
12,35,716 1,03,994.00 -20.56
Total 1,61,89,988 11,21,888.55 -75.51
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 11500 137.65
46.20 53.80 11546.20
Sell 11600 91.45
Buy 11500 137.65
79.90 120.10 11579.90
Sell 11700 57.75
Buy 11600 91.45
33.70 66.30 11633.70
Sell 11700 57.75
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 11400 130.30
32.25 67.75 11367.75
Sell 11300 98.05
Buy 11400 130.30
57.25 142.75 11342.75
Sell 11200 73.05
Buy 11300 98.05
25.00 75.00 11275.00
Sell 11200 73.05
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
10700 10800 10900 11000 11100 11200 11300 11400 11500 11600 11700 11800 11900 12000
Call Put
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Technical & Derivatives Report
September 14, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
330
336
340
346
350
ASIANPAINT 1,995 2,015
2,043
2,063
2,091
AXISBANK
435
441
445
452
456
BAJAJ-AUTO 2,883 2,900
2,921
2,938
2,959
BAJFINANCE 3,419 3,482
3,520
3,583
3,621
BAJAJFINSV 6,033 6,081
6,128
6,175
6,222
BPCL
415
422
429
436
443
BHARTIARTL
480
486
494
500
508
INFRATEL
196
199
204
207
212
BRITANNIA 3,665 3,719
3,773
3,827
3,881
CIPLA
715
720
726
732
737
COALINDIA
123
124
126
127
128
DRREDDY 4,336 4,369
4,408
4,441
4,480
EICHERMOT 2,121 2,141
2,160
2,179
2,198
GAIL
89
90
91
92
92
GRASIM
695
708
718
730
740
HCLTECH
698
710
722
734
746
HDFCBANK 1,051 1,065
1,085
1,099
1,119
HDFC
595
600
606
611
617
HEROMOTOCO 1,745 1,757
1,771
1,783
1,797
HINDALCO 2,924 2,958
2,983
3,017
3,042
HINDUNILVR
173
176
178
181
183
ICICIBANK 2,106 2,133
2,151
2,177
2,195
IOC
361
366
370
374
378
INDUSINDBK
81
82
83
84
85
INFY
593
602
612
621
631
ITC
920
933
944
956
967
JSW STEEL
181
182
184
186
188
KOTAKBANK
280
284
287
290
293
LT 1,301 1,316
1,326
1,341
1,351
M&M
907
912
917
922
927
MARUTI
606
610
616
620
626
NESTLEIND 7,065 7,129
7,240
7,304
7,414
NTPC 16,114
16,220
16,310
16,416
16,506
ONGC
89
89
90
91
92
POWERGRID
72
73
73
74
74
RELIANCE
172
173
176
178
180
SHREECEM 2,264 2,292
2,315
2,343
2,366
SBIN 19,164
19,333
19,534
19,704
19,905
SUNPHARMA
194
199
201
205
208
TCS
497
501
507
511
517
TATAMOTORS 2,310 2,342
2,362
2,395
2,415
TATASTEEL
139
142
144
147
149
TECHM
397
402
408
413
418
TITAN
738
752
761
775
784
ULTRACEMCO 1,133 1,151
1,172
1,190
1,211
UPL 3,843 3,873
3,909
3,940
3,975
VEDANTA
483
491
496
504
509
WIPRO
275
284
291
300
307
ZEEL
211
215
220
223
228
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Technical & Derivatives Report
September 14, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical & Derivatives Queries E-mail: techni[email protected]king.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