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April 16, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
Bank Out
-
(
32113)
Our markets started the session on a flat to positive note despite SGX
was indicating a strong start. After the initial volatility, market started
correcting to not only wipe off gains but also to enter a negative
territory. However, the momentum reversed upwards in the latter half
to reclaim the 32000 mark by adding another percent the bulls’ kitty.
After Monday’s mayhem, the banking index started the recovery mode
and managed to recover a fair bit of ground. Although, the moment
was a bit swift on Tuesday which was followed by a gradual move
yesterday, we still remain a bit sceptical on the banking space as it has
now approached a cluster of resistances. For the coming session,
32400 32800 is to be seen as a sturdy wall and till the time, we do
not surpass few key levels in this index, we advise against creating
longs. In fact, one should look to lighten up positions and wait for
further development. On the flipside, if we fail to sustain at higher
levels, we would see retesting of 31700 31400 first and then may
even drag lower.
Key Levels
Support 1 – 31700 Resistance 1 – 32400
Support 2 – 31400 Resistance 2 – 32800
Se
nsex
(
48804)
/ Nifty
(
14581
)
During the mid-week holiday, the SGX Nifty was indicating probability
of a decent gap up opening. However, the Nifty started the weekly expiry
day marginally positive as the IT giant Infy opened with a gap down post
its results. Nifty then corrected for the initial couple of hours to mark a
low around 14350 mark. But its was not over yet, the banking and the
financial space witnessed some good momentum and pulled the Nifty
higher again in last couple of hours to end tad below 14600 with gains
of over half a percent.
In yesterday’s session, we witnessed a correction followed by some
consolidation in the Nifty index. But the banking space was showing
relative strength and as this space rallied in the last couple of hours,
Nifty index too managed to end higher. In last couple of sessions,Nifty
has now trimmed much of the Monday’s losses while the banking index
is now trading in the gap area. This pullback in Nifty has relieved the
oversold momentum set ups on lower time frame charts and thus, the
gap area and the ‘20 DEMA’ at 14650-14700 will be seen as immediate
resistances. It would be prudent to see whether the index surpass that
resistance at the weekly closing or it reverses again from that hurdle.
Traders are advised to focus on stock specific action and avoid
aggressive bets in this pullback. On the flipside, 14460 followed by
14350 would be seen as intraday supports.
Key Levels
Support 1 – 14460
Resistance 1 – 14650
Support 2 – 14350 Resistance2 – 14700
Exhibit 2: Nifty Bank Daily Chart
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Technical & Derivatives Report
April 16, 2021
Nifty Vs OI
13800
14000
14200
14400
14600
14800
15000
15200
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
3/17 3/19 3/23 3/25 3/30 4/1 4/6 4/8 4/13
(`000)
Openinterest Nifty
View
Post mid-week holiday, we started-off the weekly
expiry day with marginal gains but due to lack of
follow-up buying plunged towatds 14350. However,
all of a sudden we witnessed smart buying interest to
almost reclaim 14600.
FIIs were net buyers in the cash segment to the tune
of Rs. 980 crores. In index futures front, they bought
worth Rs. 1309 crores with rise in open interest
indicating they added fresh longs after quite some
time.
In past couple of day’s, the open interest activity in
Nifty has been quite weird as we did not see any
relevant change despite strong moves in index. In case
of BankNifty, we started the series with huge short
rollovers and also observed shorts attracting in recent
corrections. However, we saw fresh long formation but
good amount of shorts formed earlier are still intact in
the system. In options front, 14700 call and 14500 put
option added fresh postions. Althought, we saw some
buying in banking space and FIIs too turned net
buyers yesterday, the Nifty future premium plunged
which is really not giving comfort to get carried away
in this up-move. At current juncture, 14600-14700
remains strong resistance zone for now and until we
don’t see any strength beyond these levels one should
prefer being light in index and rather opt for stock
centric trades
C
o
mme
n
t
s
The Nifty futures open interest has increased by 0.26%.
Bank Nifty futures open interest has increased by 11.77%
as market closed at 14581.45 levels.
The Nifty April future closed with a premium of point
against a premium of 36.35 point in last trading session.
The May series closed at a premium of 62.05 point.
The INDIA VIX increased from 20.46 to 20.89.
At the same time, the PCR-OI of Nifty dcreased from 1.15
to 1.14.
Few of the liquid counters where we have seen high cost
of carry are SAIL, ADANIPORTS, IDEA, AMARAJABAT and
GLENMARK.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
MINDTREE 2642400 17.63 2065.25 0.66
WIPRO 41740800 17.22 430.70 2.91
SAIL 139479000 16.41 92.80 1.86
LALPATHLAB 483500 10.58 2936.05 -0.38
AUROPHARMA 9803950 10.03 915.25 0.75
SRTRANSFIN 3576000 9.80 1380.65 -0.31
APOLLOTYRE 11785000 9.63 208.40 -2.99
SRF 474000 7.48 5997.80 -0.99
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
TCS 7091100 -18.90 3218.95 3.60
COFORGE 589125 -9.40 3045.05 4.93
ONGC 37275700 -6.38 105.10 2.78
PIDILITIND 1871500 -5.22 1823.80 0.99
HDFCBANK 33476300 -4.83 1430.10 2.04
IGL 4819375 -4.70 524.95 0.41
PFC 34168200 -4.31 109.45 -0.23
M&M 8965600 -4.06 805.10 -0.71
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.14 0.91
BANKNIFTY 1.08 0.97
RELIANCE 0.51 0.51
ICICIBANK 0.59 0.53
INFY 0.37 0.34
Historical Volatility
SCRIP HV
RAMCOCEM 41.42
TCS 35.93
GLENMARK 54.09
COFORGE 61.30
CIPLA 39.62
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Technical & Derivatives Report
April 16, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (April Series) are given as an information and not as a recommendation.
Nifty Spot =
14581.45
FII Statistics for April 15, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
7806.36 6497.72 1308.64
125147 12847.55 5.09
INDEX
OPTIONS
1229428.03 1222329.41 7098.62
770366 79454.38 (19.80)
STOCK
FUTURES
12990.57 13795.88 (805.31) 1104145 93840.47 0.06
STOCK
OPTIONS
14417.88 14790.81 (372.93) 197113 17405.34 4.03
Total 1264642.84
1257413.82
7229.02
2196771
203547.74
(7.41)
Turnover on April 15, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
4,52,629 41762.61 9.31
Index
Options
10,09,34,979
89,78,099.85 124.28
Stock Futures
7,20,769 67113.01 -3.69
Stock
Options
17,18,747 1,64,883.71 -9.36
Total 10,38,27,124
92,51,859.18 115.51
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14600 228.05
53.30 46.70 14653.30
Sell 14700 174.75
Buy 14600 228.05
98.00 102.00 14698.00
Sell 14800 130.05
Buy 14700 174.75
44.70 55.30 14744.70
Sell 14800 130.05
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14600 238.30
38.35 61.65 14561.65
Sell 14500 199.95
Buy 14600 238.30
72.95 127.05 14527.05
Sell 14400 165.35
Buy 14500 199.95
34.60 65.40 14465.40
Sell 14400 165.35
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
13700 13800 13900 14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000
Call Put
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Technical & Derivatives Report
April 16, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
714
732
743
762
773
ASIANPAINT 2,516 2,552
2,573
2,609
2,629
AXISBANK
645
657
664
676
683
BAJAJ-AUTO 3,464 3,531
3,593
3,660
3,723
BAJFINANCE 4,475 4,568
4,659
4,752
4,843
BAJAJFINSV 9,487 9,613
9,724
9,850
9,961
BPCL
395
400
408
413
421
BHARTIARTL
523
531
539
547
554
BRITANNIA 3,595 3,644
3,722
3,771
3,849
CIPLA
866
890
908
932
949
COALINDIA
125
127
129
130
133
DIVISLAB 3,642 3,713
3,766
3,837
3,891
DRREDDY 4,745 4,795
4,835
4,885
4,925
EICHERMOT 2,315 2,364
2,427
2,476
2,539
GRASIM 1,283 1,316
1,358
1,391
1,433
HCLTECH
946
969
982
1,005
1,018
HDFCBANK 1,374 1,402
1,419
1,448
1,465
HDFCLIFE
673
684
699
709
724
HDFC 2,470 2,508
2,532
2,570
2,594
HEROMOTOCO 2,788 2,825
2,858
2,895
2,928
HINDALCO
340
347
357
364
374
HINDUNILVR 2,384 2,422
2,460
2,498
2,535
ICICIBANK
546
561
569
583
591
IOC
87
89
90
91
92
INDUSINDBK
819
838
861
881
904
INFY 1,303 1,332
1,349
1,378
1,395
ITC
203
205
208
209
212
JSW STEEL
602
615
630
643
658
KOTAKBANK 1,722 1,747
1,778
1,804
1,835
LT 1,342 1,358
1,375
1,391
1,408
M&M
776
791
800
814
823
MARUTI 6,385 6,515
6,681
6,810
6,977
NESTLEIND 16,392
16,634
17,017
17,259
17,642
NTPC
98
99
101
103
105
ONGC
102
104
105
107
108
POWERGRID
204
206
209
210
213
RELIANCE 1,891 1,918
1,939
1,966
1,987
SBILIFE
882
895
904
917
926
SHREECEM 28,856
29,581
30,238
30,963
31,621
SBIN
331
337
342
348
354
SUNPHARMA
619
626
634
641
649
TCS 3,031 3,125
3,181
3,275
3,331
TATACONSUM
633
646
660
673
687
TATAMOTORS
291
297
303
309
314
TATASTEEL
864
881
896
913
928
TECHM
953
973
990
1,011
1,028
TITAN 1,497 1,518
1,536
1,557
1,575
ULTRACEMCO 6,238 6,389
6,544
6,695
6,851
UPL
583
595
610
622
636
WIPRO
407
419
427
438
446
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Technical & Derivatives Report
April 16, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: technicalre[email protected]king.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