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Technical & Derivatives Report
December 16, 2020
Nifty
Bank Out
look
-
(
30691)
Yesterday, Bank Nifty started on a flat note, and then it slipped
during the first half to test levels of 30350. This dip however got
bought into as bounce back from the lower levels recovered a
major part of morning loss to eventually end with marginal loss
tad below 30700 levels. In the last few sessions, we have been
mentioning the formation of the 'Rising Wedge' pattern on the
daily chart. Yesterday, prices respected the support levels of the
lower side of this pattern and bounced back during the second
half. Now the dynamic level of this wedge pattern is placed at
30350 on the lower side and 30850 - 31140 on the higher side
that also coincides with 88.6% retracement of fall from all-time
high to March swing low. The trading range of this pattern is
getting squeezed and hence one can expect a breakout very
soon however till then one can have a stock-specific approach
from this basket but needs to avoid aggressive bets.
Key Levels
Support 1 – 30500 Resistance 1 – 30850
Support 2 – 30350 Resistance 2 – 31140
Exhibit 1: Nifty Daily Chart
Se
nsex
(
46263)
/ Nifty
(
13568
)
The global markets witnessed some correction and in line with that,
SGX Nifty was hinting at a probability of negative opening.
However, the indices opened on a flat note and then corrected in
the first couple of hours upto 13450 mark. But once again, the
intraday day dip got bought into and we then witnessed a smart
recovery in the later half to erase all losses and end the day on a
flat note.
Once again our markets shrugged off the negative global cues and
witnessed a smart recovery from the intraday dips. In the last
couple of hours, we witnessed a decent upmove with certain high
beta stocks posting good gains. For the fourth straight session, we
have witnessed such a move where markets recovered from their
lows and ended with formation of ‘Doji’candle. Although this does
not sign any reversal of the trend, 13400-13600 now becomes a
crucial range and a breakout beyond the same would then lead to
the next leg of directional move. A move above 13600 could then
lead to an extension of this trend towards 13750 which is the 127%
retracement levels of the previous correction on the weekly charts.
On the flipside, 13400 has now become a sacrosanct and only a
breach below this would then result into a decent profit booking.
We continue with our advice for traders to trade with a stock
specific approach with a tab on the above mentioned levels in the
index.
Key Levels
Support 1 – 13450 Resistance 1 – 13600
Support 2 – 13400 Resistance2 – 13670
Exhibit 2: Nifty Bank Daily Chart
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Technical & Derivatives Report
December 16, 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 12/11 12/15
(`000)
Openinterest Nifty
View
Post Monday’s positive closing, we started-off
yesterday’s session on a flat note and saw decent
correction towards 13450. However, soon fresh buying
interest was seen to recoup all the intraday losses and
eventually Nifty concluded the session marginally
higher.
FIIs were net buyers in the cash segment to the tune
of Rs. 2484 crore. In index future segment, they sold
marginally with good amount of fall in open interest
indicating blend of long unwinding and short
formation.
The open interest activity for Nifty remained muted;
whereas for banking index meaningful unwinding was
witnessed in yesterday’s session. In options front,
build-up was seen in 13500 call followed by
unwinding in 13900 and 14100 strikes. On the other
side, 13350-13550 puts added decent positions. As
present, 13600 holds maximum open interest
concentration and hence, Nifty may find some hurdle
around this mark. On the downside, 13400-13450 is
an immediate support zone. Until index remains in the
range of 13400-13600, traders are advised avoiding
any aggressive bets in index and prefer trading in
individual counters.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 0.27%
Bank Nifty futures open interest has decreased by 9.24%
as market closed at 13567.85 levels.
The Nifty December future closed with a premium 17.10
point against a premium of 13.45 point in last trading
session. The January series closed at a premium of 56.30
point.
The INDIA VIX decreased from 19.40 to 19.34.
At the same time, the PCR-OI of Nifty increased from
1.47 to 1.54.
Few of the liquid counters where we have seen high cost
of carry are CANBK, MUTHOOTFIN, BHEL,
MANAPPURAM and ICICIPRULI.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
GMRINFRA 70672500 14.76 28.85 6.04
POWERGRID 24056000 12.85 192.80 -0.84
IGL 6707250 10.94 483.15 -2.59
SIEMENS 1684650 9.90 1536.45 -0.49
CADILAHC 7235800 9.74 466.85 -0.46
NTPC 67128900 9.01 105.85 1.05
CHOLAFIN 5450000 8.13 377.25 1.43
ZEEL 36540000 7.93 232.00 7.39
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CANBK 44658000 -17.82 122.00 4.40
TORNTPHARM 904000 -10.50 2749.20 1.48
M&MFIN 16004132 -6.25 177.40 3.13
EICHERMOT 2637950 -5.53 2475.25 3.01
PETRONET 13050000 -5.37 266.85 -0.09
HCLTECH 19513200 -5.35 886.00 1.13
VOLTAS 2428000 -5.34 829.45 2.28
DLF 29775900 -5.20 214.55 0.14
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.54 0.95
BANKNIFTY 0.87 0.90
RELIANCE 0.50 0.41
ICICIBANK 0.65 0.55
INFY 0.53 0.38
Historical Volatility
SCRIP HV
GMRINFRA 53.07
HAVELLS 41.36
ZEEL 78.84
BAJFINANCE 65.67
CANBK 64.15
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Technical & Derivatives Report
December 16, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (December Series) are given as an information and not as a recommendation.
Nifty Spot =
135
67
.85
FII Statistics for December 15, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3055.76 3151.02 (95.26) 122331 11937.67 (5.63)
INDEX
OPTIONS
214830.62 213414.58 1416.04
892929 84831.95 7.14
STOCK
FUTURES
12469.26 12646.47 (177.21) 1311699 104776.80 (0.59)
STOCK
OPTIONS
4720.88 4680.34 40.54
93951 7532.49 2.01
Total 235076.52
233892.41
1184.11
2420910
209078.91
1.95
Turnover on December 15, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
3,11,672 26799.78 14.37
Index
Options
2,20,15,732
19,10,988.57
28.79
Stock Futures
6,94,471 56835.61 14.12
Stock
Options
12,77,926
1,10,726.50
17.97
Total
2,42,99,801
21,05,350.46
27.52
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 13600 178.90
48.90 51.10 13648.90
Sell 13700 130.00
Buy 13600 178.90
87.95 112.05 13687.95
Sell 13800 90.95
Buy 13700 130.00
39.05 60.95 13739.05
Sell 13800 90.95
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 13500 151.85
33.70 66.30 13466.30
Sell 13400 118.15
Buy 13500 151.85
60.70 139.30 13439.30
Sell 13300 91.15
Buy 13400 118.15
27.00 73.00 13373.00
Sell 13300 91.15
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
13000 13100 13200 13300 13400 13500 13600 13700 13800 13900 14000 14100 14200 14300
Call Put
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Technical & Derivatives Report
December 16, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
454
465
472
483
490
ASIANPAINT 2,487 2,507
2,523
2,543
2,559
AXISBANK
595
601
608
614
622
BAJAJ-AUTO 3,208 3,240
3,294
3,325
3,379
BAJFINANCE 4,766 4,944
5,047
5,225
5,328
BAJAJFINSV 8,700 8,998
9,169
9,467
9,638
BPCL
390
394
402
406
414
BHARTIARTL
494
499
503
508
512
BRITANNIA 3,691 3,728
3,763
3,800
3,835
CIPLA
768
775
786
793
805
COALINDIA
139
141
143
145
146
DIVISLAB 3,583 3,606
3,629
3,652
3,675
DRREDDY 4,973 5,002
5,039
5,068
5,105
EICHERMOT 2,379 2,427
2,458
2,506
2,536
GAIL
123
124
125
126
128
GRASIM
896
904
911
919
926
HCLTECH
863
874
882
893
901
HDFCBANK 1,355 1,373
1,384
1,402
1,413
HDFCLIFE
634
643
653
662
673
HDFC 2,255 2,303
2,330
2,378
2,405
HEROMOTOCO 3,056 3,084
3,109
3,138
3,163
HINDALCO
241
243
244
246
248
HINDUNILVR 2,274 2,297
2,330
2,354
2,387
ICICIBANK
507
513
518
524
530
IOC
93
94
95
96
97
INDUSINDBK
899
913
922
936
945
INFY 1,145 1,150
1,157
1,162
1,168
ITC
209
211
214
216
219
JSW STEEL
349
357
362
371
376
KOTAKBANK 1,904 1,928
1,943
1,966
1,982
LT 1,202 1,224
1,238
1,260
1,274
M&M
694
706
713
725
732
MARUTI 7,582 7,674
7,732
7,823
7,881
NESTLEIND 17,871
18,031
18,290
18,450
18,709
NTPC
101
104
105
107
109
ONGC
97
99
101
102
104
POWERGRID
190
191
193
195
196
RELIANCE 1,946 1,960
1,975
1,989
2,004
SBILIFE
836
846
852
862
869
SHREECEM 23,499
23,880
24,102
24,482
24,705
SBIN
265
268
271
274
277
SUNPHARMA
563
567
574
578
585
TCS 2,731 2,746
2,770
2,786
2,810
TATAMOTORS
171
175
177
181
184
TATASTEEL
610
623
630
643
650
TECHM
888
907
918
938
948
TITAN 1,438 1,453
1,465
1,480
1,491
ULTRACEMCO 4,990 5,073
5,152
5,235
5,314
UPL
432
441
445
453
458
WIPRO
345
349
351
355
358
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Technical & Derivatives Report
December 16, 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: [email protected].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]g.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com