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March 17, 2021
Technical & Derivatives Report
Nifty
Bank Out
look
-
(
34805)
The banking index too opened higher yesterday in tandem with
our benchmark index. However, some of its heavyweight
constituents saw some selling at higher levels which started
dragging index lower. The weakness extended as the day
progressed and as a result, the BANKNIFTY eventually ended the
session with over a percent loss.
On Monday, the banking stocks had a decent rebound from lower
levels but as mentioned in the previous commentary, 35500 –
35600 acted as a sturdy wall for the BANKNIFTY. A close below
35000 certainly does not bode well for the bulls. Hence, it would
be interesting to see how it behaves in the coming session;
because we are very much close to the crucial support of 34600
34400. Overall major indices are still in a consolidation mode as
it is still unsure of its near term trend. Although, market is
refusing to see a healthy correction, we can see some supply at
higher levels. Hence, traders are advised to stay light and should
ideally close intraday positions till the time we do not see
convincing breakout on either side. As far as levels are concerned,
35000 35200 are the immediate resistances; whereas on the
lower side, the crucial support band is at 34600 34400 as
referred in the above section.
Key Levels
Support 1 – 34600 Resistance 1 – 35000
Support 2 – 34400 Resistance 2 – 35200
Exhibit 1: Nifty Daily Chart
Se
nsex
(
50364)
/ Nifty
(
14910
)
Monday’s last hour recovery was followed by a positive opening in
our indices. However, post some upmove in the first hour of the
trade, the index started correcting gradually and Nifty ended the
day tad above 14900 with a marginal loss.
Nifty started the day on a positive note and continued the pullback
upto 15050 led by the IT space. However, none other sector
showed any momentum and the banking space then dragged the
index lower due to which the Nifty gave up all the gains. Overall,
we did not see any directional move in the index yesterday and
hence, the consolidation phase continues for our market. The
pullback move has not been followed by any positive momentum
which indicates lack of buying interest. For the near term, 15050-
15100 will be seen as immediate resistance while support is placed
in the range of 14750-14700. Until we see any breakout from this
consolidation phase, traders are advised to avoid any aggressive
trades and look for stock specific opportunities on both sides.
Key Levels
Support 1 – 14750 Resistance 1 – 15050
Support 2 – 14700 Resistance2 – 15100
Exhibit 2: Nifty Bank Daily Chart
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March 17, 2021
Nifty Vs OI
14000
14200
14400
14600
14800
15000
15200
15400
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2/22 2/24 2/26 3/2 3/4 3/8 3/10 3/16
(`000)
Openinterest Nifty
View
Post a smart recovery in the latter half of Monday’s
session, we began yesterday’s session on an
optimistic note and saw index rallying towards 15050
mark. However, follow-up buying was missing at
higher levels and hence, we witnessed decent profit
booking to conclude the session almost at the lowest
point
.
FIIs were net buyers in the cash segment to the tune
of Rs. 1692 crores. In Index Future segment, they
bought worth Rs. 275 crores with some rise in open
interest indicating fresh long position.
In F&O space,we once again saw open interest
reduction in Nifty; whereas, shorts were formed in
case of banking index
. As far as options activities are
concerned, fresh writing was seen in 15000-15200 call
options. On the flip side, we saw some build-up in
14900 and 15000 puts; followed by unwinding in 14700
and 14800 strikes. Highest open interest concentration
in weekly series is seen in 15200 call and 14500 put
options. Considering recent price action and options
activity, we expect further selling pressure going ahead.
Thus, traders are advised avoiding any fresh longs and
should utilize any pullback towards 15000-15050 to buy
slightly OTM puts.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 3.80%
Bank Nifty futures open interest has increased by 4.71%
as market closed at 14910.45 levels.
The Nifty March future closed with a premium of 49.25
point against a premium of 39.25 point in last trading
session. The April series closed at a premium of 118.60
point.
The INDIA VIX decreased from 21.22 to 20.19.
At the same time, the PCR-OI of Nifty decreased from
0.93 to 0.92.
Few of the liquid counters where we have seen high cost
of carry are LT, ITC, BHARTIARTL, MARICO and
JUBLFOOD.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
LALPATHLAB 214750 35.70 2526.50 4.72
SAIL 132335000 16.12 75.05 -2.46
RAMCOCEM 1606500 14.82 999.00 -1.22
COFORGE 508500 12.62 2993.45 5.70
VOLTAS 2972000 10.40 1030.65 -2.61
RECLTD 18252000 10.34 154.50 1.25
VEDL 153202000 8.33 226.50 0.15
PNB 234800000 7.57 39.80 -2.22
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
BPCL 44469000 -8.87 453.85 -1.55
LICHSGFIN 9094000 -7.88 430.05 2.11
PFC 33015000 -7.36 138.90 1.46
HINDUNILVR 7050000 -6.91 2244.05 1.52
POWERGRID 13972000 -6.25 224.45 0.00
L&TFH 29690148 -6.23 105.70 2.91
DRREDDY 3588375 -6.21 4449.65 2.17
TVSMOTOR 4044600 -5.28 594.30 0.35
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 0.92 0.94
BANKNIFTY 0.59 1.04
RELIANCE 0.37 0.44
ICICIBANK 0.39 0.55
INFY 0.80 0.36
Historical Volatility
SCRIP HV
ASIANPAINT 38.13
LALPATHLAB 47.99
COFORGE 61.30
MINDTREE 54.16
DRREDDY 36.22
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Technical & Derivatives Report
March 17, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.
Nifty Spot =
14929.50
FII Statistics for March 16, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
4302.00 4026.84 275.16
128389 13636.57 0.44
INDEX
OPTIONS
473947.92 474653.46 (705.54) 1080050 113209.42 2.26
STOCK
FUTURES
10788.46 10495.50 292.96
1152333 99891.62 (0.39)
STOCK
OPTIONS
14001.58 14238.28 (236.70) 170226 14685.42 3.34
Total 503039.96
503414.08
(374.12) 2530998
241423.03
1.02
Turnover on March 16, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 3,66,629 36086.02 -15.97
Index Options
3,29,38,838 32,18,147.33 7.41
Stock Futures 6,10,837 56457.29 -5.73
Stock Options
15,68,797 1,45,342.33 -11.37
Total 3,54,85,101 34,56,032.97 5.92
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14900 241.75
55.35 44.65 14955.35
Sell 15000 186.40
Buy 14900 241.75
102.35 97.65 15002.35
Sell 15100 139.40
Buy 15000 186.40
47.00 53.00 15047.00
Sell 15100 139.40
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14900 184.80
37.00 63.00 14863.00
Sell 14800 147.80
Buy 14900 184.80
68.45 131.55 14831.55
Sell 14700 116.35
Buy 14800 147.80
31.45 68.55 14768.55
Sell 14700 116.35
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500
Call Put
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Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
701
709
722
731
744
ASIANPAINT 2,337 2,403
2,441
2,507
2,546
AXISBANK
726
732
742
748
758
BAJAJ-AUTO 3,605 3,630
3,660
3,685
3,715
BAJFINANCE 5,374 5,415
5,461
5,502
5,548
BAJAJFINSV 9,461 9,537
9,661
9,738
9,862
BPCL
444
449
457
462
471
BHARTIARTL
519
524
529
534
539
BRITANNIA 3,438 3,463
3,482
3,507
3,526
CIPLA
774
783
796
805
817
COALINDIA
143
144
146
148
150
DIVISLAB 3,317 3,348
3,392
3,422
3,467
DRREDDY 4,325 4,388
4,427
4,489
4,529
EICHERMOT 2,599 2,630
2,657
2,688
2,715
GAIL
140
142
144
145
147
GRASIM 1,364 1,374
1,386
1,396
1,408
HCLTECH
977
992
1,006
1,021
1,034
HDFCBANK 1,490 1,501
1,521
1,532
1,551
HDFCLIFE
694
699
705
709
715
HDFC 2,466 2,488
2,525
2,548
2,585
HEROMOTOCO 3,216 3,235
3,268
3,287
3,320
HINDALCO
322
328
332
338
343
HINDUNILVR 2,202 2,223
2,235
2,256
2,268
ICICIBANK
585
590
599
603
612
IOC
98
99
101
102
104
INDUSINDBK 1,016 1,025
1,038
1,047
1,059
INFY 1,365 1,374
1,390
1,400
1,416
ITC
203
206
207
210
211
JSW STEEL
412
419
426
433
441
KOTAKBANK 1,873 1,888
1,915
1,930
1,957
LT 1,432 1,447
1,472
1,487
1,512
M&M
830
836
846
853
863
MARUTI 7,050 7,100
7,150
7,200
7,250
NESTLEIND 16,494
16,618
16,819
16,943
17,144
NTPC
108
109
110
111
112
ONGC
112
114
115
116
118
POWERGRID
221
223
225
227
229
RELIANCE 2,077 2,089
2,107
2,119
2,138
SBILIFE
903
909
916
922
929
SHREECEM 26,980
27,205
27,577
27,802
28,174
SBIN
369
374
381
386
393
SUNPHARMA
593
598
604
608
615
TCS 3,023 3,066
3,104
3,147
3,185
TATAMOTORS
312
316
319
323
326
TATASTEEL
707
715
728
736
749
TECHM 1,007 1,017
1,031
1,041
1,055
TITAN 1,476 1,488
1,510
1,522
1,544
ULTRACEMCO 6,498 6,569
6,636
6,707
6,774
UPL
602
611
625
634
648
WIPRO
421
425
430
434
439
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Technical & Derivatives Report
March 17, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: [email protected]angelbroking.com
For Derivatives Queries E-mail: derivat[email protected]om
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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