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Technical & Derivatives Report
December 17, 2020
Nifty
Bank
Out
-
(
30698)
The banking index too opened higher along with the cheerful
mood in the benchmark index. However as the session
progressed, we witnessed some diverging moves in Nifty and
Bank Nifty. The banking kept dragging a bit whereas on the other
side, the Nifty recovered sharply from small intraday decline to
close at the highest point ever.
Since the last few days, it is clearly observed that the Bank Nifty is
facing some resistance around 30900 - 31000. Hence that
remains to be a sturdy wall for the coming session. However it’s
denying to fall as well. Intraday dips are not that big and all key
supports are still defended successfully. But we continue with our
cautious stance and would avoid aggressive longs for a while. As
far as supports are concerned, 30500 - 30350 should be seen as
a key support. A breach of lower range would result in a decent
profit booking, till then the consolidation continues in a small
range.
Key Levels
Support 1 – 30500 Resistance 1 – 30900
Support 2 – 30350 Resistance 2 – 31000
Exhibit 1: Nifty Daily Chart
Sensex (46666) / Nifty (13683)
The U.S. markets ended with gains of over a percent and the Asian
markets too were trading with a positive bias in morning. These
positive cues from the global markets led to a gap up opening in
Nifty to continue to post new record and end with gains of over
100 points at 13683.
Nifty broke last four sessions of consolidation with a gap up and it
rallied to almost test the 13700 mark. The broader markets
continued its move in the direction of the trend, however the
banking space looked tired and it underperformed the benchmark
throughout the day. As mentioned in our yesterday’s outlook, the
127% retracement of the previous correction on the Nifty weekly
chart comes around 13750-13770 which would be an important
zone to watch. Traders are advised to prefer to book profits on
longs around these levels and be observant for further cues from
the market. Though, there are no signs of reversal yet and hence,
trading with a stock specific approach and avoiding aggressive
positions seem to be a better strategy at these elevated levels. The
intraday supports for Nifty are placed around 13600 and 13575.
Key Levels
Support 1 – 13600 Resistance 1 – 13750
Support 2 – 13575 Resistance2 – 13770
Exhibit 2: Nifty Bank Daily Chart
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December
17, 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 Tuesday’s second half recovery, we began
yesterday’s session on a very strong note above 13650
mark. During the day, index rallied almost towards
13700 and eventually concluded at the highest point
ever.
FIIs were net buyers in the cash segment to the tune
of Rs. 1981 crore. In index future segment, they
bought worth Rs. 553 cr with good amount of rise in
open interest indicating they added fresh long
positions in yesterday’s session.
After two trading sessions of muted open interest
activity, finally yesterday’s upmove was supported by
decent long formation in both the indices. Stronger
hand too participated by adding long in index futures
segment. Once again, the PCR-OI has surged towards
higher side of the range which is a sign of caution. In
options front, call writers of 13500-13700 covered
their shorts seeing upmove beyond 13600. Some
open interest addition was seen in 13750-13950 calls.
On the other side, 13600-13700 puts added huge
positions. As mentioned previously, we believe our
market in now overbought and hence, would suggest
traders exiting from their longs if any.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 7.37%
Bank Nifty futures open interest has increased by 3.46%
as market closed at 13682.70 levels.
The Nifty December future closed with a premium 16.75
point against a premium of 17.10 point in last trading
session. The January series closed at a premium of 56.60
point.
The INDIA VIX decreased from 19.34 to 19.20.
At the same time, the PCR-OI of Nifty increased from
1.54 to 1.74.
Few of the liquid counters where we have seen high cost
of carry are CANBK, NMDC, BATAINDIA, GRASIM and
IDEA.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PNB 223524000 113.16 37.95 -10.73
ASHOKLEY 40509000 21.52 100.05 5.29
MFSL 7376200 17.26 641.40 0.35
IBULHSGFIN 26325200 14.54 206.35 7.17
POWERGRID 27248000 13.27 196.20 1.83
ESCORTS 3378650 12.43 1340.25 0.38
SAIL 102049000 11.36 60.15 2.90
NMDC 39503200 11.01 114.60 -0.26
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CANBK 39078200 -12.49 119.95 -1.46
MINDTREE 1416800 -8.81 1459.45 -0.58
IGL 6142125 -8.43 487.55 0.92
BERGEPAINT 2429900 -6.95 689.75 0.70
TORNTPHARM 848500 -6.14 2788.95 1.44
APOLLOHOSP 2310000 -5.98 2389.65 1.33
TCS 6144000 -5.93 2814.20 1.58
RECLTD 16422000 -5.72 141.35 0.14
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.74 1.14
BANKNIFTY 0.81 0.95
RELIANCE 0.51 0.39
ICICIBANK 0.61 0.49
INFY 0.55 0.36
Historical Volatility
SCRIP HV
PNB 57.58
DLF 62.87
PAGEIND 45.99
HAVELLS 41.63
ASHOKLEY 68.75
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Technical & Derivatives Report
December
17, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (December Series) are given as an information and not as a recommendation.
Nifty Spot =
13682.70
FII Statistics for December 16, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3310.41 2757.05 553.36
132893 13070.88 8.63
INDEX
OPTIONS
259136.63 258775.51 361.12
968305 93046.54 8.44
STOCK
FUTURES
13588.11 13645.62 (57.51) 1302265 104656.61 (0.72)
STOCK
OPTIONS
5400.43 5405.74 (5.31) 98449 7934.85 4.79
Total 281435.58
280583.92
851.66
2501912
218708.88
3.35
Turnover on December 16, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
2,84,246 24792.94 -7.49
Index
Options
2,76,95,149
23,83,382.61
24.72
Stock Futures
7,37,816 60234.74 5.98
Stock
Options
13,93,467
1,19,343.04
7.78
Total
3,01,10,678
25,87,753.33
22.91
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 13700 170.05
50.45 49.55 13750.45
Sell 13800 119.60
Buy 13700 170.05
88.85 111.15 13788.85
Sell 13900 81.20
Buy 13800 119.60
38.40 61.60 13838.40
Sell 13900 81.20
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 13700 171.10
39.80 60.20 13660.20
Sell 13600 131.30
Buy 13700 171.10
71.95 128.05 13628.05
Sell 13500 99.15
Buy 13600 131.30
32.15 67.85 13567.85
Sell 13500 99.15
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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December
17, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
469
472
476
480
484
ASIANPAINT 2,519 2,551
2,569
2,601
2,620
AXISBANK
599
602
609
612
619
BAJAJ-AUTO 3,232 3,268
3,288
3,324
3,344
BAJFINANCE 5,059 5,103
5,164
5,208
5,269
BAJAJFINSV 9,069 9,163
9,307
9,401
9,545
BPCL
394
397
401
404
409
BHARTIARTL
496
506
512
523
529
BRITANNIA 3,720 3,736
3,761
3,777
3,802
CIPLA
778
783
786
791
795
COALINDIA
143
144
145
147
148
DIVISLAB 3,603 3,660
3,694
3,751
3,785
DRREDDY 4,986 5,013
5,032
5,058
5,078
EICHERMOT 2,414 2,442
2,474
2,502
2,535
GAIL
122
123
125
126
128
GRASIM
903
909
917
923
931
HCLTECH
872
878
885
892
899
HDFCBANK 1,385 1,398
1,407
1,420
1,430
HDFCLIFE
642
645
651
654
659
HDFC 2,333 2,379
2,411
2,457
2,489
HEROMOTOCO 3,083 3,100
3,123
3,140
3,163
HINDALCO
244
248
250
254
256
HINDUNILVR 2,282 2,313
2,334
2,365
2,386
ICICIBANK
504
508
515
519
526
IOC
95
96
97
97
98
INDUSINDBK
902
912
925
935
948
INFY 1,147 1,157
1,163
1,172
1,178
ITC
212
213
214
215
216
JSW STEEL
361
366
369
374
377
KOTAKBANK 1,923 1,938
1,951
1,966
1,980
LT 1,233 1,251
1,264
1,282
1,295
M&M
715
723
735
743
755
MARUTI 7,693 7,745
7,822
7,874
7,951
NESTLEIND 17,951
18,137
18,436
18,622
18,921
NTPC
103
104
106
107
108
ONGC
99
101
102
104
105
POWERGRID
191
194
195
198
200
RELIANCE 1,950 1,963
1,979
1,992
2,008
SBILIFE
846
852
857
863
868
SHREECEM 23,955
24,107
24,298
24,450
24,641
SBIN
265
267
271
273
276
SUNPHARMA
568
572
575
580
583
TCS 2,739 2,777
2,798
2,836
2,858
TATAMOTORS
178
181
182
184
186
TATASTEEL
632
638
644
649
655
TECHM
907
914
925
932
943
TITAN 1,454 1,479
1,495
1,520
1,535
ULTRACEMCO 5,013 5,063
5,144
5,194
5,275
UPL
448
454
458
464
468
WIPRO
351
355
357
361
363
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Technical & Derivatives Report
December
17, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: techni[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