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Technical & Derivatives Report
December 18, 2020
Nifty
Bank Out
look
-
(
30847)
Bank Nifty started on a marginal positive note and then it
consolidated within a range throughout the session to eventually
end with gains of around half a percent tad around 30850.
If we observe the daily chart, not much seems to have changed
but as far as stock specific moves were concerned, it was a mixed
bag of pictures as some stock underperformed while some stocks
continued to tick high throughout the session. Clearly, the bank
index since the last few sessions is struggling around the 31000
mark however the real action seems to be outside the index in
the stock specific moves. Going ahead one should continue with
the stock-specific approach however should avoid aggressive
overnight positions. As far as levels are concerned, 30980 -
31150 is immediate resistance whereas 30650 - 30400 is the
immediate support zone.
Key Levels
Support 1 – 30650 Resistance 1 – 30980
Support 2 – 30400 Resistance 2 – 31150
Exhibit 1: Nifty Daily Chart
Sensex (46890) / Nifty (13741)
We had a positive start on the indices above the 13700 mark for
the first time and it continued its positive bias to end the weekly
expiry with gains of about half a percent.
After some consolidation at the start of the week, Nifty resumed its
momentum and has continued to register new records. As
mentioned in our last couple of reports, this rally was expected to
test the 13770 level as it is an important level as per the Fibonacci
ratio. This level marks the 127% retracement of the previous
correction that we had seen in the first quarter of this calendar year
and hence gains some importance. As the index approached this
resistance, the broader markets witnessed some profit booking in
the last hour of the trade yesterday. Also, the banking index is
struggling to cross the 31000 mark since last couple of sessions.
There are no signs of reversal yet on charts, but sometimes it is
better to avoid aggressive bets in such hunky dory situation and
take some money off the table at such juncture. Hence, we advise
traders to book profits on long positions and wait for further signal
from the market for the near term. The immediate supports for the
Nifty are placed around 13660 and 13600 whereas resistance is
seen in range of 13770-13800.
Key Levels
Support 1 – 13660 Resistance 1 – 13770
Support 2 – 13600 Resistance2 – 13800
Exhibit 2: Nifty Bank Daily Chart
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December 18, 2020
Nifty Vs OI
12400
12600
12800
13000
13200
13400
13600
13800
14000
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
11/23 11/25 11/27 12/2 12/4 12/8 12/10 12/14 12/16
(`000)
Openinterest Nifty
View
On Wednesday, we witnessed a strong upmove
beyond the resistance of 13600. The benchmark index
opened with an upside gap yesterday and rallied
beyond 13750 mark. Post some consolidation index
concluded the session with the gains of 58 points.
FIIs were net buyers in the cash segment to the tune
of Rs. 2355 crore. In index future segment, they sold
worth Rs. 375 cr with good amount of rise in open
interest indicating they added fresh short positions in
yesterday’s session.
It is the second consecutive session, wherein the
upmove was supported by decent long formation in
both the indices. Stronger hand continued with their
buying streak in cash segment; but, they added shorts
in index futures. Once again, the PCR-OI has surged
towards higher side of the range which is a sign of
caution. In options front, buildup was scattered
between 13700-14300 strikes. On the other side,
13500-13700 puts added decent positions. The
highest open interest concentration for the coming
weekly series has shifted higher to 14000 call and in
case of put is now visisble at 13500 strike. Considering
the above data points, 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 3.22%
Bank Nifty futures open interest has increased by 8.80%
as market closed at 13740.70 levels.
The Nifty December future closed with a premium 13.70
point against a premium of 16.75 point in last trading
session. The January series closed at a premium of 55.55
point.
The INDIA VIX decreased from 19.20 to 19.16.
At the same time, the PCR-OI of Nifty increased from
1.74 to 1.77.
Few of the liquid counters where we have seen high cost
of carry are CANBK, BATAINDIA, MGL, RAMCOCEM and
ADANIPORTS.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
INDUSINDBK 18810300 10.40 935.80 1.58
MFSL 8080800 9.55 658.60 2.52
JUBLFOOD 1873500 8.01 2804.95 4.56
UBL 1410500 7.24 1144.20 -1.10
TORNTPOWER 4494000 7.08 326.35 -1.43
RAMCOCEM 1524900 6.03 840.25 -1.52
BATAINDIA 1278750 6.02 1587.90 -1.44
VOLTAS 2713000 5.44 823.25 -1.54
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
HAVELLS 3490000 -13.78 911.05 1.22
PAGEIND 66780 -13.72 27244.10 5.28
M&MFIN 14224884 -9.21 177.05 -2.56
NMDC 36769600 -6.92 115.60 0.69
CONCOR 12297684 -6.84 408.75 -0.28
LUPIN 9267550 -5.44 970.50 0.88
CUMMINSIND 1908000 -5.41 589.25 -1.05
JINDALSTEL 23420000 -5.39 278.10 -2.54
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.77 1.19
BANKNIFTY 1.10 0.87
RELIANCE 0.49 0.34
ICICIBANK 0.61 0.54
INFY 0.55 0.46
Historical Volatility
SCRIP HV
PNB 58.21
PAGEIND 46.38
JUBLFOOD 50.16
SAIL 64.24
BERGEPAINT 39.60
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Technical & Derivatives Report
December 18, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (December Series) are given as an information and not as a recommendation.
Nifty Spot =
13740.70
FII Statistics for December 17, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
2526.76 2901.30 (374.54) 152693 15022.76 14.90
INDEX
OPTIONS
397405.26 395849.01 1556.25
765952 76026.65 (20.90)
STOCK
FUTURES
12033.34 12394.64 (361.30) 1298408 104494.56 (0.30)
STOCK
OPTIONS
5588.78 5575.50 13.28
102508 8241.47 4.12
Total 417554.14
416720.45
833.69
2319561
203785.44
(7.29)
Turnover on December 17, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
2,53,490 22154.71 -10.64
Index
Options
5,53,77,371
46,91,642.05
96.85
Stock Futures
6,84,818 56110.55 -6.85
Stock
Options
13,83,802
1,17,909.47
-1.20
Total 5,76,99,481
48,87,816.78
88.88
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 13700 191.45
55.00 45.00 13755.00
Sell 13800 136.45
Buy 13700 191.45
98.60 101.40 13798.60
Sell 13900 92.85
Buy 13800 136.45
43.60 56.40 13843.60
Sell 13900 92.85
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 13700 136.95
35.35 64.65 13664.65
Sell 13600 101.60
Buy 13700 136.95
61.00 139.00 13639.00
Sell 13500 75.95
Buy 13600 101.60
25.65 74.35 13574.35
Sell 13500 75.95
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
5000,000
13000 13100 13200 13300 13400 13500 13600 13700 13800 13900 14000 14100 14200 14300
Call Put
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December 18, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
457
463
471
476
484
ASIANPAINT 2,532 2,554
2,578
2,600
2,625
AXISBANK
599
602
607
610
614
BAJAJ-AUTO 3,214 3,242
3,286
3,314
3,358
BAJFINANCE 5,029 5,158
5,230
5,359
5,432
BAJAJFINSV 9,109 9,201
9,301
9,393
9,493
BPCL
389
392
397
401
406
BHARTIARTL
506
511
517
521
527
BRITANNIA 3,693 3,712
3,739
3,758
3,785
CIPLA
773
778
786
792
800
COALINDIA
141
142
144
145
146
DIVISLAB 3,654 3,739
3,797
3,882
3,940
DRREDDY 4,975 5,024
5,079
5,128
5,184
EICHERMOT 2,412 2,439
2,467
2,494
2,522
GAIL
122
123
124
125
127
GRASIM
903
908
917
922
931
HCLTECH
871
875
881
885
891
HDFCBANK 1,390 1,416
1,430
1,456
1,471
HDFCLIFE
644
649
655
660
666
HDFC 2,386 2,440
2,475
2,529
2,563
HEROMOTOCO 3,067 3,090
3,124
3,146
3,180
HINDALCO
238
242
248
252
259
HINDUNILVR 2,290 2,303
2,322
2,335
2,354
ICICIBANK
505
508
512
515
519
IOC
94
95
96
97
98
INDUSINDBK
899
917
933
951
967
INFY 1,149 1,154
1,161
1,167
1,174
ITC
209
211
213
215
217
JSW STEEL
359
362
368
372
377
KOTAKBANK 1,933 1,949
1,959
1,975
1,985
LT 1,242 1,261
1,272
1,291
1,302
M&M
718
725
731
738
745
MARUTI 7,510 7,602
7,717
7,809
7,924
NESTLEIND 18,021
18,163
18,279
18,421
18,537
NTPC
103
104
105
105
106
ONGC
98
100
103
105
108
POWERGRID
190
191
193
195
197
RELIANCE 1,961 1,974
1,989
2,001
2,017
SBILIFE
844
850
858
864
872
SHREECEM 23,991
24,251
24,575
24,835
25,159
SBIN
263
266
269
271
274
SUNPHARMA
559
565
576
582
592
TCS 2,784 2,811
2,832
2,860
2,881
TATAMOTORS
179
180
182
184
185
TATASTEEL
623
629
638
644
652
TECHM
905
917
925
938
945
TITAN 1,477 1,490
1,505
1,517
1,532
ULTRACEMCO 5,080 5,126
5,172
5,218
5,265
UPL
445
450
458
463
472
WIPRO
353
355
357
359
361
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Technical & Derivatives Report
December 18, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.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]g.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com