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April 20, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
look
-
(
31208)
Similar to previous week, we began the week with a gap down
opening and saw follow-up selling in the initial hour of trade to
drag BankNifty towards 30400 mark. As the day progressed, index
grinded at the lower levels for some time and then in last two hours
decent recovery was seen to reclaim 31200 on the closing basis.
Throughout previous week, we advised to stay cautious as the
banking index plunged below the much awaited support around
the 89 EMA in the daily chart. However, we did see decent recovery
but 32300-32400 acted as a strong resistance. Post gap down
opening yesterday, we saw some recovery but the damage in the
early morning was way severe. Hence, as long as we don’t see any
sustainable up move beyond 32000-32200 traders are advised
avoiding any aggressive bullish bets for the time being.
Key Levels
Support 1 – 30400 Resistance 1 – 31500
Support 2 – 30000 Resistance 2 – 32000
Se
nsex
(
47949)
/ Nifty
(
14359
)
Similar to previous Monday, yesterday too markets surprised
everyone with a huge downside gap at the opening itself. It seems
that we are completely decoupled with the global peers as the weak
opening had nothing to do with the global cues. Since, we are
battling with the mounting concerns over COVID-19 cases in our
country, markets had a kneejerk reaction to this. In the initial trades,
the selling augmented to challenge the 14200 mark this time.
Fortunately, market saw some buying interest at lower levels as we
did not spend much time below this key support. In fact, the recovery
accelerated towards the fag end to trim some portion of losses to
conclude the session tad above 14350.
Throughput the previous week, we maintained our cautious stance
on the market and advocated against getting carried away by the
recovery seen in the latter half of last week. Now, although we didn’t
see any follow through selling yesterday, we would avoid going long
till the time few key levels are not surpassed. For the coming session,
14450 – 14500 – 14560 are to be seen as intraday hurdles; whereas
on the lower side, 14300 followed by 14200 are to be seen as key
supports. Since the recent price correction phase is far different from
the bear market falls, we are not seeing one way cracks in the market.
Rather it’s behaving like a slow poison as it neither lets market
sustain at higher levels nor corrects continuously. Hence, it is to be
seen as the toughest phase for momentum traders, be its bulls or
bears.
Exhibit 2: Nifty Bank Daily Chart
Undoubtedly, the financial space was once again the major culprit
for this decline and it remains the weakest link till the time we do
not complete this time as well as price correction. It’s difficult to
predict when it will happen but at least we reckon it’s going to take
some more time before resuming the major uptrend. Also, as
highlighted in the previous commentary, the breakdown of ‘Head
and Shoulder’ pattern on the daily chart of NIFTY MIDCAP50 index
has shown its significance yesterday and hence one need to remain
avoid aggressive bets for a while.
Key Levels
Support 1 – 14300
Resistance 1 – 14450
Support 2 – 14200 Resistance2 – 14500
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Technical & Derivatives Report
April 20, 2021
Nifty Vs OI
14100
14200
14300
14400
14500
14600
14700
14800
14900
15000
105,000
110,000
115,000
120,000
125,000
130,000
135,000
4/5 4/7 4/9 4/15 4/19
(`000)
Openinterest Nifty
View
Nifty started the week with a gap down and corrected
to sneak below the 14200 mark. However, the index
recovered some of its losses and ended the day above
14350
.
FIIs were net sellers in the cash segment to the tune of
Rs. 1634 crores. In index futures front, they sold worth
Rs. 311 crores with decrease in open interest
indicating longs unwinded in yesterday’s session.
We witnessed unwinding of positions in both the
indices indicating long unwinding post the gap down.
FII's were net sellers in the cash segment while they
unwound some of their index futures longs too. In
options segment, 14300-14500 added fresh open
interest while addition was seen in 14200 put option.
The data indicates a probable range of 14200-14500
for the weekly expiry. Traders are advised to look for
trading opportunities within the range and avoid
aggressive overnight positions ahead of mid week
holiday
.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 5.08%.
Bank Nifty futures open interest has decreased by 11.16%
as market closed at 14359.45 levels.
The Nifty April future closed with a premium of 14.7 point
against a premium of 27.85 point in last trading session.
The May series closed at a premium of 67.75 point.
The INDIA VIX increased from 20.40 to 22.48.
At the same time, the PCR-OI of Nifty decreased from
1.38 to 1.20.
Few of the liquid counters where we have seen high cost
of carry are IDEA, EICHERMOT, DRREDDY, PFIZER AND
RAMCOCEM.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PFIZER 229875 14.65 5328.95 2.11
BAJFINANCE 4833500 12.20 4479.55 -3.00
HDFCLIFE 9649200 10.81 665.95 -3.63
AUBANK 3123500 9.96 1015.90 -5.57
POWERGRID 20128000 9.82 201.20 -4.13
CUMMINSIND 1617600 9.77 840.00 -0.70
MUTHOOTFIN 2962500 7.72 1142.75 -2.32
LUPIN 8672550 7.56 1064.55 0.82
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
VOLTAS 3965000 -9.23 956.75 #N/A
GUJGASLTD 806250 -7.99 532.85 -2.45
ASHOKLEY 37962000 -7.46 109.90 -3.47
HINDALCO 31157800 -6.48 361.40 -2.51
INFY 33116400 -6.28 1362.55 0.65
AARTIIND 468775 -5.97 1400.50 -1.49
SAIL 128212000 -5.65 89.15 -2.89
HDFCAMC 563400 -5.50 2819.50 -3.90
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.20 0.85
BANKNIFTY 0.98 0.79
RELIANCE 0.51 0.53
ICICIBANK 0.52 0.62
INFY 0.36 0.33
Historical Volatility
SCRIP HV
TORNTPOWER 40.78
POWERGRID 38.86
DLF 62.54
FEDERALBNK 60.98
AUBANK 59.98
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Technical & Derivatives Report
April 20, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (April Series) are given as an information and not as a recommendation.
Nifty Spot =
14359.45
FII Statistics for April 19, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
5701.92
6012.41
(310.49) 136536
13839.80
(5.90)
INDEX
OPTIONS
364818.64
365344.13
(525.49) 1056466
106038.37
14.89
STOCK
FUTURES
12428.72
12083.16
345.56
1116590
93890.46
0.57
STOCK
OPTIONS
19492.53
19420.05
72.48
211100
18328.42
2.50
Total 402441.81
402859.75
(417.94) 2520692
232097.05
5.87
Turnover on April 19, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
4,63,950 42135.02 46.22
Index
Options
3,04,75,109 27,85,745.11 47.72
Stock Futures
7,07,944 64227.43 0.21
Stock
Options
20,14,369 1,91,192.41 -0.31
Total 3,36,61,372 30,83,299.97 42.05
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14400 207.75
51.55 48.45 14451.55
Sell 14500 156.20
Buy 14400 207.75
95.30 104.70 14495.30
Sell 14600 112.45
Buy 14500 156.20
43.75 56.25 14543.75
Sell 14600 112.45
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14300 194.30
33.30 66.70 14266.70
Sell 14200 161.00
Buy 14300 194.30
61.45 138.55 14238.55
Sell 14100 132.85
Buy 14200 161.00
28.15 71.85 14171.85
Sell 14100 132.85
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 20, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R
2
ADANIPORTS
696
709
720
732
743
ASIANPAINT 2,513 2,543
2,596
2,626
2,679
AXISBANK
621
634
645
659
669
BAJAJ-AUTO 3,393 3,454
3,508
3,569
3,623
BAJFINANCE 4,307 4,393
4,449
4,535
4,591
BAJAJFINSV 9,244 9,357
9,506
9,618
9,767
BPCL
395
402
407
414
419
BHARTIARTL
516
521
528
533
540
BRITANNIA 3,615 3,679
3,717
3,781
3,819
CIPLA
911
929
942
960
973
COALINDIA
122
123
125
126
127
DIVISLAB 3,710 3,759
3,804
3,853
3,898
DRREDDY 4,729 4,848
4,927
5,046
5,125
EICHERMOT 2,290 2,330
2,358
2,398
2,426
GRASIM 1,289 1,307
1,323
1,341
1,357
HCLTECH
963
979
1,004
1,019
1,044
HDFCBANK 1,355 1,384
1,401
1,429
1,446
HDFCLIFE
648
657
671
680
694
HDFC 2,427 2,460
2,485
2,518
2,543
HEROMOTOCO 2,704 2,745 2,78
4
2,824
2,863
HINDALCO
348
355
360
367
373
HINDUNILVR 2,391 2,414
2,437
2,460
2,482
ICICIBANK
524
542
552
570
580
IOC
86
87
88
89
90
INDUSINDBK
801
816
827
842
852
INFY 1,311 1,337
1,358
1,384
1,406
ITC
203
204
205
207
208
JSW STEEL
582
599
612
629
643
KOTAKBANK 1,654 1,677
1,699
1,722
1,744
LT 1,281 1,296
1,321
1,336
1,361
M&M
774
784
796
806
818
MARUTI 6,371 6,441
6,486
6,556
6,601
NESTLEIND 16,803
16,947
17,093
17,237
17,383
NTPC
98
98
99
100
101
ONGC
100
101
104
105
108
POWERGRID
196
198
203
205
210
RELIANCE 1,876 1,889
1,903
1,915
1,929
SBILIFE
880
893
902
915
923
SHREECEM 29,102
29,580
30,035
30,513
30,968
SBIN
317
324
328
335
339
SUNPHARMA
626
633
642
650
659
TCS 3,108 3,
135
3,162
3,189
3,216
TATACONSUM
644
654
661
671
679
TATAMOTORS
288
295
300
306
311
TATASTEEL
843
866
882
905
921
TECHM
972
986
998
1,012
1,024
TITAN 1,485 1,502
1,517
1,534
1,549
ULTRACEMCO 6,344 6,427
6,498
6,581
6,653
UPL
580
589
596
605
612
WIPRO
454
463
471
480
487
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Technical & Derivatives Report
April 20, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: technicalresearch-[email protected]
For Derivatives Queries E-mail: derivat[email protected]com
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives [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