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Technical & Derivatives Report
June 23, 2020
Nifty
Bank Out
-
(
21708
)
Bank Nifty as well started on a positive note however it was
followed by an immediate dip. This dip got bought into as the
bank index advanced above the 22000 mark. Eventually, once
again some profit-booking was seen during the last hour to erase
some gains to end tad above 21700 adding 1.73%
On the daily chart, the bank index is trading in a 'Rectangular
Channel' formation and has now reached around the higher end
of this pattern. The said higher-end now coincides around 89EMA
placed around 22190 levels and hence yesterday twice we
witnessed some profit booking at higher levels. Looking at the way
some of the heavyweight banking stocks are structured up we
expect the bank index to surpass the 22200 levels and expect the
positive momentum to continue in the near term. Traders are
hence advised to use such intraday dips to creat stock-specific
long positions. In such a scenario, immediate support is placed
around 21425 - 21300.
Key Levels
Support 1 – 21425 Resistance 1 – 22080
Support 2 – 21300 Resistance 2 – 22200
Exhibit 1: Nifty Daily Chart
Se
nsex
(
34911)
/ Nifty
(
10311
)
Nifty continued with the momentum seen in the tail end of last
week and began the week on a positive note. However, the index
oscillated within a range for rest of the session and ended around
the opening level, adding gains of 0.65 percent to the previous
close.
Inspite of the SGX Nifty hinting a marginal soft opening, our
markets opened gap up in yesterday’s session. Although the index
then consolidated within a range, the stock specific momentum
was robust and the broader markets provided good trading
opportunities for day traders. On the daily chart, the index has
been trading within a ‘Rising Wedge’ formation and the higher
end of the pattern is in the range of 10500-10600. Looking at the
overall momentum, we are of the opinion that the index would
move higher in the near term to test the above mentioned range.
Hence, momentum traders are advised to continue to trade with
a positive bias and look for stock specific opportunities on any
intraday dips. The intraday supports for the index are placed
around 10260 and 10210 whereas resistances are seen around
10440 and 10500.
Key Levels
Support 1 – 10260 Resistance 1 – 10440
Support 2 – 10210 Resistance 2 – 10500
Exhibit 2: Nifty Bank Daily Chart
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June 23, 2020
Nifty Vs OI
9500
9600
9700
9800
9900
10000
10100
10200
10300
10400
10,000
10,500
11,000
11,500
12,000
12,500
6/1 6/3 6/5 6/9 6/11 6/15 6/17 6/19
(`000)
Openinterest Nifty
View
s
Nifty started the session on a positive note and then
consolidated in a range to end with gains of 0.65% at
10311.20.
FIIs were net buyers in the cash market segment to the
tune of Rs. 424 crores. In index futures, they bought
worth 76 crores with a increase in open interest
.
Nifty started trading on a positive note and then
traded within a range. FII's were net buyers in cash
segment while they bought index futures too. In
options segment, 10200-10100 put added good
amount of open interest indicating support in this
range. On the flipside, open interest build up at 10500
call hints resistance. We continue with our advice for
traders to use decline as buying opportunity and trade
with a positive bias
.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 2.82%
Bank Nifty futures open interest has decreased by 6.47%
as market closed at 10311.20 levels.
The Nifty June future closed with a discount of 23 point
against a discount of 8.85 point in last trading session.
The July series closed at a discount of 37.75 point.
The INDIA VIX has increased from 29.96 to 30.46
At the same time, the PCR-OI of Nifty decreased from
1.56 to 1.53.
Few of the liquid counters where we have seen high cost
of carry are PNB, SAIL, ESCORTS, IDEA and GMRINFRA.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IDEA 354732000 60.42 10.10 11.54
CENTURYTEX 4471600 47.60 324.35 1.93
GLENMARK 6188200 26.50 519.75 26.73
LICHSGFIN 9893700 23.80 268.55 -5.79
NIITTECH 608625 17.27 1336.55 0.16
MRF 18330 16.53 64762.55 2.99
ONGC 62493900 15.11 84.85 -1.86
UJJIVAN 4317800 14.63 218.55 2.62
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
SAIL 42228800 -14.43 31.20 4.31
BHEL 53041800 -13.58 33.65 3.85
IBULHSGFIN 14191500 -13.06 242.20 19.55
NCC 25983000 -13.05 31.00 -1.43
ESCORTS 2711500 -11.90 974.25 -1.62
ADANIENT 16068000 -11.21 154.65 1.45
JUSTDIAL 1909600 -9.43 363.30 -0.54
UBL 960400 -9.38 1035.45 1.06
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.53 0.86
BANKNIFTY 1.16 0.70
RELIANCE 0.94 0.52
ICICIBANK 0.83 0.53
INFY 0.62 0.93
Historical Volatility
SCRIP HV
GLENMARK 71.02
IDFCFIRSTB 65.11
IBULHSGFIN 128.04
PAGEIND 50.45
BAJAJ-AUTO 48.49
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Technical & Derivatives Report
June 23, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (June Series) are given as an information and not as a recommendation.
Nifty Spot =
10311.20
FII Statistics for June 22, 2020
Detail Buy Sell Net
Open Interest
Contracts
Value
(in Cr.)
Change
(%)
INDEX
FUTURES
7553.14
7477.61
75.53
131419
8674.31
4.30
INDEX
OPTIONS
196815.77
196982.64
(166.87) 855516
59460.72
4.60
STOCK
FUTURES
35248.25
36018.14
(769.89) 1553021
90400.82
(1.24)
STOCK
OPTIONS
6941.82
6713.50
228.32
96969
5468.11
(8.87)
Total 246558.98
247191.89
(632.91) 2636925
164003.96
0.54
Turnover on June 22, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 6,89,252 38464.47 -1.19
Index Options 1,77,53,170
10,21,973.76
17.17
Stock Futures 18,12,264 1,04,351.15 28.25
Stock Options 16,44,179 1,01,961.98 -10.31
Total 2,18,98,865
12,66,751.36
14.52
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 10300 102.85
43.65 56.35 10343.65
Sell 10400 59.20
Buy 10300 102.85
71.25 128.75 10371.25
Sell 10500 31.60
Buy 10400 59.20
27.60 72.40 10427.60
Sell 10500 31.60
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 10300 116.25
41.05 58.95 10258.95
Sell 10200 75.20
Buy 10300 116.25
67.05 132.95 10232.95
Sell 10100 49.20
Buy 10200 75.20
26.00 74.00 10174.00
Sell 10100 49.20
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
9700 9800 9900 10000 10100 10200 10300 10400 10500 10600 10700 10800 10900 11000
Call Put
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June 23, 2020
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
343
346
350
353
357
ASIANPAINT 1,600 1,626
1,650
1,676
1,699
AXISBANK
410
420
428
438
446
BAJAJ-AUTO 2,582 2,719
2,796
2,933
3,011
BAJFINANCE 2,675 2,758
2,811
2,893
2,946
BAJAJFINSV 5,775 5,979
6,165
6,369
6,555
BPCL
375
380
385
390
394
BHARTIARTL
562
572
580
589
597
INFRATEL
213
218
223
228
233
BRITANNIA 3,378 3,400
3,437
3,459
3,496
CIPLA
626
641
667
682
708
COALINDIA
135
139
142
146
148
DRREDDY 3,984 4,008
4,035
4,060
4,087
EICHERMOT 16,956
17,273
17,534
17,850
18,111
GAIL
96
97
99
100
102
GRASIM
569
593
611
635
653
HCLTECH
559
564
571
576
582
HDFCBANK 1,011 1,020
1,033
1,042
1,055
HDFC 1,774 1,797
1,836
1,858
1,897
HEROMOTOCO
2,321
2,367
2,407
2,453
2,493
HINDALCO
148
149
150
151
153
HINDUNILVR 2,070 2,086
2,102
2,117
2,134
ICICIBANK
359
363
369
373
379
IOC
84
86
87
89
90
INDUSINDBK
476
483
493
499
509
INFY
695
700
704
708
713
ITC
181
183
185
187
190
JSW STEEL
190
194
197
201
204
KOTAKBANK 1,256 1,306
1,345
1,395
1,434
LT
886
897
906
917
926
M&M
490
494
498
503
507
MARUTI 5,724 5,810
5,892
5,979
6,061
NESTLEIND 15,940
16,041
16,165
16,266
16,390
NTPC
92
94
95
96
97
ONGC
83
84
85
86
87
POWERGRID
167
173
176
182
185
RELIANCE 1,693 1,719
1,762
1,789
1,831
SHREECEM 21,246
21,632
21,916
22,302
22,586
SBIN
180
184
188
192
195
SUNPHARMA
478
486
493
501
509
TCS 2,000 2,014
2,033
2,047
2,066
TATAMOTORS
99
101
103
105
107
TATASTEEL
314
320
324
330
334
TECHM
532
540
547
555
562
TITAN
959
969
979
989
998
ULTRACEMCO 3,764 3,795
3,821
3,852
3,878
UPL
426
436
442
452
459
VEDANTA
102
106
109
113
116
WIPRO
214
216
219
221
224
ZEEL
171
174
177
180
183
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Technical & Derivatives Report
June 23, 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]g.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