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Technica
l & Derivatives Report
September 23, 2020
Nifty
look
-
(
21139
)
The banking index too opened slightly higher yesterday after
Monday’s sell off. However, the uptick was merely a formality as
we witnessed the broader market resuming the selling
momentum in the initial trades. We not only erased gains but
also slipped well inside the negative territory. During the
remaining part, a couple of weak attempts of a rebound were
witnessed; but they eventually got sold into to eventually
conclude with a percent of loss.
Since last few days, banking space was sulking a bit and the
moment stronger counters started correcting, the banking
conglomerates just nosedived. On Monday, we witnessed a
convincing breakdown below 22000 and the follow through of
the same. Fortunately, it was not as terrible a session as it was on
Monday. The Bank Nifty slipped below 21000 during the
penultimate hour; but fortunately due to modest recovery
towards the end, index defended on a closing basis. But it’s a
matter of time, we expect it to slide below it to test 20800-20600
levels. On the upside, any recovery towards 21350-21500 is likely
to get sold into.
Key Levels
Support 1 – 21000 Resistance 1 – 21350
Support 2 – 20800 Resistance 2 – 21500
Sensex (37734) / Nifty (11154)
Nifty started the session marginally positive yesterday; however, it
was mere a formality as we immediately witnessed correction and
within first half an hour, Nifty sneaked below 11100. The index
gradually pulled from the lows, but the bears continued their
dominance and the pullback move was sold into to eventually end
the day with a loss of about 100 points around 11150.
The previous sessions correction clearly had an impact on the open
as the flat to positive opening was immediately sold into. The index
then made an attempt to recover some of the losses during the
day, however it again witnessed some selling pressure around
11250 and corrected in the later half. In three trading sessions, the
index has corrected sharply and the undertone still continues to be
bearish. However, post this sharp correction, we now expect some
volatility on the both the sides and hence, traders needs to be very
agile in stock selection and taking an exit. The banking index which
has been a spoilsport, is now trading around its support zone of
20900-21000 from where we had seen pullback moves several
times in the recent past. However, until any reversal seen, one
should avoid any kind of bottom fishing.
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
The immediate support for Nifty are placed around 11100 and
then at 11000-10950 zone whereas resistance is seen around
11250-11300. Traders are advised to trade with a stock specific
approach and avoid aggressive positions.
.Key Levels
Support 1 – 11100 Resistance 1 – 11250
Support 2 – 11000 Resistance2 – 11300
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Nifty Vs OI
11000
11100
11200
11300
11400
11500
11600
11700
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
9/1 9/3 9/7 9/9 9/11 9/15 9/17 9/21
(`000)
Openinterest Nifty
View
s
Post Monday’s sharp fall, we witnessed some recovery
in the early morning trade. However, this gains was
short lived as we saw follow-up selling to drag the
index below 11100 mark. Due to modest recovery in
the end Nifty concluded the session with a cut of 97
points.
FIIs continued their selling streak in cash market
segment, they sold to the tune of Rs. 2073 crores. In
index futures, they were net sellers of worth Rs. 696
crores with good amount of rise in open interest
indicating short formations.
It’s the fourth straight day wherein Nifty concluded in
red but we hardly saw any relevant shorts in futures
segment. In case of Banking index as well, we hardly
saw any majort change in open interest yesterday.
Rollover in Nifty and BankNifty stood at 38% and 44%
respectively. In index options front, we saw fresh
writing in 11200 and 11300 strikes; whereas, 10950-
11150 put options added fresh build-up. We also
observed that put writers of 11300 unwounded good
amount of their positions. Considering the above data
points, we would advise traders being light in market
and prefer trading in individual counters.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 1.59%
Bank Nifty futures open interest has increased by 0.18%
as market closed at 11153.65 levels.
The Nifty September future closed with a premium of
10.3 point against a premium of 10.30 point in last
trading session. The October series closed at a premium
of 30.9 point.
The INDIA VIX has decreased from 22.19 to 21.45.
At the same time, the PCR-OI of Nifty decreased from
1.07 to 1.04.
Few of the liquid counters where we have seen high
cost of carry are IDEA, SUNPHARMA, ASHOKLEY,
IBULHSGFIN, and VEDL.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
JINDALSTEL 25040000 35.42 169.90 -1.39
ONGC 64603000 19.16 69.50 -2.18
APOLLOHOSP 1223000 15.43 1789.15 -1.65
RBLBANK 24258000 14.61 166.20 -1.33
CANBK 11855000 14.05 89.50 -6.93
BOSCHLTD 115350 12.65 12395.20 -3.72
INFRATEL 19740000 11.23 180.40 -4.23
SRTRANSFIN 5181923 9.38 640.65 0.53
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
MFSL 1406600 -19.85 594.85 -0.71
SAIL 41382000 -16.74 35.50 0.99
GLENMARK 7465800 -13.16 459.30 -3.15
IDFCFIRSTB 142025000 -11.33 28.70 -2.21
ESCORTS 2439800 -7.31 1198.85 -1.12
HAVELLS 5581000 -7.22 665.25 -0.23
AMARAJABAT 1141000 -7.01 710.45 -2.17
TVSMOTOR 5817000 -6.65 442.85 -1.73
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.04 0.88
BANKNIFTY 0.65 1.07
RELIANCE 0.54 0.57
ICICIBANK 0.43 0.60
INFY 0.66 0.49
Historical Volatility
SCRIP HV
CANBK 64.38
GMRINFRA 54.92
GAIL 50.03
ADANIPORTS 48.72
MGL 47.74
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Technical & Derivatives Report
Sep
tember 23, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (September Series) are given as an information and not as a recommendation.
Nifty Spot =
11153.65
FII Statistics for September 22, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
7509.03 8204.95 (695.92) 154597 11415.65 7.11
INDEX
OPTIONS
272989.47 272198.29 791.18
900035 67319.86 7.15
STOCK
FUTURES
40792.88 39952.85 840.03
1190304 80631.61 (1.43)
STOCK
OPTIONS
7369.81 7270.45 99.36
84366 5945.51 (11.00)
Total 328661.19
327626.54
1034.65
2329302
165312.63
1.87
Turnover on September 22, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 7,13,468 46688.39 16.80
Index Options
2,77,71,175 18,67,660.89 27.23
Stock Futures 17,62,604 1,25,570.17 9.78
Stock Options
18,53,885 1,49,008.93 -19.44
Total 3,21,01,132 21,88,928.38 21.12
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 11200 51.40
31.20 68.80 11231.20
Sell 11300 20.20
Buy 11200 51.40
43.65 156.35 11243.65
Sell 11400 7.75
Buy 11300 20.20
12.45 87.55 11312.45
Sell 11400 7.75
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 11200 91.40
43.70 56.30 11156.30
Sell 11100 47.70
Buy 11200 91.40
67.15 132.85 11132.85
Sell 11000 24.25
Buy 11100 47.70
23.45 76.55 11076.55
Sell 11000 24.25
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
10500 10600 10700 10800 10900 11000 11100 11200 11300 11400 11500 11600 11700 11800
Call Put
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Technical & Derivatives Report
Sep
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Da
ily
Pivot Le
vel
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
315
324
336
345
357
ASIANPAINT 1,884 1,911
1,953
1,980
2,023
AXISBANK
395
403
415
424
435
BAJAJ-AUTO 2,912 2,949
2,979
3,016
3,046
BAJFINANCE 3,155 3,229
3,291
3,366
3,428
BAJAJFINSV 5,450 5,566
5,661
5,777
5,872
BPCL
371
382
393
403
414
BHARTIARTL
453
462
470
479
488
INFRATEL
171
176
184
189
197
BRITANNIA 3,464 3,526
3,602
3,664
3,740
CIPLA
741
759
774
792
806
COALINDIA
117
118
120
121
123
DRREDDY 4,956 5,062
5,161
5,267
5,366
EICHERMOT 1,985 2,025
2,073
2,113
2,162
GAIL
80
82
85
87
91
GRASIM
688
709
727
748
767
HCLTECH
773
797
814
838
855
HDFCBANK 1,012 1,024
1,041
1,053
1,070
HDFC
557
568
578
589
599
HEROMOTOCO 1,643 1,659
1,688
1,703
1,732
HINDALCO 2,912 2,956
3,004
3,048
3,096
HINDUNILVR
156
160
164
168
173
ICICIBANK 1,973 2,000
2,027
2,054
2,082
IOC
347
351
353
357
360
INDUSINDBK
74
75
77
78
80
INFY
512
528
553
569
594
ITC
976
992
1,007
1,023
1,038
JSW STEEL
172
173
175
176
178
KOTAKBANK
257
265
270
277
282
LT 1,238 1,254
1,278
1,294
1,318
M&M
830
843
865
879
901
MARUTI
593
604
614
626
636
NESTLEIND 6,106 6,273
6,480
6,647
6,853
NTPC 14,913
15,056
15,243
15,386
15,573
ONGC
83
85
88
90
92
POWERGRID
67
68
70
71
72
RELIANCE
165
167
169
171
173
SHREECEM 2,154 2,183
2,230
2,258
2,305
SBIN 18,101
18,542
18,865
19,305
19,628
SUNPHARMA
178
182
185
189
192
TCS
484
497
506
5
18
527
TATAMOTORS 2,415 2,469
2,512
2,566
2,609
TATASTEEL
125
129
134
138
142
TECHM
350
362
370
382
391
TITAN
755
778
794
817
833
ULTRACEMCO 1,074 1,089
1,108
1,124
1,143
UPL 3,723 3,803
3,874
3,954
4,024
VEDANTA
501
515
526
541
552
WIPRO
298
305
311
318
324
ZEEL
182
190
201
209
220
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Technical & Derivatives Report
Sep
tember 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