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Technical & Derivatives Report
November 23, 2020
Nifty
Bank Out
look
-
(
29236
)
The bank nifty continued with its upward trajectory during the
truncated last week and ended with gains of 2.24% against the
previous week close.
During the last week, we mentioned Bank Nifty approaching key
resistance and we did witness some hiccup on Thursday that was
followed during the first half of Friday. However, with an overall
strong uptrend, such dips are getting bought and bank nifty
again bounced during the second half on Friday to continue its
outperformance. Now the bank index has again approached the
key resistance and prices are overstretched from its short-term
moving average. Definitely, our bias remains positive however,
one should avoid aggressive bets at current elevated levels and
wait for dips or some consolidation for oscillators to cool down.
As far as levels are concerned, immediate support is placed
around 28650 and 28450 levels whereas resistance is seen
around 29630 and 29800 levels.
Key Levels
Support 1 – 28650 Resistance 1 – 29630
Support 2 – 28450 Resistance 2 – 29800
Exhibit 1: Nifty Daily Chart
Sensex (43882) / Nifty (12859)
After an extended weekend post the Diwali festival, markets started
off higher and clocked a fresh record high of 12963 during the last
week. Since there was no major follow up buying seen in major
heavyweight constituents, Nifty was unable to show the 13000
mark on the screen. In fact, some profit booking was witnessed in
the last couple of sessions to eventually conclude the week with
nominal gains of six tenths of a percent.
In the previous couple of weeks, markets have already taken a
giant leap and mostly all the major positive factors are already
priced in; markets had no fresh trigger to continue the similar kind
of pace. We still do not rule out the possibility of immediate levels
of 13100 - 13200, but the rally may not be that smooth now. The
overall trend still remains strongly bullish and we continue with our
‘Buy on declines’ strategy but in between, we are likely to see some
profit taking. For this week, Friday’s low of 12730 will now be seen
as key support. A move below this will extend the corrective move
towards 12600 - 12450 levels; whereas on the higher side, 12963
is the level to watch out for.
.Key Levels
Support 1 – 12800 Resistance 1 – 12963
Support 2 – 12730 Resistance2 – 13000
In our intra-week commentary, we had mentioned how the
banking index is showing some signs of being overbought and very
much on expected lines, we witnessed nearly 1200 points
correction in the last couple of days. Fortunately due to the late
surge in banking conglomerates, Bank Nifty closed very much in
safer territory above 29200. But the real action continued in the
broader markets and hence, we can still focus on the same. Traders
are advised not to trade aggressively now and should continue
with a stock centric approach.
Exhibit 2: Nifty Bank Weekly Chart
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Technical & Derivatives Report
November 23, 2020
Nifty Vs OI
11000
11200
11400
11600
11800
12000
12200
12400
12600
12800
13000
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
10/30 11/3 11/5 11/9 11/11 11/13 11/19
(`000)
Openinterest Nifty
View
We started the truncated week on a positive note and
registered another record high, however, the index
resisted around the 13000 mark and consolidated to
end the week with gains of over half a percent.
FIIs were net buyers in the cash segment to the tune
of Rs. 3860 crores. In index future segment, they
bought worth Rs. 649 crores with some rise in open
interest, suggesting long formation.
In the November series, both the indices gave a
spectacular move with addition of good amount of
longs. Last week, we saw mixed activity in Nifty and
short covering took place in banking index. In options
front, some unwinding was seen in 12900 call
followed buy fresh open interest addition 13000-
13250 strikes. On the other side, 12600-12900 puts
added fresh positions; wherein , massive open interest
addition was seen in 12800 put. Although, we
concluded the week on a positive note; hardly any
positive development was seen in terms of open
interest. Considering the writing in 12800 puts, we
would advise traders to trade with a positive bias until
be manage to trade above 12800. Any correction
below 12800, may lead follow up selling towards,
12500-12600.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 0.66%
Bank Nifty futures open interest has decreased by
10.89% as market closed at 12859.05 levels.
The Nifty November future closed with a premium of
12.25 point against a premium of 21.80 point in last
trading session. The December series closed at a
premium of 36.05 point.
The INDIA VIX has increased from 19.57 to 19.62.
At the same time, the PCR-OI of Nifty increased from
1.29 to 1.57.
Few of the liquid counters where we have seen high cost
of carry are RBLBANK, BANKBARODA, PNB and
ASHOKLEY.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
COFORGE 751500 19.07 2354.95 1.17
INDIGO 3430000 17.63 1679.70 -0.40
GAIL 28938400 14.59 97.45 3.83
ICICIGI 506600 13.09 1356.25 5.06
JINDALSTEL 26270000 9.12 236.55 1.26
TATASTEEL 37728100 7.70 532.90 2.06
TITAN 6300750 7.40 1365.15 5.24
RAMCOCEM 1405900 6.99 852.40 -0.72
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IDEA 455210000 -10.86 10.05 8.11
DLF 31897800 -8.06 181.95 -1.41
CUMMINSIND 1777200 -6.97 510.40 -0.38
ACC 1759000 -6.83 1686.85 0.47
L&TFH 39930800 -6.77 71.35 -0.21
INFRATEL 13202000 -6.37 219.05 17.34
MRF 35190 -6.33 79070.45 2.79
RBLBANK 21909000 -6.17 211.60 0.87
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.57 0.97
BANKNIFTY 1.18 0.87
RELIANCE 0.46 0.68
ICICIBANK 0.82 0.61
INFY 0.37 0.30
Historical Volatility
SCRIP HV
INFRATEL 73.59
BAJAJFINSV 62.20
TITAN 46.78
ICICIGI 51.27
UBL 43.62
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Technical & Derivatives Report
November 23, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (November Series) are given as an information and not as a recommendation.
Nifty Spot =
12859.05
FII Statistics for November 20, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
5383.55 4734.56 648.99
168506 15625.30 1.51
INDEX
OPTIONS
260017.72 259756.35 261.37
913166 83791.21 9.61
STOCK
FUTURES
18872.02 19413.16 (541.14) 1320231 97315.91 (0.15)
STOCK
OPTIONS
11351.20 11131.08 220.12
101581 7688.13 (0.93)
Total 295624.49
295035.15
589.34
2503484
204420.55
3.28
Turnover on November 20, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 6,07,125 48280.72 9.36
Index Options
2,10,75,652
17,18,294.29
-72.63
Stock Futures 11,69,539
91496.55 18.01
Stock Options
22,10,489
1,83,536.24 10.87
Total
2,50,62,805
20,41,607.80
-68.91
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 12900 89.60
38.95 61.05 12938.95
Sell 13000 50.65
Buy 12900 89.60
63.70 136.30 12963.70
Sell 13100 25.90
Buy 13000 50.65
24.75 75.25 13024.75
Sell 13100 25.90
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 12900 115.85
43.65 56.35 12856.35
Sell 12800 72.20
Buy 12900 115.85
72.60 127.40 12827.40
Sell 12700 43.25
Buy 12800 72.20
28.95 71.05 12771.05
Sell 12700 43.25
Nifty Put-Call Analysis
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November 23, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
368
372
377
381
387
ASIANPAINT 2,143 2,155
2,172
2,184
2,202
AXISBANK
581
594
605
619
630
BAJAJ-AUTO 2,992 3,025
3,055
3,088
3,118
BAJFINANCE 4,418 4,567
4,664
4,814
4,911
BAJAJFINSV 7,579 8,061
8,325
8,807
9,070
BPCL
373
378
384
389
395
BHARTIARTL
458
471
478
491
499
BRITANNIA 3,494 3,523
3,550
3,580
3,607
CIPLA
724
732
740
748
756
COALINDIA
118
120
122
123
125
DIVISLAB 3,396 3,433
3,461
3,498
3,526
DRREDDY 4,597 4,634
4,693
4,730
4,789
EICHERMOT 2,520 2,555
2,578
2,613
2,635
GAIL
91
94
96
99
101
GRASIM
829
842
852
866
875
HCLTECH
796
808
816
827
835
HDFCBANK 1,349 1,376
1,392
1,420
1,436
HDFCLIFE
639
651
660
673
681
HDFC 2,289 2,312
2,349
2,372
2,409
HEROMOTOCO 2,941 2,970
2,994
3,023
3,048
HINDALCO
208
212
216
220
224
HINDUNILVR 2,079 2,100
2,121
2,141
2,162
ICICIBANK
462
471
477
486
493
IOC
82
84
85
86
87
INDUSINDBK
769
790
810
831
851
INFY 1,083 1,093
1,101
1,111
1,119
ITC
184
188
190
194
196
JSW STEEL
325
331
335
340
345
KOTAKBANK 1,780 1,835
1,867
1,922
1,954
LT 1,095 1,114
1,137
1,156
1,180
M&M
689
702
711
724
732
MARUTI 6,847 6,907
6,963
7,023
7,079
NESTLEIND 16,707
17,084
17,292
17,669
17,877
NTPC
89
90
91
93
93
ONGC
70
71
72
73
74
POWERGRID
187
189
192
194
197
RELIANCE 1,837 1,868
1,926
1,957
2,015
SBILIFE
828
837
843
852
858
SHREECEM 23,483
23,716
23,863
24,096
24,244
SBIN
229
236
241
247
252
SUNPHARMA
487
495
504
512
520
TCS 2,606 2,633
2,655
2,682
2,703
TATAMOTORS
163
166
169
172
175
TATASTEEL
511
522
532
543
553
TECHM
818
828
836
846
855
TITAN 1,268 1,317
1,344
1,392
1,420
ULTRACEMCO 4,732 4,797
4,835
4,900
4,937
UPL
401
411
416
426
432
WIPRO
339
343
346
349
352
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Technical & Derivatives Report
November 23, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: technicalre[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