Technical & Derivatives Report
January 24, 2018
Sensex (36140) / Nifty (11084)
Exhibit 1: Nifty Daily Chart
The dream run continues for our market as we can see record
highs getting clocked day by day with a fair margin. In fact, in
last 4 - 5 sessions, we can clearly see this wave mounting quite
steeply; indicating a complete gush in the traders’ sentiments.
Due to last Friday’s strong move from 10800, the magical figure
of 11000 followed by 11100 was on cards. But the velocity at
which market hastened in couple of days has certainly turned out
to be a jaw-dropping move for many traders. This is a sheer
euphoric environment that we are experiencing at this moment. It
appears as if the traders’ fraternity has kept a lot of expectations
from this upcoming budget and hence, probably the anticipation
is adding fuel to this ‘No Negative is as good as positive’ kind of
scenario. We must accept that such ‘Too Fast Too Furious’ moves
generally do not offer time to think even for those who are willing
to ride the tide. Undoubtedly, the momentum is extremely strong
and price wise there is no sign of weakness yet. However, as a
chartist, it becomes very difficult to digest such steep relentless
rally and especially when one of lead indicators ‘RSI’ has reached
as high as 82.50 level. Yes, practically, this indicator can remain
overbought for ages; but, if we go by the historical evidence, one
needs to remain light and adopt a proper exit strategy. As
mentioned earlier, 11100 - 11125 coincide with the 161% price
extension of the rally seen during 2008 - 10 and hence, requires
some attention. If the momentum persists then the rally may
continue and now, 10994 would be seen as an important support
level.
Key Levels
Support 1 - 11000
Resistance 1 - 11100
Support 2 - 10994
Resistance 2 - 11125
Exhibit 2: Nifty Bank Daily Chart
Nifty Bank Outlook - (27391)
Along with the broader markets, Bank Nifty too opened on a
positive note and the momentum continued throughout the
session to end with gains of 1.29% over its previous closing. PSU
Banks outperformed as the PSU BANK Index ended with gains of
3.97%
On the daily chart, the Nifty Bank Index has witnessed a vertical
rally post its breakout above
26000 levels and hence the
momentum oscillators has reached deep overbought zone which
indicates that the Index may see some consolidation phase in
near term. Traders are hence advised to focus on individual
stocks within the sector that are likely to provide better trading
opportunities. Going ahead, the intraday support for the Nifty
Bank index is likely to be seen around 27160 and 27030
whereas resistance is placed in a range of 27540 - 27620.
Key Levels
Support 1 - 27160
Resistance 1 - 27540
Support 2 - 27030
Resistance 2 - 27620
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Technical & Derivatives Report
January 24, 2018
Comments
Nifty Vs OI
The Nifty futures open interest has increased by 3.38%
BankNifty futures open interest has increased by 8.41%
as market closed at 11083.70 levels.
The Nifty January future closed with a premium of 1.75
points against a premium of 1.80 points in last trading
session. The February series closed at a premium of
24.10 points.
The INDIA VIX has increased from 14.09 to 16.23. At the
same time, the PCR-OI of Nifty has increased from 1.79
to 1.89 level.
Few of the liquid counters where we have seen high cost
of carry are GAIL, IFCI, RNAVAL, JPASSOCIAT and
GODFRYPHLP.
Views
OI Gainers
FIIs continue their buying streak in cash market segment,
OI
PRICE
SCRIP
OI
PRICE
they bought to the tune of Rs. 1229 crores. While, they
CHG. (%)
CHG. (%)
were buyers of Rs. 574 crores in index futures with good
TORNTPOWER
5307000
23.10
297.30
-2.63
amount of rise in OI, indicating formation of both long
SHREECEM
63550
21.16
18391.95
0.21
and short in previous trading session.
PIDILITIND
1641000
20.57
886.35
-1.10
On options front, they were net sellers of Rs. 1016 crores
JISLJALEQS
51471000
19.64
143.55
2.31
with marginal change in OI. In call options,
ZEEL
9779900
17.68
597.15
-2.14
11150-11500 strikes added fresh positions; wherein,
GMRINFRA
331920000
16.19
23.85
4.15
11200 call option added huge positions. On the flip
CANFINHOME
6810000
14.07
460.40
-5.29
side, we saw good amount of writing in 10950-11100
HINDZINC
10576000
13.34
296.65
1.50
put options; followed by unwinding in 10500-10900
strikes. Maximum concentration of OI now stood at
11200 call and 10500 put options.
OI Losers
The benchmark mark index extended its gains and hits
OI
PRICE
SCRIP
OI
PRICE
yet another record high to conclude the session above
CHG. (%)
CHG. (%)
INDIACEM
27356000
-79.91
184.00
-0.51
11050 mark. FIIs formed mixed positions in index futures
JUSTDIAL
3227000
-19.41
600.75
-2.67
and simultaneously continued adding longs in stock
ESCORTS
3210900
-14.42
810.60
2.93
futures and writing index put options. Considering the
above data points, we believe we may see index heading
NIITTECH
1482000
-11.63
783.75
2.12
towards 11150-11200 in near term. Hence, unless we
ICIL
5885000
-9.95
115.95
-0.77
don't see any meaningful change in data one should
DHFL
29991000
-9.23
613.85
-3.00
avoid shorting.
JSWENERGY
29240000
-8.83
90.60
2.08
MINDTREE
3123600
-8.73
762.55
0.53
Put-Call Ratio
Historical Volatility
SCRIP
PCR-OI
PCR-VOL
SCRIP
HV
NIFTY
1.89
1.07
HAVELLS
34.14
BANKNIFTY
1.42
0.86
JSWSTEEL
37.43
RELIANCE
0.57
0.36
CIPLA
25.68
INFY
1.21
0.37
JINDALSTEL
76.54
TATAMOTORS
0.37
0.35
VEDL
38.77
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Technical & Derivatives Report
January 24, 2018
FII Statistics for January 23, 2018
Turnover on January 23, 2018
Open Interest
No. of
Turnover
Change
Detail
Buy
Sell
Net
Instrument
Value
Change
Contracts
( in Cr. )
(%)
Contracts
(in Cr.)
(%)
INDEX
INDEX
5986.95
5412.80
574.15
331592
28528.32
9.16
367335
33084.79
33.31
FUTURES
FUTURES
INDEX
INDEX
92529.83
93545.76
(1015.93)
1056526
90866.46
(0.24)
8301702
753804.09
42.27
OPTIONS
OPTIONS
STOCK
29391.42
28418.65
972.77
1019638
78429.45
2.36
STOCK
FUTURES
1724908
133321.33
30.93
FUTURES
STOCK
STOCK
12329.71
12320.01
9.70
126799
10229.03
1.52
961567
78722.92
4.74
OPTIONS
OPTIONS
Total
140237.90
139697.22
540.68
2534555
208053.26
2.04
TOTAL
11355512
998933.13
36.54
Nifty Spot = 11083.70
Lot Size = 75
Bull-Call Spreads
Bear-Put Spreads
Action
Strike
Price
Risk
Reward
BEP
Action
Strike
Price
Risk
Reward
BEP
Buy
11100
40.05
Buy
11100
54.15
25.75
74.25
11125.75
33.00
67.00
11067.00
Sell
11200
14.30
Sell
11000
21.15
Buy
11100
40.05
Buy
11100
54.15
34.90
165.10
11134.90
43.30
156.70
11056.70
Sell
11300
5.15
Sell
10900
10.85
Buy
11200
14.30
Buy
11000
21.15
9.15
90.85
11209.15
10.30
89.70
10989.70
Sell
11300
5.15
Sell
10900
10.85
Note: Above mentioned Bullish or Bearish Spreads in Nifty (January Series) are given as an information and not as a recommendation.
Nifty Put-Call Analysis
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Technical & Derivatives Report
January 24, 2018
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
429
434
438
443
447
AMBUJACEM
257
260
265
267
272
ASIANPAINT
1,146
1,158
1,168
1,180
1,190
AUROPHARMA
633
643
651
662
670
AXISBANK
604
612
620
628
636
BAJAJ-AUTO
3,245
3,271
3,297
3,323
3,349
BAJFINANCE
1,681
1,695
1,706
1,720
1,732
BPCL
464
472
478
486
492
BHARTIARTL
483
488
493
498
503
INFRATEL
333
336
341
344
349
BOSCHLTD
19,404
19,590
19,825
20,011
20,246
CIPLA
591
607
616
631
641
COALINDIA
282
287
291
296
300
DRREDDY
2,475
2,498
2,524
2,547
2,573
EICHERMOT
26,497
26,784
27,307
27,594
28,116
GAIL
434
453
465
484
496
HCLTECH
957
976
988
1,007
1,019
HDFCBANK
1,930
1,941
1,954
1,964
1,977
HDFC
1,857
1,871
1,884
1,898
1,911
HEROMOTOCO
3,598
3,614
3,624
3,641
3,651
HINDALCO
249
257
264
272
279
HINDPETRO
384
390
398
404
412
HINDUNILVR
1,341
1,355
1,364
1,377
1,386
IBULHSGFIN
1,324
1,351
1,374
1,402
1,425
ICICIBANK
345
354
359
368
373
IOC
384
386
391
394
398
INDUSINDBK
1,661
1,692
1,711
1,742
1,761
INFY
1,140
1,159
1,173
1,192
1,206
ITC
272
274
276
278
280
KOTAKBANK
1,063
1,069
1,076
1,083
1,090
LT
1,384
1,398
1,406
1,419
1,428
LUPIN
920
929
935
944
950
M&M
756
763
768
774
779
MARUTI
9,232
9,313
9,371
9,452
9,510
NTPC
170
171
174
175
178
ONGC
197
202
205
211
214
POWERGRID
193
194
195
197
198
RELIANCE
967
975
983
991
999
SBIN
301
309
315
324
329
SUNPHARMA
570
575
580
585
591
TCS
3,059
3,081
3,111
3,133
3,164
TATAMOTORS
410
414
419
422
427
TATASTEEL
738
759
773
794
808
TECHM
555
571
581
598
608
ULTRACEMCO
4,255
4,315
4,361
4,421
4,467
UPL
787
797
808
818
828
VEDANTA
319
331
341
353
362
WIPRO
308
311
317
321
327
YESBANK
349
354
357
363
366
ZEEL
582
590
599
606
615
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Technical & Derivatives Report
January 24, 2018
Research Team Tel: 022 - 39357800
Website: www.angelbroking.com
For Technical Queries
E-mail: [email protected]
For Derivatives Queries
E-mail: [email protected]
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