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February 24, 2021
Technical & Derivatives Report
Nifty
Bank Out
-
(
35117)
Bank Nifty as well started on a positive note and after an initial
extension of bounce, the bank index slipped lower. Subsequently,
the bank index remained in a range for the second half and
eventually ended with a loss of 0.40% at 35117.
While on Monday, the bank index showed some relative
outperformance it yesterday underperformed. On the daily chart,
the bank nifty is currently hovering around the support of 20SMA
at 35000 levels and for the last two sessions have managed to hold
it on a closing basis. Going ahead, a sustained break below this
support can trigger the next leg of downside towards 34350 -
34000 levels. On the flip side, 35500 - 35680 can be seen as
immediate resistance, and only above the same we can expect a
decent bounce back; till then traders are advised to use every
intermediate bounce to exit long positions.
Key Levels
Support 1 – 34350 Resistance 1 – 35500
Support 2 – 34000 Resistance 2 – 35680
Exhibit 1: Nifty Daily Chart
Sensex (49751) / Nifty (14708)
The global picture changed a bit between Monday’s close and
yesterday’s open. The Dow future was trading deeply in red on
Monday while we closed; but after this there was a v-shaped
recovery seen in their market and the optimism continued yesterday
early morning as well. Taking such strong cues into the
consideration, our markets had a surprising bump up at the opening
convincingly beyond 14700. After the initial hiccup, the Nifty started
rebounding sharply to test the 14850 mark. However, since the
market is in a profit booking mode , it failed to sustain at higher
levels. As a result, the Nifty gave up major chunk of its gains to
conclude with nominal gains above 14700.
After Monday’s hammering, our market rebounded sharply in the
first half yesterday; because the prices were a bit oversold which was
then supported by the global recovery. However, it failed to sustain
at higher levels as we saw individual pockets once again started
feeling the heat. If we meticulously observe yesterday’s high, it
precisely coincided with the ’20-day EMA’ and hence, acted as a
sturdy wall. Going ahead, till the time Nifty doesn’t go beyond 14900
15000, the short term momentum is likely to be on the downside.
Hence, traders are continuously advised to use intraday recoveries
to lighten up longs. The immediate resistance zone remains at 14775
14850; whereas 14665 followed by 14635 are to be seen as key
supports. The way Nifty is shaped up, we will not be surprised to see
Nifty sliding below these supports soon to test 14570 14470 levels.
Exhibit 2: Nifty Bank Daily Chart
As far as sectoral activity is concerned, Metal stocks continue to
enjoy their dream run for the second consecutive session. However,
financial space kept sulking throughout the day with few other
heavyweight pockets.
Key Levels
Support 1 – 14635 Resistance 1 – 14775
Support 2 – 14570 Resistance2 – 14850
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Technical & Derivatives Report
February 24, 2021
Nifty Vs OI
14200
14400
14600
14800
15000
15200
15400
116,000
118,000
120,000
122,000
124,000
126,000
128,000
130,000
132,000
2/9 2/12 2/17 2/19 2/23
(`000)
Openinterest Nifty
View
Nifty started the day on a positive note and rallied higher
to surpass the 14800 mark. However, the indices did not
sustain at higher levels and witnessed some volatility on
both sides to end tad above 14700 with marginal gains.
FIIs were net sellers in the cash segment to the tune of
1569 crores. In Index Future segment they sold worth 160
crores with rise in open interest indicating short
formaitons in yesterday’s session
.
We did not see any significant positions getting built in
Nifty but some open interest addition was seen in Bank
Nifty. FII's were net sellers in the cash segment while they
added marginal shorts in the index futures. We had seen
good amount of call writing from 14800-15000 strikes on
Monday and hence, the index witnessed some pressure
as the index approached this range. From expiry
perspective, there are no signs of any major upmove and
thus, pullback moves should be used to lighten up longs.
On the flip side, 14500 is the immediate support for Nifty.
We could continue to see some higher volatility in a
broad range in last couple of sessions and hence, traders
should prefer to avoid aggressive positions.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 0.34%
Bank Nifty futures open interest has increased by 3.15%
as market closed at 14707.80 levels.
The Nifty February future closed with a premium of 3.75
point against a discount of 3.05 point in last trading
session. The March series closed at a premium of 55.05
point.
The INDIA VIX decreased from 25.47 to 25.22.
At the same time, the PCR-OI of Nifty increased from 0.99
to 1.06.
Few of the liquid counters where we have seen high cost
of carry are BHEL, IDEA, JSWSTEEL, ADANIPORTS, AND
ACC.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
HINDALCO 37195000 18.04 333.05 5.61
FEDERALBNK 96260000 14.36 81.25 2.00
LALPATHLAB 163500 13.74 2285.60 -4.71
BANKBARODA 97589700 12.73 86.85 -3.86
BANDHANBNK 26188200 11.04 325.30 -0.09
IGL 6965750 9.65 509.25 -2.80
TVSMOTOR 5447400 9.45 597.05 1.75
GODREJCP 4544000 9.26 680.10 -2.61
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
AMARAJABAT 3347000 -19.79 890.55 -1.08
PAGEIND 92610 -12.13 29040.85 5.54
PVR 1912086 -11.61 1374.45 -0.20
BAJFINANCE 4476250 -9.78 5383.70 0.07
IDFCFIRSTB 152323000 -9.74 61.40 -0.33
BEL 29814800 -9.57 134.20 3.07
CHOLAFIN 8555000 -9.45 517.80 0.34
BERGEPAINT 3536500 -9.26 721.70 -1.16
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.06 0.93
BANKNIFTY 0.70 0.99
RELIANCE 0.45 0.57
ICICIBANK 0.73 0.63
INFY 0.50 0.52
Historical Volatility
SCRIP HV
CUMMINSIND 43.98
TATASTEEL 53.84
PAGEIND 46.70
ONGC 54.77
LALPATHLAB 48.83
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Technical & Derivatives Report
February 24, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (February Series) are given as an information and not as a recommendation.
Nifty Spot =
14707.80
FII Statistics for February 23, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
7676.04
7835.75
(159.71) 132890
13920.48
1.46
INDEX
OPTIONS
457424.96
454818.37
2606.59
1125855
118152.19
8.29
STOCK
FUTURES
47530.64
47272.02
258.62
1260179
107343.33
0.60
STOCK
OPTIONS
20131.97
19556.76
575.21
191635
16627.72
(3.85)
Total 532763.61
529482.90
3280.71
2710559
256043.72
3.35
Turnover on February 23, 2020
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 5,18,062 51124.24 6.41
Index Options 3,69,11,502
36,05,764.38 21.18
Stock Futures 17,09,508
1,55,108.95 7.24
Stock Options 22,99,612
2,20,056.65 0.56
Total 4,14,38,684
40,32,054.22 19.04
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14700 100.60
46.65 53.35 14746.65
Sell 14800 53.95
Buy 14700 100.60
74.80 125.20 14774.80
Sell 14900 25.80
Buy 14800 53.95
28.15 71.85 14828.15
Sell 14900 25.80
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14700 89.95
36.95 63.05 14663.05
Sell 14600 53.00
Buy 14700 89.95
59.85 140.15 14640.15
Sell 14500 30.10
Buy 14600 53.00
22.90 77.10 14577.10
Sell 14500 30.10
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300
Call Put
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February 24, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
645
653
668
677
691
ASIANPAINT 2,277 2,325
2,362
2,410
2,447
AXISBANK
699
707
721
730
744
BAJAJ-AUTO 3,825 3,869
3,934
3,977
4,042
BAJFINANCE 5,258 5,321
5,413
5,476
5,567
BAJAJFINSV 9,778 9,894
10,044
10,159
10,310
BPCL
418
426
435
443
451
BHARTIARTL
556
561
569
574
582
BRITANNIA 3,300 3,318
3,343
3,361
3,386
CIPLA
779
785
794
800
809
COALINDIA
135
136
137
138
140
DIVISLAB 3,391 3,420
3,469
3,498
3,548
DRREDDY 4,370 4,432
4,483
4,546
4,597
EICHERMOT 2,414 2,464
2,507
2,557
2,600
GAIL
141
144
146
150
152
GRASIM 1,206 1,219
1,234
1,247
1,263
HCLTECH
892
901
916
924
939
HDFCBANK 1,501 1,515
1,537
1,550
1,572
HDFCLIFE
680
693
703
716
726
HDFC 2,586 2,607
2,643
2,664
2,699
HEROMOTOCO 3,318 3,362
3,421
3,464
3,523
HINDALCO
308
320
329
342
351
HINDUNILVR 2,158 2,169
2,181
2,191
2,203
ICICIBANK
602
609
616
623
630
IOC
94
96
98
99
101
INDUSINDBK 1,004 1,026
1,040
1,062
1,076
INFY 1,238 1,252
1,272
1,286
1,305
ITC
205
207
209
210
212
JSW STEEL
402
407
412
417
422
KOTAKBANK 1,802 1,838
1,901
1,937
2,000
LT 1,443 1,465
1,481
1,503
1,519
M&M
801
821
839
859
877
MARUTI 6,826 6,898
7,010
7,083
7,195
NESTLEIND 15,889
16,030
16,142
16,283
16,395
NTPC
99
101
103
105
106
ONGC
107
110
112
115
117
POWERGRID
222
224
227
229
231
RELIANCE 1,991 2,007
2,030
2,046
2,069
SBILIFE
839
854
864
880
890
SHREECEM 26,425
26,843
27,187
27,605
27,950
SBIN
384
390
395
401
405
SUNPHARMA
585
595
601
611
618
TCS 2,932 2,956
2,992
3,016
3,052
TATAMOTORS
300
312
320
332
341
TATASTEEL
662
696
716
749
770
TECHM
915
930
947
962
978
TITAN 1,384 1,404
1,420
1,441
1,457
ULTRACEMCO 6,032 6,150
6,249
6,367
6,466
UPL
494
530
550
586
606
WIPRO
407
411
419
423
430
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Technical & Derivatives Report
February 24, 2021
*
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]oking.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