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March 24
, 2021
Technical & Derivatives Report
Nifty
look
-
(
34184
)
The BankNifty started-off yesterday’s session on an optimistic note
and saw follow-up buying to extend the upmove towards 34300.
However, we witnessed some hiccups post Supreme Court ruling
on loan moratorium but soon the banking index resumed its
upmove to surpass beyond the morning highs. The BankNifty
clearly outperformed yesterday and eventually concluded the day
posting handsome gains of 1.73%.
If we consider the overall price action in last three trading session,
it has been trading in a range 1000 points (33350-34350). Despite
yesterday’s gains, the bigger picture doesn’t look so appealing at
this point in time. On the higher side, 34400-34500 remains a
strong resistance zone; whereas, any correction below recent
support around 33300-33400 shall open doors for 32800 and
then 32000. Hence, it’s advisable to avoid any bullish bets until we
don’t see any relevant upmove beyond 34400-34500.
Key Levels
Support 1 – 33400 Resistance 1 – 34400
Support 2 – 33300 Resistance 2 – 34500
Exhibit 1: Nifty Daily Chart
Sensex (50051) / Nifty (14815)
Despite SGX Nifty was indicating a sluggish start, our market
surprisingly opened in the green. The initial lead got sold into in the
subsequent hour, however once again index managed to march
higher post the Supreme Court verdict on loan moratorium. The
roller coaster was not done yet as we once again saw this rally
getting fizzled out around the mid-session. Market came off sharply
to test the 14700 mark and once again the down move was bought
into. In the midst of all this confusion, the Nifty eventually settled tad
above 14800 with modest gains of half a percent.
Yesterday market had multiple attempts on both sides and although
it managed to close in the positive territory, the conviction is clearly
lacking. Hence, if one wants to trade the index, it’s advisable to buy
dips and look to sell as close as possible to the resistance zone until
we see a decisive breakout on either side. For the coming session,
14875 followed 15000 remains to be strong hurdles; whereas on the
lower side, the way daily chart is shaped up, a sustainable move
below yesterday’s low i.e. 14707, we may see weakness extending in
the market. Hence, keep a close eye on these key levels.
.
Key Levels
Support 1 – 14700 Resistance 1 – 14800
Support 2 – 14600 Resistance2 – 14875
Exhibit 2: Nifty Bank Daily Chart
We must accept the fact that although the index is trapped in a
range, some of the individual stocks are doing extremely well. One
can stick to a stock centric approach but also it’s better not to over
leverage positions, especially overnight. As far as sectoral movers are
concerned, the banking outperformed yesterday convincingly after
Monday’s weak performance. Still it is important to note that the
undertone remains slightly on the bearish side for the banking
space.
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March 24
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Nifty Vs OI
14200
14300
14400
14500
14600
14700
14800
14900
15000
15100
15200
15300
115,000
120,000
125,000
130,000
135,000
140,000
3/9 3/12 3/17 3/19 3/23
(`000)
Openinterest Nifty
View
Post opening on a positive note, Nifty witnessed some
volatility till noon. However, it then moved higher
gradually in the later half and ended the day with
gains of over half a percent. Bank Nifty too witnessed
some sharp swings post announcement of Supreme
Court's verdict on the loan moratorium case. But it too
managed to rally in the later half and post gains of
about 600 points
.
FIIs were net sellers in the cash segment to the tune of
Rs. 108 crores. In Index Future segment, they bought
worth Rs. 440 crores with decrease in open interest
indicating short covering in yesterday’s session.
In yesterday's session, we witnessed some short
covering in Nifty while no change in open interest was
seen in Bank Nifty inspite of a decent up move in the
later half. FII's too covered some of their short
positions in the index as the market rallied. In the
options segment, 15000 call continue to hold a decent
amount of open interest while some addition was seen
in 14800-14600 put options. From next couple of
day's perspective, 14700 and 14600 would be seen as
a support levels while 14950-15000 could be the
higher end of the range. A lot of stock specific moves
are providing better trading opportunities and hence,
traders are advised to capitalize on the same
.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 2.92%
Bank Nifty futures open interest has decreased by 0.02%
as market closed at 14814.75 levels.
The Nifty March future closed with a premium of 18.15
point against a premium of 5.20 point in last trading
session. The April series closed at a premium of 109.4
point.
The INDIA VIX increased from 20.49 to 20.66.
At the same time, the PCR-OI of Nifty increased from 1.14
to 1.24.
Few of the liquid counters where we have seen high cost
of carry are IDEA, GRANULES, APLLTD, AMARAJABAT,
AND CADILAHC.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
POWERGRID 16300000 16.80 219.00 -1.94
AARTIIND 411825 15.49 1288.65 1.05
LALPATHLAB 216500 14.70 2556.90 -0.26
M&MFIN 15440000 10.89 210.25 -0.54
APLLTD 338800 10.39 932.85 2.09
ALKEM 265600 8.85 2597.50 -0.88
MOTHERSUMI 31920000 8.60 211.50 2.45
CUMMINSIND 2095200 8.31 892.50 0.25
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CHOLAFIN 4932500 -17.24 559.70 -1.59
PVR 1590149 -16.07 1320.05 -0.53
PAGEIND 54540 -13.88 30784.25 3.57
AMARAJABAT 2475000 -13.04 877.25 0.62
TRENT 669900 -10.55 813.85 1.41
GODREJPROP 2164500 -8.94 1439.85 1.91
IGL 5270375 -8.74 519.35 0.70
NAM-INDIA 1216000 -8.21 339.80 1.32
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.24 0.91
BANKNIFTY 0.94 0.77
RELIANCE 0.39 0.41
ICICIBANK 0.44 0.41
INFY 0.90 0.70
Historical Volatility
SCRIP HV
IDEA 112.10
GRANULES 60.31
APLLTD 49.78
AMARAJABAT 42.66
CADILAHC 40.32
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Technical & Derivatives Report
March 24
, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.
Nifty Spot =
14814.75
FII Statistics for March 23, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
9831.77
9391.79
439.98
127906
13402.84
(2.75)
INDEX
OPTIONS
424889.91
424631.53
258.38
1110252
116505.23
6.47
STOCK
FUTURES
40115.06
40064.19
50.87
1122845
97041.04
(1.53)
STOCK
OPTIONS
15100.97
15098.66
2.31
159704
13543.62
(1.79)
Total 489937.71
489186.17
751.54
2520707
240492.73
1.75
Turnover on March 23, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
5,66,285 54715.77 28.81
Index Options
3,46,02,842 33,20,794.71 29.65
Stock Futures
14,84,107 1,34,549.44 9.78
Stock Options
19,08,541 1,88,141.19 4.00
Total 3,85,61,775 36,98,201.11 27.21
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14800 118.45
51.05 48.95 14851.05
Sell 14900 67.40
Buy 14800 118.45
85.90 114.10 14885.90
Sell 15000 32.55
Buy 14900 67.40
34.85 65.15 14934.85
Sell 15000 32.55
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14800 84.05
31.80 68.20 14768.20
Sell 14700 52.25
Buy 14800 84.05
50.65 149.35 14749.35
Sell 14600 33.40
Buy 14700 52.25
18.85 81.15 14681.15
Sell 14600 33.40
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500
Call Put
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, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
712
725
740
753
768
ASIANPAINT 2,378 2,394
2,414
2,430
2,450
AXISBANK
703
71
7
728
742
753
BAJAJ-AUTO 3,608 3,643
3,677
3,712
3,745
BAJFINANCE 5,296 5,338
5,391
5,433
5,486
BAJAJFINSV 9,307 9,356
9,431
9,480
9,556
BPCL
431
434
438
441
445
BHARTIARTL
518
523
528
534
538
BRITANNIA 3,504 3,536
3,557
3,589
3,610
CIPLA
764
770
775
781
786
COALINDIA
133
134
135
137
138
DIVISLAB 3,363 3,429
3,470
3,536
3,576
DRREDDY 4,285 4,329
4,366
4,409
4,447
EICHERMOT 2,645 2,674
2,695
2,724
2,745
GAIL
131
133
135
137
140
GRASIM 1,381 1,396
1,409
1,425
1,438
HCLTECH
961
971
982
992
1,003
HDFCBANK 1,454 1,477
1,492
1,515
1,531
HDFCLIFE
676
680
685
688
693
HDFC 2,465 2,488
2,514
2,537
2,564
HEROMOTOCO 3,015 3,041
3,087
3,113
3,158
HINDALCO
323
327
335
339
347
HINDUNILVR 2,308 2,323 2,
348
2,362
2,387
ICICIBANK
568
577
583
592
598
IOC
96
96
97
97
98
INDUSINDBK
960
975
985
1,000
1,009
INFY 1,348 1,360
1,371
1,383
1,395
ITC
217
220
224
226
231
JSW STEEL
435
438
443
446
451
KOTAKBANK 1,773 1,793
1,819
1,838
1,864
LT 1,388 1,396
1,406
1,415
1,425
M&M
827
836
850
859
874
MARUTI 7,085 7,136
7,180
7,231
7,275
NESTLEIND 16,402
16,542
16,646
16,785
16,890
NTPC
107
108
109
110
111
ONGC
104
106
108
109
112
POWERGRID
215
217
221
223
226
RELIANCE 2,031 2,059
2,084
2,113
2,138
SBILIFE
886
892
902
908
917
SHREECEM 26,372
27,342
27,921
28,891
29,470
SBIN
362
367
373
378
383
SUNPHARMA
577
582
589
594
600
TCS 3,099 3,121
3,145
3,167
3,191
TATAMOTORS
300
304
308
312
316
TATASTEEL
725
733
741
749
757
TECHM
991
1,002
1,012
1,023
1,033
TITAN 1,427 1,461
1,488
1,522
1,549
ULTRACEMCO 6,645 6,792
6,875
7,023
7,106
UPL
610
622
633
645
656
WIPRO
407
411
417
422
428
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Technical & Derivatives Report
March 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]roking.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