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June 24, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
Bank Out
-
(
34574)
Yesterday’s opening and the price action thereafter was almost a
replica of Tuesday’s session. The banking index started off higher
in tandem with benchmark and then started correcting gradually
in the initial hour. This was followed by a long consolidation
around key intraday supports. But this support got violated
marginally due to last hour selling in some of the heavyweight
constituents. Eventually, BANKNIFTY ended the penultimate
session with half a percent cut.
The way market has behaved in last couple of sessions, it is quite
certain that it’s struggling at higher levels and it needs some solid
trigger to go beyond recent highs. In fact, post the mid-session
when BANKNIFTY was holding a support zone of 34800 34700,
we initiated a punt around it with the hope of small bounce. But
due to last hour selling, this attempt failed miserably. Now
looking at the intraday chart, we can see a price action with the
‘Falling Wedge’ pattern. Hence, in case of a sluggish or gap down
opening around 34500 34400, one should avoid creating fresh
shorts. The major weakness should now come only below 34000
33900. On the upside, 34700 34850 are to be considered as
immediate hurdles. If any kind of short covering takes place on
the monthly expiry day, we would see banking index moving
towards 3500035100.
Key Levels
Support 1 – 34400 Resistance 1 – 34850
Support 2 – 34000 Resistance 2 – 35000
Exhibit 2: Nifty Bank Daily Chart
Sensex (52306) / Nifty (15687)
Nifty started the day marginally positive, but it consolidated in a
range for most part of the day. However, we saw some sell-off in
that last hour of the trade and Nifty ended the session with a loss of
over half a percent.
It was a day of consolidation for our markets wherein Nifty traded
within a narrow range for most part of the day. But clearly, as the
index is approaching the 15900 mark, it is again witnessing lack of
strength to surpass that. The index continues to trade within a range
which seems to be a time-wise correction phase. The immediate
support for Nifty is placed around 15600 while 15800-15820 would
be resistance for the coming session. Since the index is
consolidating within a range, a breakout beyond the broad range of
15500-15900 would be the deciding factor for the next leg of
directional move. Whether the expiry day leads to a breakout that
needs to be seen, but till then we continue to advise traders to trade
with a stock specific approach.
As mentioned in our previous article, the banking index could play
a pivotal role in the next directional move for the market. Hence, it
is advisable to keep a close tab on this space for any early signs of
momentum on the expiry day.
Key Levels
Support 1 – 15600 Resistance 1 – 15800
Support 2 – 15500 Resistance 2 – 15820
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Technical & Derivatives Report
June 24, 2021
Nifty Vs OI
15100
15200
15300
15400
15500
15600
15700
15800
15900
16000
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
5/27 5/31 6/2 6/4 6/8 6/10 6/14 6/16 6/18 6/22
(`000)
Openinterest Nifty
View
We started-off the session on a cheerful note around
15850 levels but the benchmark index failed to sustain
at higher levels as we once again entered into
consolidation mood. Due to sell-off seen in fag end we
concluded the day tad below 15700 mark.
FIIs were net buyers in the cash segment to the tune of
Rs. 3156 crores (this includes UBL deal worth 5800 cr). In
index futures front, they bought worth Rs 372 crores
with rise in open interest indicating long formation.
Once again, the fresh build-up was missing in Nifty
futures. Yesterday’s fall was mainly due to long
unwinding in Nifty and short formation in banking
index.
Looking at yesterday’s sell-off, put writer of
15750-15900 covered their positions and 15450-
15600 strikes added fresh positions. On the other
side, fresh writing was seen in 15700-15800 call
strikes
. The way market has behaved in last couple of
sessions, it is quite certain that it’s struggling at higher
levels and it needs some solid trigger to go beyond
record highs. For the monthly expiry, 15600-15800 is to
be seen as trading range. If any recovery has to happen,
it will only be triggered by the extreme oversold
condition of the PCR-OI which has plunged below 1
now.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 3.01%.
Bank Nifty futures open interest has increased by 4.58%
as market closed at 15686.95 levels.
The Nifty June future closed with a premium of 8.95
point against a premium of 0.50 point in last trading
session. The July series closed at a premium of 55.40
point.
The INDIA VIX increased from 14.73 to 15.36.
At the same time, the PCR-OI of Nifty decreased from
1.08 to 0.96.
Few of the liquid counters where we have seen high cost
of carry are WIPRO, BOSCHLTD, MCDOWELL-N,
CUMMINSIND
and
ICICIBANK
.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PVR 1479852 12.99 1416.95 0.40
ICICIPRULI 5580000 10.52 605.35 0.60
INDUSTOWER 12051200 8.74 242.70 -3.01
LT 14983350 7.90 1479.25 -1.16
NMDC 84574100 7.82 178.80 -3.53
KOTAKBANK 14574000 7.69 1736.70 -1.16
IOC 55165500 6.98 112.90 -0.79
BRITANNIA 1871400 6.67 3659.25 0.16
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PFC 40740200 -16.62 123.15 -0.61
L&TFH 58496820 -14.64 95.05 2.21
UBL 2621500 -13.41 1403.85 -3.71
APOLLOTYRE 13515000 -12.61 224.15 -0.36
BANDHANBNK 14488200 -11.96 333.15 -2.71
LALPATHLAB 336750 -11.61 3231.10 2.84
DABUR 7171250 -11.21 566.45 -0.10
CONCOR 6981921 -8.41 698.15 -0.42
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 0.96 0.89
BANKNIFTY 0.68 0.97
RELIANCE 0.47 0.38
ICICIBANK 0.46 0.45
INFY 0.85 0.61
Historical Volatility
SCRIP HV
BEL 52.70
UBL 39.50
WIPRO 40.29
NMDC 55.01
ADANIPORTS 54.42
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Technical & Derivatives Report
June 24, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (June Series) are given as an information and not as a recommendation.
Nifty Spot =
15686.95
FII Statistics for June 23, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
5830.41 5457.98 372.43
123951 11161.91 4.15
INDEX
OPTIONS
562160.71 559038.68 3122.03
1327997 132074.86 19.80
STOCK
FUTURES
38464.92 37985.94 478.98
1414384 111864.30 (2.41)
STOCK
OPTIONS
8377.24 8498.96 (121.72) 272422 20999.61 (3.14)
Total 614833.28
610981.56
3851.72
3138754
276100.68
6.11
Turnover on June 23, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
3,74,597 35047.06 0.64
Index
Options
5,00,32,131 49,20,491.04 22.72
Stock Futures
17,44,211 1,38,830.53 -4.43
Stock
Options
21,64,922 1,75,870.49 -27.04
Total 5,43,15,861 52,70,239.12 18.95
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 15700 52.65
35.20 64.80 15735.20
Sell 15800 17.45
Buy 15700 52.65
46.75 153.25 15746.75
Sell 15900 5.90
Buy 15800 17.45
11.55 88.45 15811.55
Sell 15900 5.90
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 15700 57.85
35.40 64.60 15664.60
Sell 15600 22.45
Buy 15700 57.85
50.45 149.55 15649.55
Sell 15500 7.40
Buy 15600 22.45
15.05 84.95 15584.95
Sell 15500 7.40
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
7000,000
8000,000
9000,000
15000 15100 15200 15300 15400 15500 15600 15700 15800 15900 16000 16100 16200 16300
Call Put
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Technical & Derivatives Report
June 24, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
689
704
730
745
772
ASIANPAINT 2,954 2,971
3,000
3,017
3,047
AXISBANK
723
728
736
740
749
BAJAJ-AUTO 4,148 4,173
4,217
4,242
4,285
BAJFINANCE 5,930 5,973
6,044
6,087
6,158
BAJAJFINSV 11,934
12,108
12,254
12,428
12,574
BPCL
465
468
471
473
477
BHARTIARTL
529
531
535
538
542
BRITANNIA 3,605 3,632
3,658
3,685
3,712
CIPLA
948
953
959
964
971
COALINDIA
147
148
149
150
152
DIVISLAB 4,163 4,194
4,252
4,283
4,341
DRREDDY 5,249 5,274
5,312
5,337
5,375
EICHERMOT 2,679 2,704
2,733
2,758
2,788
GRASIM 1,470 1,484
1,498
1,513
1,527
HCLTECH
962
968
976
982
990
HDFCBANK 1,468 1,477
1,487
1,496
1,507
HDFCLIFE
712
715
719
722
727
HDFC 2,465 2,481
2,509
2,525
2,553
HEROMOTOCO 2,874 2,901
2,948
2,975
3,022
HINDALCO
361
365
371
374
380
HINDUNILVR 2,428 2,454
2,484
2,510
2,540
ICICIBANK
616
620
628
632
639
IOC
112
112
113
114
115
INDUSINDBK
983
991
1,005
1,013
1,026
INFY 1,483 1,493
1,509
1,519
1,535
ITC
202
203
204
205
207
JSW STEEL
651
658
672
679
692
KOTAKBANK 1,706 1,721
1,743
1,758
1,779
LT 1,457 1,468
1,487
1,499
1,518
M&M
770
776
781
787
792
MARUTI 7,145 7,289
7,384
7,528
7,623
NESTLEIND 17,258
17,337
17,448
17,527
17,638
NTPC
116
117
118
118
120
ONGC
121
122
123
125
126
POWERGRID
229
231
233
235
237
RELIANCE 2,170 2,188
2,219
2,237
2,268
SBILIFE
989
995
1,005
1,011
1,021
SHREECEM 28,412
28,640
28,977
29,205
29,543
SBIN
410
414
420
424
429
SUNPHARMA
659
662
667
670
675
TCS 3,210 3,236
3,282
3,308
3,355
TATACONSUM
745
751
758
765
771
TATAMOTORS
329
332
338
341
347
TATASTEEL 1,079 1,089
1,109
1,119
1,138
TECHM 1,029 1,043
1,052
1,066
1,076
TITAN 1,744 1,763
1,775
1,794
1,805
ULTRACEMCO 6,708 6,806
6,880
6,977
7,051
UPL
785
794
803
812
821
WIPRO
524
532
546
555
569
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Technical & Derivatives Report
June 24, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: [email protected]angelbroking.com
For Derivatives Queries E-mail: derivatives.d[email protected]
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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