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Technical & Derivatives Report
September 24, 2019
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Sensex (
39090
(1
1600
)
The Nifty started the week on a cheerful note and continued the
previous session’s optimism as it opened with a gap up of about
270 points. During the day, the index rallied higher to almost test
the 11700 mark and then consolidated during later part to end
around 11600, adding more gains of over 300 points.
In mere couple of trading sessions, the Nifty has rallied from the
low of around 10700 to almost test 11700. Traders and investors
have certainly cheered to the steps taken by our FM on Friday
and the party continued in yesterday’s session as well. Many of
the large cap stocks have participated in the upmove in last
couple of sessions and the volumes in this upmove too have been
good. This is a positive sign and hence, we continue with our
advice for traders to trade with a positive bias. Given the sharp
upmove, it is a bit difficult to time entry now for those who have
already missed the bus. But, we believe that this rally has more
legs to unfold and hence, one should use buy on declines
strategy and look for stock specific opportunities which are likely
to outperform hereon. The immediate support for the index is
placed in the range of 11400-11300 whereas the near term
resistances are seen around 11705 and 11800.
Key Levels
Support 1 – 11400 Resistance 1 – 11705
Support 2 – 11300 Resistance 2 – 11800
Exhibit 1: Nifty Daily Chart
Nifty Bank Outlook
-
(
30566
)
Bank Nifty Index too witnessed a gap up opening and it continued
its outperformance to end with stunning gains of 5.47% at
30566.
In the last two sessions, Bank Nifty has gained around 4000
points from the recent lows and the stocks within the sector,
especially the private banks have given spectacular move. Going
ahead we continue with the positive bias however since we have
sharply moved in the last two sessions the volatility seems to have
increased and hence traders are advised to focus on stock-
specific trades within the space which are likely to continue with
the trending moves. As far as levels are concerned, immediate
support is placed around 30200-29800 whereas resistance is
seen around 31000-31170 levels. In case of any dip, it should be
taken as a buying opportunity.
Key Levels
Support 1 – 30200 Resistance 1 – 31000
Support 2 – 29800 Resistance 2 – 31170
Exhibit 2: Nifty Bank Daily Chart
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September 24, 2019
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Nifty Vs OI
Views
On Monday, our markets started with an upside gap
and extended the upmove amost towards 11700
mark. In the later, we witnessed to consolidation to
conclude the session with the strong gains of 2.89%.
FIIs were net buyers in cash market segment to the tune
of Rs. 2684 cr. In index futures, they bought of worth
Rs. 1693 cr with some rise in open interest, indicating
formation of mixed positions with majority on the long
side.
Previously, we have been consistently seeing short
formation in index futures and FIIs too have been
selling equities. However, post the announcement by
the FM market has taken U-turn and has been rallying
sharply along with some fresh long formation. In
options front, we witnessed good amount of unwinding
in 11300-11500 call options; followed by fresh writing
in 11400-11600 puts. Considering the above data
point, we expect further short covering rally going
ahead; hence, traders are advised utilising any dips in
market to add-on fresh longs.
Comments
The Nifty futures open interest has decreased by 1.41%
Bank Nifty futures open interest has increased 2.54% as
market closed at 11600.20 levels.
The Nifty September future closed with a premium of
7.10 points against a premium of 21.30 points in last
trading session. The October series closed at a premium
of 50.65 points.
The INDIA VIX has increased from 15.40 to 16.79.
At the same time, the PCR-OI of Nifty has increased from
1.39 to 1.51.
Few of the liquid counters where we have seen high cost
of carry are CONCOR, INFRATEL, ZEEL and DHFL.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
HEXAWARE 3303000 31.62 373.90 -0.90
ZEEL 25074400 28.03 271.65 -9.74
PETRONET 22089000 22.25 252.95 -5.39
APOLLOTYRE 12237000 20.86 189.20 1.69
MANAPPURAM 14328000 20.12 134.20 4.67
INFRATEL 8880000 19.13 263.80 2.08
BALKRISIND 1688000 18.67 796.40 0.03
IGL 3822500 18.30 354.80 4.55
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
KAJARIACER 484900 -11.82 587.95 1.66
BANKINDIA 26508000 -11.00 71.60 4.21
UJJIVAN 7979200 -10.51 314.75 0.95
MCX 985600 -10.32 939.65 1.42
ESCORTS 4503400 -10.32 628.00 8.39
JUSTDIAL 2338000 -10.26 696.85 2.61
ENGINERSIN 4406800 -9.45 117.90 2.84
ICICIBANK 86174000 -8.80 446.20 7.24
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.51 0.97
BANKNIFTY 1.35 0.71
RELIANCE 0.58 0.71
ICICIBANK 0.84 0.58
INFY 0.74 0.60
Historical Volatility
SCRIP HV
ITC 38.81
UBL 50.38
COLPAL 53.55
INFY 33.44
ADANIPORTS 49.92
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September 24, 2019
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Note: Above mentioned Bullish or Bearish Spreads in Nifty (September Series) are given as an information and not as a recommendation.
Nifty Spot
=
11600.20
Lot Size = 75
FII Statistics for
September
23, 2019
Detail Buy Sell Net
Open Interest
Contracts
Value
(in Cr.)
Change
(%)
INDEX
FUTURES
8400.45 6707.39 1693.06
293566 24448.75 1.25
INDEX
OPTIONS
236613.20 234353.38 2259.82
966542 77563.96 12.31
STOCK
FUTURES
39258.44 38453.69 804.75
1633420 100745.76 1.50
STOCK
OPTIONS
8861.16 8837.23 23.93
91154 5337.10 1.81
Total 293133.25
288351.69
4781.56
2984682
208095.57
4.75
Turnover
on
September
23, 2019
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
INDEX
FUTURES
787147 57066.15 -33.67
INDEX
OPTIONS
16115038 1163350.69 -28.91
STOCK
FUTURES
2182002 131020.24 -3.85
STOCK
OPTIONS
1263687 80562.18 -41.46
TOTAL 2,03,47,874
1431999.26 -28.27
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 11600 96.45
41.45 58.55 11641.45
Sell 11700 55.00
Buy 11600 96.45
65.70 134.30 11665.70
Sell 11800 30.75
Buy 11700 55.00
24.25 75.75 11724.25
Sell 11800 30.75
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 11600 95.60
41.55 58.45 11558.45
Sell 11500 54.05
Buy 11600 95.60
62.55 137.45 11537.45
Sell 11400 33.05
Buy 11500 54.05
21.00 79.00 11479.00
Sell 11400 33.05
Nifty Put-Call Analysis
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September 24, 2019
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D
a
ily
Pivot
Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 373 392
405 424 436
ASIANPAINT 1,651 1,727
1,774 1,849 1,896
AXISBANK 682 704
718 740 754
BAJAJ-AUTO 2,886 2,940
2,984 3,039 3,082
BAJFINANCE 3,646 3,835
3,953 4,141 4,259
BAJAJFINSV 7,612 7,955
8,174 8,517 8,736
BPCL 391 421
442 472 493
BHARTIARTL 335 341
352 359 369
INFRATEL 252 258
265 271 279
BRITANNIA 2,563 2,809
3,196 3,441 3,829
CIPLA 428 439
455 466 483
COALINDIA 196 199
204 207 212
DRREDDY 2,630 2,699
2,769 2,838 2,908
EICHERMOT 17,946 18,593
19,046 19,693 20,146
GAIL 131 136
143 148 154
GRASIM 732 746
766 779 800
HCLTECH 992 1,012
1,038 1,058 1,084
HDFCBANK 1,203 1,230
1,256 1,284 1,310
HDFC 2,031 2,096
2,146 2,211 2,260
HEROMOTOCO 2,619 2,720
2,871 2,972 3,124
HINDALCO 193 196
202 205 210
HINDUNILVR 1,925 1,982
2,041 2,099 2,158
IBULHSGFIN 417 428
439 449 460
ICICIBANK 420 433
442 455 463
IOC 131 137
141 147 151
INDUSINDBK 1,421 1,466
1,507 1,552 1,593
INFY 706 735
771 800 836
ITC 244 250
255 260 266
JSW STEEL 229 236
245 252 260
KOTAKBANK 1,484 1,562
1,607 1,685 1,730
LT 1,410 1,469
1,510 1,569 1,610
M&M 523 544
573 594 623
MARUTI 6,534 6,716
6,858 7,040 7,182
NTPC 110 113
117 120 125
ONGC 131 134
137 140 143
POWERGRID 179 184
191 196 203
RELIANCE 1,206 1,222
1,252 1,268 1,298
SBIN 294 304
310 320 326
SUNPHARMA 394 402
413 421 432
TCS 1,906 1,961
2,030 2,085 2,154
TATAMOTORS 119 123
131 135 143
TATASTEEL 359 368
378 388 398
TECHM 658 670
688 700 717
TITAN 1,241 1,276
1,311 1,346 1,381
ULTRACEMCO 4,258 4,325
4,386 4,453 4,514
UPL 549 565
581 597 612
VEDANTA 150 154
159 164 169
WIPRO 230 235
241 246 253
YESBANK 51 53
55 58 60
ZEEL 239 255
284 300 328
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September 24, 2019
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*
Research Team Tel: 022
-
39357800
Website:
w
ww.angelbroking.com
For Technical Queries E-mail: technicalresearch[email protected]gelbroking.com
For Derivatives Queries E-mail: derivatives.des[email protected]broking.com
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