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Technical & Derivatives Report
November 24, 2020
Nifty
Bank Out
look
-
(
29024
)
Bank Nifty too started on a positive note however in the first hour
itself it gave away the gains. Subsequently, it traded within a range
for the remaining part of the week to eventually end with a loss of
0.72% at 29024.
In our last week's outlook, we had mentioned that Bank Index has
overstretched from its short-term average and we may see some
price correction or consolidation. In line with the same, the bank
nifty underperformed in yesterday's session. Going ahead, we
sense that the bank index may further cool down before resuming
its upward momentum and in such a scenario one should have a
stock-specific approach from the basket in this expiry week. As far
as levels are concerned, immediate support is placed around
28580 - 28400 levels whereas resistance is placed around 29490
- 29850 levels.
Key Levels
Support 1 – 28580 Resistance 1 – 29490
Support 2 – 28400 Resistance 2 – 29850
Exhibit 1: Nifty Daily Chart
Sensex (44077) / Nifty (12926)
Market kick-started the proceedings for the week on a cheerful note,
owing to favourable global cues. However, within the first few
minutes of the trade, Nifty erased gains to sneak inside the negative
territory. Similar to recent trend, this intraday dip was bought into to
reclaim the 12900 mark on a closing basis by adding over half a
percent to the bulls' kitty.
Yesterday's price action clearly proves how strong the trend has been
in the last few days. Despite banking kept sulking post the
initial hour, other big boys came for a rescue. This is the perfect
characteristic of any Bull Run. Now, we are within a kissing distance
of the major milestone of 13000. Practically it's just a number and
soon we expect it to be a reality. The way indices are behaving since
the last 5-6 trading sessions, it's a sign of time-wise correction and
hence, it's better not to focus more on index specific trades for a
while. But still for a compulsive trader, try to buy on declines around
supports and vice versa. For the coming session, the support is seen
at 12850 - 12800; whereas on the higher side, 12970 - 13100 are
the levels to watch out for.
.Key Levels
Support 1 – 12850 Resistance 1 – 12970
Support 2 – 12800 Resistance2 – 13100
Sectorally, IT and Pharma stocks have shown some excellent moves
yesterday after recent consolidation. The heavyweight RELIANCE
also stood firm throughout the day; but on the other side, banking
could not hold on to its early morning lead. The real action still lies
in the broader market, which remains to be the flavour.
Exhibit 2: Nifty Bank Weekly Chart
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November 24, 2020
Nifty Vs OI
11000
11500
12000
12500
13000
13500
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
10/30 11/3 11/5 11/9 11/11 11/13 11/19 11/23
(`000)
Openinterest Nifty
View
Nifty started the session on a positive note and the dip
in the initial hour witnessed buying interest. The index
then traded with a positive bias and ended well above
11900 mark.
FIIs were net buyers in the cash segment to the tune of
Rs. 4738 crores. In index future segment, the activity
was muted as they bought worth Rs. 73 crores with
increase in open interest.
After some consolidation during last week, Nifty
resumed the upmove led by the IT space. Bank Nifty
witnessed some profit booking during last week, but
still much of longs in both the indices are intact. FII's
continued to buy aggressively in the cash segment and
they have good amount of longs intact in the index
futures segment. With expiry around the corner, it
would be interesting to see how the market deals with
the 13000 mark as the call option of this strike has
decent open interest outstanding. Looking at the
buying interest by the stronger hands, it seems the
index would surpass this hurdle and head towards
13100-13200. On the flipside, 12900 and 12800 are the
supports now and hence, we advise traders to continue
to trade with a positive bias.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 0.80%
Bank Nifty futures open interest has increased by 1.74%
as market closed at 12926.45 levels.
The Nifty November future closed with a premium of 7.9
point against a premium of 12.25 point in last trading
session. The December series closed at a premium of
28.45 point.
The INDIA VIX has increased from 19.62 to 20.80.
At the same time, the PCR-OI of Nifty remained
unchanged at 1.57.
Few of the liquid counters where we have seen high cost
of carry are DLF, TORNTPHARMA,TORNTPOWER, PNB
AND MINDTREE.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
SAIL 74081000 46.52 43.25 5.22
TORNTPOWER 4284000 22.89 310.85 1.25
MGL 1528800 20.19 942.75 1.43
IOC 58828200 15.12 86.45 2.00
BAJFINANCE 6465250 14.22 4811.40 1.44
MRF 40130 14.04 80110.35 0.74
HAVELLS 5179000 11.57 824.15 -0.20
CUMMINSIND 1982400 11.55 512.40 0.49
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
L&TFH 32710000 -18.08 73.40 2.45
APOLLOHOSP 1556500 -13.89 2375.30 1.02
BALKRISIND 1492800 -11.88 1676.90 3.66
RBLBANK 19532200 -10.85 212.65 -0.28
DLF 28561500 -10.46 186.10 3.35
COLPAL 2368800 -10.38 1567.05 2.04
BHEL 58695000 -8.99 31.35 7.01
RBLBANK 19532200 -10.85 212.65 -0.28
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.57 1.03
BANKNIFTY 0.93 0.86
RELIANCE 0.45 0.50
ICICIBANK 0.73 0.66
INFY 0.49 0.37
Historical Volatility
SCRIP HV
IDFCFIRSTB 61.10
ONGC 53.48
BHEL 65.82
GMRINFRA 53.34
DRREDDY 37.81
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Technical & Derivatives Report
November 24, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (November Series) are given as an information and not as a recommendation.
Nifty Spot =
12926.45
FII Statistics for November 23, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
5320.52
5247.27
73.25
174184
16229.35
3.37
INDEX
OPTIONS
292027.12
292788.68
(761.56) 939330
85775.86
2.87
STOCK
FUTURES
36985.19
37677.27
(692.08) 1318976
97765.05
(0.10)
STOCK
OPTIONS
9567.60
9607.10
(39.50) 92878
7039.73
(8.57)
Total 343900.43
345320.32
(1419.89) 2525368
206809.99
0.87
Turnover on November 23, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
5,47,550 43807.57 -9.26
Index Options
2,27,17,133 18,50,562.06
7.70
Stock Futures
15,94,679
1,22,900.97 34.32
Stock Options
20,78,178
1,72,755.61 -5.87
Total 2,69,37,540 21,90,026.21
7.27
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 13000 56.85
31.25 68.75 13031.25
Sell 13100 25.60
Buy 13000 56.85
46.65 153.35 13046.65
Sell 13200 10.20
Buy 13100 25.60
15.40 84.60 13115.40
Sell 13200 10.20
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 13000 121.55
48.75 51.25 12951.25
Sell 12900 72.80
Buy 13000 121.55
78.70 121.30 12921.30
Sell 12800 42.85
Buy 12900 72.80
29.95 70.05 12870.05
Sell 12800 42.85
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
12200
12300
12400
12500
12600
12700
12800
12900
13000
13100
13200
13300
13400
13500
Call Put
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November 24, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
366
371
375
380
384
ASIANPAINT 2,116 2,151
2,174
2,209
2,232
AXISBANK
580
588
600
608
620
BAJAJ-AUTO 3,010 3,044
3,064
3,098
3,119
BAJFINANCE 4,669 4,740
4,805
4,876
4,941
BAJAJFINSV 8,431 8,603
8,793
8,964
9,154
BPCL
378
386
391
399
404
BHARTIARTL
468
473
480
484
491
BRITANNIA 3,522 3,540
3,569
3,587
3,616
CIPLA
729
738
748
756
767
COALINDIA
118
121
122
124
126
DIVISLAB 3,384 3,465
3,552
3,633
3,719
DRREDDY 4,591 4,710
4,790
4,909
4,989
EICHERMOT 2,541 2,569
2,588
2,616
2,635
GAIL
96
99
100
102
104
GRASIM
840
848
858
865
876
HCLTECH
807
823
832
849
858
HDFCBANK 1,350 1,372
1,398
1,420
1,446
HDFCLIFE
646
653
664
672
682
HDFC 2,159 2,205
2,276
2,322
2,394
HEROMOTOCO 2,947 3,003
3,039
3,095
3,131
HINDALCO
212
215
219
221
225
HINDUNILVR 2,076 2,103
2,121
2,148
2,166
ICICIBANK
456
462
473
479
490
IOC
83
85
86
87
88
INDUSINDBK
806
828
854
876
903
INFY 1,086 1,113
1,129
1,156
1,172
ITC
187
189
191
193
195
JSW STEEL
332
335
339
341
345
KOTAKBANK 1,857 1,878
1,891
1,912
1,926
LT 1,107 1,117
1,132
1,142
1,157
M&M
687
696
708
718
730
MARUTI 6,877 6,932
6,988
7,044
7,100
NESTLEIND 17,310
17,548
17,699
17,937
18,087
NTPC
91
92
93
95
96
ONGC
69
73
75
79
81
POWERGRID
188
192
194
197
199
RELIANCE 1,905 1,928
1,949
1,972
1,993
SBILIFE
814
823
839
847
863
SHREECEM 23,738
24,102
24,350
24,714
24,962
SBIN
233
236
241
244
249
SUNPHARMA
495
504
510
519
525
TCS 2,641 2,683
2,706
2,748
2,771
TATAMOTORS
162
166
170
175
178
TATASTEEL
532
538
542
547
551
TECHM
825
845
857
878
890
TITAN 1,309 1,328
1,352
1,371
1,395
ULTRACEMCO 4,838 4,864
4,889
4,915
4,941
UPL
418
422
426
430
434
WIPRO
342
349
353
360
364
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Technical & Derivatives Report
November 24, 2020
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: [email protected]lbroking.com
For Derivatives Queries E-mail: derivat[email protected]
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives sameet.cha[email protected]g.com
Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bh[email protected]g.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com