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December 24, 2020
Technical & Derivatives Report
Nifty
Bank Out
look
-
(
29883)
Bank Nifty started on a marginal negative note however post-
opening prices witnessed gradual upmove throughout the
session to end with gains of 0.87% at 29883.
Following the strong bounce-back of Tuesday from the lower
levels the bank index witnessed one more round of upmove in
yesterday's session. The prices are now bouncing back after the
recent sharp fall seen from the recent high of 30945 to Tuesday's
low of 28976 and are now approaching a key juncture i.e. 50% of
retracement of the mentioned fall placed around 29960 that
coincides around the psychological mark of 30000. Hence, we
will remain watchful and we would advise avoiding aggressive
bets ahead of a long weekend. On the flip side, support is placed
around the 29730 and 29500 mark.
Key Levels
Support 1 – 29730 Resistance 1 – 29960
Support 2 – 29500 Resistance 2 – 30000
Exhibit 1: Nifty Daily Chart
Sensex (46444) / Nifty (13601)
US markets have not reacted much to the overall sell off we
witnessed in European as well as Asian bourses on Monday. We too
had a smart recovery on Tuesday which was followed by a positive
start yesterday despite SGX Nifty was indicating a sluggish start.
Barring some initial indecision, we witnessed a steady and gradual
up move throughout the remaining part of the session to add
another a percent gain to reclaim the 13600 mark on a closing
basis.
Markets have managed to settle down after a massive drop of 600
points on Monday. In last two days, we have already recouped
more than 70% of the losses, which is remarkable ahead of the
concluding week of the current calendar year. As we had
mentioned in the previous commentary, the Monday's fall was a
corrective move within the strong Bull Run and hence, we did not
have any follow through to this. But still it would be very difficult to
say whether the correction is completed and we are heading for
new highs, For the coming session, 13650 would be seen as a
crucial hurdle and if we fail to surpass it, we may again see index
retesting 13500 - 13450 levels.
Key Levels
Support 1 – 13500 Resistance 1 – 13650
Support 2 – 13450 Resistance2 – 13700
The coming session would be interesting to see because we are
heading for an extended weekend on the back of Christmas
holiday and since its a weekly expiry, we are likely to witness some
higher volatility. Traders are advised to stick to stock centric moves;
but avoid aggressive bets in high beta names.
Exhibit 2: Nifty Bank Daily Chart
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Technical & Derivatives Report
December 24, 2020
Nifty Vs OI
12400
12600
12800
13000
13200
13400
13600
13800
14000
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
11/26 12/1 12/3 12/7 12/9 12/11 12/15 12/17 12/21
(`000)
Openinterest Nifty
View
Post strong recovery on Tuesday, we started off
yesterday’s session on a positive note. After some
initial hiccups, we saw follow-up buying to extend
the upmove beyond 13600 mark.
FIIs were net buyers in the cash segment to the tune
of Rs. 536 crore. In index future segment, they sold
worth Rs. 1379 cr with good amount of fall in open
interest indicating they covered decent long positions
in yesterday’s session.
In F&O space, we hardly saw any relevent open
interest activity in both the indices. On the options
side, fresh build-up was seen in 13650-13700 call
options followed by unwinding in 13300-13600
strikes and deep OTM strikes. Whereas, in case of
put massive writing took place in 13400-13600
strikes. Stronger hands covered their longs in index
futures. Their index futures ‘Long Short Ratio’ has
plunged from 69% to 65%. As far as levels are
concerned, 13700 call holds maximum open
interest concentration and hence 13650-13700
shall act as hurdle now. On the downside, 13400-
13500 is an immediate support zone. Considering
above data points, traders are advised avoiding any
aggressive longs and shall exit from longs in index
if any.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 0.65%
Bank Nifty futures open interest has increased by 1.26%
as market closed at 13601.10 levels.
The Nifty December future closed with a premium 11.35
point against a premium of 21.20 point in last trading
session. The January series closed at a premium of 55.70
point.
The INDIA VIX decreased from 21.98 to 20.49.
At the same time, the PCR-OI of Nifty increased from
1.26 to 1.45.
Few of the liquid counters where we have seen high cost
of carry are SAIL, GODREJCP, SRTRANSFIN, IDEA and
INDUSINDBK.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
M&MFIN 13923676 31.62 173.95 5.40
IDEA 902160000 25.47 10.55 10.99
IGL 7002875 10.74 488.60 -0.72
BHARATFORG 5484000 10.32 538.50 4.08
IBULHSGFIN 25277400 9.51 203.10 8.99
BERGEPAINT 2589400 9.49 733.90 2.96
AMBUJACEM 21510000 9.12 237.20 0.02
WIPRO 32502400 8.28 385.55 5.66
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PFC 26412000 -21.53 113.55 1.93
INDIGO 3067500 -12.12 1649.25 5.42
PNB 184634000 -7.03 31.80 -0.93
BATAINDIA 1165450 -6.86 1583.50 3.90
MFSL 7363200 -6.15 684.05 6.15
NMDC 37238600 -5.01 111.65 0.45
TORNTPOWER 3864000 -4.94 325.60 3.27
TVSMOTOR 4786600 -4.58 483.50 3.53
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.45 0.96
BANKNIFTY 1.02 0.90
RELIANCE 0.45 0.38
ICICIBANK 0.56 0.50
INFY 0.85 0.38
Historical Volatility
SCRIP HV
WIPRO 43.09
VEDL 66.05
PEL 67.24
INDIGO 55.61
MFSL 67.54
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Technical & Derivatives Report
December 24, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (December Series) are given as an information and not as a recommendation.
Nifty Spot =
13601.10
FII Statistics for December 23, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
2903.85 4282.84 (1378.99) 153251 14909.16 (5.13)
INDEX
OPTIONS
331499.81 331552.04 (52.23) 988880 95592.10 0.39
STOCK
FUTURES
14668.95 14478.78 190.17
1269429 100813.26 (0.49)
STOCK
OPTIONS
8132.62 8107.87 24.75
104309 8347.04 (0.16)
Total 357205.23
358421.53
(1216.30) 2515869
219661.56
(0.43)
Turnover on December 23, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
3,22,108 27639.44 -42.41
Index
Options
3,11,44,947
26,34,273.40
-17.10
Stock Futures
8,72,138 71770.66 -7.46
Stock
Options
17,54,093
1,50,809.96
-10.35
Total 3,40,93,286
28,84,493.46
-16.91
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 13600 131.35
49.95 50.05 13649.95
Sell 13700 81.40
Buy 13600 131.35
85.40 114.60 13685.40
Sell 13800 45.95
Buy 13700 81.40
35.45 64.55 13735.45
Sell 13800 45.95
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 13600 119.45
36.90 63.10 13563.10
Sell 13500 82.55
Buy 13600 119.45
61.00 139.00 13539.00
Sell 13400 58.45
Buy 13500 82.55
24.10 75.90 13475.90
Sell 13400 58.45
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
5000,000
12800 12900 13000 13100 13200 13300 13400 13500 13600 13700 13800 13900 14000 14100
Call Put
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Technical & Derivatives Report
December 24, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
456
463
470
477
484
ASIANPAINT 2,586 2,614
2,632
2,660
2,678
AXISBANK
580
586
590
597
601
BAJAJ-AUTO 3,239 3,274
3,297
3,332
3,354
BAJFINANCE 4,879 4,984
5,075
5,180
5,271
BAJAJFINSV 8,751 8,882
9,011
9,142
9,271
BPCL
366
370
374
378
381
BHARTIARTL
494
501
505
512
516
BRITANNIA 3,570 3,598
3,633
3,661
3,696
CIPLA
780
802
815
837
849
COALINDIA
133
134
135
136
138
DIVISLAB 3,633 3,661
3,688
3,716
3,743
DRREDDY 5,091 5,157
5,198
5,265
5,305
EICHERMOT 2,388 2,417
2,446
2,475
2,504
GAIL
115
117
118
120
121
GRASIM
870
886
897
914
925
HCLTECH
904
913
924
933
944
HDFCBANK 1,353 1,364
1,373
1,384
1,392
HDFCLIFE
628
638
644
654
660
HDFC 2,357 2,380
2,400
2,423
2,443
HEROMOTOCO 2,980 3,010
3,042
3,072
3,103
HINDALCO
223
230
234
240
244
HINDUNILVR 2,276 2,323
2,350
2,397
2,424
ICICIBANK
493
498
502
507
511
IOC
86
87
88
89
90
INDUSINDBK
821
838
850
867
879
INFY 1,219 1,236
1,247
1,264
1,276
ITC
200
204
206
210
212
JSW STEEL
354
361
364
370
374
KOTAKBANK 1,880 1,901
1,913
1,933
1,945
LT 1,239 1,252
1,261
1,275
1,284
M&M
678
695
705
722
732
MARUTI 7,305 7,377
7,467
7,539
7,628
NESTLEIND 18,390
18,561
18,687
18,858
18,984
NTPC
97
98
99
99
100
ONGC
87
89
90
92
93
POWERGRID
188
189
190
191
193
RELIANCE 1,908 1,926
1,939
1,957
1,969
SBILIFE
843
849
854
860
865
SHREECEM 23,579
23,737
23,988
24,146
24,398
SBIN
253
258
261
266
269
SUNPHARMA
562
568
572
579
583
TCS 2,844 2,876
2,898
2,930
2,951
TATAMOTORS
161
165
167
171
174
TATASTEEL
586
604
614
632
642
TECHM
931
940
950
958
968
TITAN 1,454 1,473
1,496
1,514
1,538
ULTRACEMCO 4,935 4,984
5,030
5,079
5,124
UPL
433
443
448
457
462
WIPRO
366
376
382
392
398
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Technical & Derivatives Report
December 24, 2020
*
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 [email protected]gelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bh[email protected]roking.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com