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March 25, 2021
Technical & Derivatives Report
Nifty
Bank Out
-
(
33293)
Post Tuesday’s strength, we began yesterday’s session with a
downside gap amidst weakness in global market. As the day
progressed, we saw follow-up selling to drag index towards
Tuesday’s low and then some consolidation was observed. In the
final hour of trade, the BankNifty finally plunged below the recent
support around 33300-33400 and concluded the day almost at the
lowest point with a cut of more than two and a half percent.
As we have been mentioning in our previous articles, the biggest
picture wasn’t very encouraging despite some upmove seen in
Tuesday’s session. Considering the sell-off seen in the yesterday’s
session, we expect further selling pressure going ahead; hence,
traders are advised exiting longs if any and should rather prefer
adding shorts on pull back. As far as levels are concerned, 33700-
33800 should now act as supply zone; whereas, immediate support
is now placed around 32300-32400.
Key Levels
Support 1 – 32400 Resistance 1 – 33700
Support 2 – 32300 Resistance 2 – 33800
Exhibit 1: Nifty Daily Chart
Sensex (49180) / Nifty (14549)
Yesterday morning, all Asian bourses were trading nervous which
eventually resulted in a decent gap down opening in our market as
well. The weakness extended as the day progressed to initially enter
a sub-14700 territory. Around 14600 – 14650, the Nifty spent a lot
of time before cracking down in the final hour. At the end, the Nifty
concluded the session with nearly two percent cut to mark lowest
close in the March month.
On Tuesday, we had some volatile swings in the market and despite
market trading in the green for the major time, the conviction was
clearly lacking in the up move. Also, the way we closed below the
’20-day EMA’, the possibility of some correction was on cards, which
got confirmed after breaking the low of 14707. Yesterday’s
correction, the selloff was witnessed across the board and hence,
further correction cannot be ruled out on the expiry day. As far as
levels are concerned, 14470 – 14350 are the levels to watch out for;
whereas on the upside, 14650 14700 has become immediate
hurdles. We continue to remain cautious and advise against creating
aggressive bets in the market for a while.
Key Levels
Support 1 – 14470 Resistance 1 – 14650
Support 2 – 14350 Resistance2 – 14700
Exhibit 2: Nifty Bank Daily Chart
As far as sectoral movers are concerned, the Pharma space saw some
buying interest but this up move also got fizzled out in the tail end
decline. The Metal, Auto and Financial stocks were among the major
draggers which may continue to underperform in the forthcoming
session as well.
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Technical & Derivatives Report
March 25, 2021
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
Nifty started the day with a gap down opening on
back of weak global cues. Post opening, we witnessed
further selling pressure which accelerated in the last
hour and Nifty ended the day with cut of almost a
couple of percent
.
FIIs were net sellers in the cash segment to the tune of
Rs. 1952 crores. In Index Future segment, they sold
worth Rs. 1677 crores with rise in open interest
indicating short formations in yesterday’s session.
The indices corrected in yesterday's session but no
relevant change in open interest was seen. However,
FII's sold equities in cash and also formed decent short
positions in the index futures segment. In options
segment, put options witnessed some unwinding of
positions while call writers were quite active. The data
indicates support around 14500 for the expiry day and
if put writers unwind their positions, then it could lead
to correction in today's session as well. Thus, day
traders are advised to monitor the options data and
trade accordingly. On the flipside, 14700 would be
seen as resistance on any pullback
.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 0.45%
Bank Nifty futures open interest has decreased by 1.31%
as market closed at 14549.40 levels.
The Nifty March future closed with a premium of 5.9 point
against a premium of 18.15 point in last trading session.
The April series closed at a premium of 99.10 point.
The INDIA VIX increased from 20.66 to 22.45.
At the same time, the PCR-OI of Nifty decreased from
1.24 to 0.97.
Few of the liquid counters where we have seen high cost
of carry are INDUSTOWER, AARTIIND, LALPATHLAB,
MINDTREE AND AXISBANK.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
APLLTD 540100 59.42 936.95 -0.10
AARTIIND 469625 14.04 1318.10 2.26
PFIZER 51000 10.27 4469.15 -0.96
NTPC 83812800 9.73 106.00 -2.39
BANKBARODA 122709600 7.60 71.80 -3.56
DEEPAKNTR 821500 6.62 1538.40 -2.69
ICICIGI 1055275 5.30 1402.85 -2.62
TATAMOTORS 96860100 4.92 294.45 -4.51
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
LICHSGFIN 6828000 -14.09 409.30 -2.54
BRITANNIA 2109600 -11.90 3537.55 -0.82
TVSMOTOR 3372600 -11.47 566.70 -2.12
MINDTREE 1530400 -10.94 1975.45 -1.48
M&MFIN 14084000 -8.78 202.55 -4.10
MPHASIS 366275 -8.37 1672.45 -0.59
MARICO 7330000 -8.19 400.70 0.24
BALKRISIND 1792000 -7.74 1622.95 -0.68
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 0.97 0.92
BANKNIFTY 0.66 0.97
RELIANCE 0.42 0.42
ICICIBANK 0.47 0.44
INFY 0.88 0.63
Historical Volatility
SCRIP HV
TATASTEEL 53.82
ADANIPORTS 47.52
IRCTC 47.81
EXIDEIND 38.16
M&M 48.46
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Technical & Derivatives Report
March 25, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.
Nifty Spot =
14549.40
FII Statistics for March 24, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
7926.47
9603.38
(1676.91) 140045
14296.62
9.49
INDEX
OPTIONS
512596.00
509578.57
3017.43
1156318
118547.41
4.15
STOCK
FUTURES
26171.64
26898.25
(726.61) 1101151
93356.74
(1.93)
STOCK
OPTIONS
10337.12
10263.15
73.97
146147
12106.69
(8.49)
Total 557031.23
556343.35
687.88
2543661
238307.46
0.91
Turnover on March 24, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
5,32,987 51628.27 -5.64
Index Options
4,33,41,315 41,40,741.24 24.69
Stock Futures
13,33,805 1,19,589.63 -11.12
Stock Options
13,71,385 1,30,623.56 -30.57
Total 4,65,79,492 44,42,582.70 20.13
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14600 55.50
31.50 68.50 14631.50
Sell 14700 24.00
Buy 14600 55.50
45.20 154.80 14645.20
Sell 14800 10.30
Buy 14700 24.00
13.70 86.30 14713.70
Sell 14800 10.30
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14500 56.45
28.60 71.40 14471.40
Sell 14400 27.85
Buy 14500 56.45
43.15 156.85 14456.85
Sell 14300 13.30
Buy 14400 27.85
14.55 85.45 14385.45
Sell 14300 13.30
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
14200 14300 14400 14500 14600 14700 14800 14900 15000 15100 15200 15300 15400 15500
Call Put
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Technical & Derivatives Report
March 25, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
665
686
718
739
771
ASIANPAINT 2,381 2,412
2,441
2,472
2,501
AXISBANK
690
698
712
720
733
BAJAJ-AUTO 3,524 3,564
3,631
3,671
3,738
BAJFINANCE 5,187 5,229
5,301
5,343
5,415
BAJAJFINSV 9,054 9,128
9,253
9,327
9,453
BPCL
424
427
432
435
440
BHARTIARTL
514
519
526
531
538
BRITANNIA 3,496 3,517
3,543
3,563
3,589
CIPLA
762
778
788
804
814
COALINDIA
130
131
133
134
136
DIVISLAB 3,406 3,444
3,494
3,532
3,582
DRREDDY 4,279 4,315
4,367
4,403
4,455
EICHERMOT 2,588 2,624
2,665
2,702
2,743
GAIL
128
129
132
133
136
GRASIM 1,363 1,375
1,392
1,405
1,421
HCLTECH
956
966
975
985
994
HDFCBANK 1,450 1,464
1,485
1,500
1,521
HDFCLIFE
668
672
679
684
691
HDFC 2,415 2,440
2,472
2,497
2,529
HEROMOTOCO 2,985 3,009
3,048
3,072
3,111
HINDALCO
309
314
321
325
332
HINDUNILVR 2,293 2,306
2,328
2,341
2,364
ICICIBANK
555
561
571
577
587
IOC
93
94
95
96
98
INDUSINDBK
936
947
966
977
996
INFY 1,333 1,343
1,357
1,367
1,381
ITC
210
213
218
221
226
JSW STEEL
426
432
437
443
449
KOTAKBANK 1,755 1,769
1,787
1,801
1,819
LT 1,332 1,350
1,379
1,397
1,426
M&M
785
798
822
835
858
MARUTI 6,983 7,025
7,092
7,133
7,200
NESTLEIND 16,195
16,322
16,546
16,672
16,896
NTPC
103
105
107
108
111
ONGC
101
103
105
106
108
POWERGRID
214
217
221
224
228
RELIANCE 2,016 2,032
2,056
2,071
2,095
SBILIFE
864
872
884
892
904
SHREECEM 27,301
27,552
27,971
28,223
28,642
SBIN
352
356
363
366
373
SUNPHARMA
575
580
589
594
602
TCS 3,087 3,104
3,128
3,145
3,169
TATAMOTORS
286
290
298
302
309
TATASTEEL
678
690
712
724
746
TECHM
971
982
998
1,008
1,024
TITAN 1,459 1,473
1,491
1,506
1,523
ULTRACEMCO 6,777 6,818
6,881
6,922
6,985
UPL
588
598
617
628
647
WIPRO
406
408
412
415
418
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Technical & Derivatives Report
March 25, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: technicalrese[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