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Technical & Derivatives Report
November 26, 2020
Nifty
Bank Out
look
-
(
29196
)
Yesterday, Bank Nifty started with a gap up opening around the
psychological mark of 30000 and then it extended gains to mark
intraday high of 30197.85. However, profit booking at higher
levels dragged prices lower to end below the previous session low
with a loss of 1.82% tad below 29200.
In our yesterday's report, we had mentioned prices overstretched
from their short-term moving averages and oscillators are deep
overbought hence we may see in between hiccups. In line with the
same, we witnessed a profit booking session. However, by no
means, this should be taken as a reversal as in recent times we
have seen such dips getting easily bought. Traders are hence
advised in such scenario to have a stock-specific approach as
individual stocks continue to perform especially as in yesterday's
sessions we saw some outperformance by PSU banks with huge
volume ticks. As far as levels are concerned, immediate support is
placed around 28850 - 28580 whereas resistance is seen around
29850 - 30200.
Key Levels
Support 1 – 28850 Resistance 1 – 29850
Support 2 – 28580 Resistance 2 – 30200
Exhibit 1: Nifty Daily Chart
Sensex (43828) / Nifty (12858)
Similar to the recent trend, our markets opened higher owing to
cheerful mood across the globe. In this process, Nifty registered a
new high of 13145.85, but this was followed by a massive profit
booking throughout the remaining part of the day, Barring one small
attempt to bounce back around the mid-session, index kept on
correcting to shed more than 300 points from the high to mark
weakest session in the November month. Eventually, the day ended
with a cut of one and half a percent from the previous close.
How many times in the past have we seen the market correcting
sharply after posting a record high on the same day. Yesterday, it was
clearly one of them as we saw the index taking a nosedive after
reaching an important level. By no means, it's a complete reversal of
the trend, because we can construe this as a profit booking after a
relentless rally. In fact, in our yesterday's commentary, we had clearly
advocated taking some money off the table in the zone of 13100-
13200. Yesterday's correction precisely triggered after entering this
key resistance zone of 127% 'Price extension' of the previous key
swing highs and lows. We are now stepping into the historical
November month expiry day and hence, some volatile moves cannot
be ruled out. In our sense, one should control it's temptation to go
long if Nifty rebounds towards 12950 - 13050. On the flipside,
12800 - 12730 are to be seen as key supports. Only a sustainable
move below 12730 would extend this correction.
Traders are advised to take a note that this is merely a profit booking
and even if it extends, it should be considered as a healthy sign. For
a time being, avoid aggressive bets and use meaningful declines to
go long.
.Key Levels
Support 1 – 12800 Resistance 1 – 12950
Support 2 – 12730 Resistance2 – 13050
Exhibit 2: Nifty Bank Daily Chart
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November 26, 2020
Nifty Vs OI
10500
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 11/25
(`000)
Openinterest Nifty
View
Nifty started the session on a positive note above
13100 mark. However, the index witnessed selling
pressure and it corrected throughout the session to
end with a loss of one and a half percent.
FIIs were net buyers in the cash segment to the tune of
Rs. 24 crores. In index future segment, they sold worth
Rs. 1803 crores with decrease in open interest
indicating long unwinding and short formations in
yesterday’s session.
Markets witnessed profit booking ahead of expiry
which led to decline in the indices. However, given the
overbought scenario indicated by the PCR, it was
expected and hence, we advised book profits on longs
in our yesterday's report. Post the continuous buying
buy FII's in last few days, their activity was muted
yesterday while DII's continued the selling spree. In
index futures, stronger hands chose to book some
profits ahead of the expiry day. In options segment,
13000 call added open interest indicating resistance
while the immediate support is placed around 12800
followed by 12700. Traders are advised to avoid
aggressive positions and look to lighten up positions in
intraday pullback.
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 2.61%
Bank Nifty futures open interest has decreased by 7.84%
as market closed at 12858.40 levels.
The Nifty November future closed with a premium of 0.75
point against a premium of 7.3 point in last trading
session. The December series closed at a premium of
30.95 point.
The INDIA VIX has increased from 21.06 to 23.12.
At the same time, the PCR-OI of Nifty decreased from
1.78 to 1.27.
Few of the liquid counters where we have seen high cost
of carry are IDEA, ADANIENT,WIPRO, ZEEL AND
BHARATFORG.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IBULHSGFIN 20435200 35.19 185.35 2.24
BANKBARODA 58663000 32.52 49.05 4.36
BALKRISIND 1476800 14.09 1603.00 -2.75
MUTHOOTFIN 5400750 10.43 1118.50 -1.38
CANBK 20157200 6.84 96.50 3.32
APOLLOHOSP 1646500 6.19 2241.50 -2.67
HDFCLIFE 11644600 5.27 665.10 0.19
HINDUNILVR 6556500 4.63 2135.80 -1.09
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
AMARAJABAT 1216000 -23.90 874.20 -0.52
CUMMINSIND 1434000 -20.12 526.85 -0.11
SRTRANSFIN 3588454 -15.04 1065.00 2.52
GAIL 25674900 -14.26 102.30 1.64
IGL 3907750 -13.46 450.10 -0.63
HINDALCO 30375200 -13.38 223.45 -1.15
UBL 1398600 -11.90 1046.15 -2.91
M&MFIN 21373048 -11.81 161.25 -2.89
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.27 1.00
BANKNIFTY 0.84 0.88
RELIANCE 0.48 0.44
ICICIBANK 0.73 0.51
INFY 0.45 0.51
Historical Volatility
SCRIP HV
MRF 38.11
ONGC 53.83
COLPAL 38.39
JUBLFOOD 50.86
SRF 51.21
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Technical & Derivatives Report
November 26, 2020
Note: Above mentioned Bullish or Bearish Spreads in Nifty (November Series) are given as an information and not as a recommendation.
Nifty Spot =
12858.40
FII Statistics for November 25, 2020
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
9103.25
10906.08
(1802.83) 177275
16496.28
(3.34)
INDEX
OPTIONS
503834.13
503802.13
32.00
1114957
102042.41
8.48
STOCK
FUTURES
34466.15
33218.59
1247.56
1299514
96032.33
(1.29)
STOCK
OPTIONS
5084.01
5173.97
(89.96) 77970
5879.63
(14.63)
Total 552487.54
553100.77
(613.23) 2669716
220450.65
1.94
Turnover on November 25, 2020
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
8,62,611 72497.64 73.56
Index Options
4,30,89,753
35,68,010.08
107.74
Stock Futures
17,75,415
1,33,159.37 -3.63
Stock Options
14,76,690
1,18,022.83 -23.32
Total 4,72,04,469
38,91,689.92
89.71
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 12900 41.00
26.10 73.90 12926.10
Sell 13000 14.90
Buy 12900 41.00
34.75 165.25 12934.75
Sell 13100 6.25
Buy 13000 14.90
8.65 91.35 13008.65
Sell 13100 6.25
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 12800 36.75
22.30 77.70 12777.70
Sell 12700 14.45
Buy 12800 36.75
30.45 169.55 12769.55
Sell 12600 6.30
Buy 12700 14.45
8.15 91.85 12691.85
Sell 12600 6.30
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
12200 12300 12400 12500 12600 12700 12800 12900 13000 13100 13200 13300 13400 13500
Call Put
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Technical & Derivatives Report
November 26, 2020
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
376
387
396
408
416
ASIANPAINT 2,112 2,133
2,171
2,192
2,230
AXISBANK
575
587
609
621
643
BAJAJ-AUTO 2,965 3,008
3,084
3,127
3,203
BAJFINANCE 4,580 4,635
4,730
4,785
4,880
BAJAJFINSV 8,424 8,571
8,790
8,937
9,156
BPCL
373
378
386
390
398
BHARTIARTL
448
456
467
475
486
BRITANNIA 3,507 3,532
3,556
3,580
3,604
CIPLA
712
722
738
748
764
COALINDIA
121
123
125
126
128
DIVISLAB 3,377 3,423
3,496
3,542
3,615
DRREDDY 4,632 4,719
4,868
4,955
5,104
EICHERMOT 2,489 2,542
2,634
2,688
2,780
GAIL
99
101
102
104
105
GRASIM
819
831
852
865
886
HCLTECH
808
816
831
840
855
HDFCBANK 1,354 1,378
1,421
1,446
1,489
HDFCLIFE
645
655
672
682
698
HDFC 2,135 2,163
2,208
2,236
2,280
HEROMOTOCO 2,941 2,975
3,035
3,069
3,129
HINDALCO
217
220
225
228
233
HINDUNILVR 2,102 2,119
2,145
2,162
2,188
ICICIBANK
459
466
478
485
497
IOC
85
85
86
87
88
INDUSINDBK
829
842
858
872
888
INFY 1,091 1,103
1,123
1,136
1,156
ITC
189
192
195
197
200
JSW STEEL
331
335
340
344
349
KOTAKBANK 1,799 1,831
1,885
1,917
1,971
LT 1,090 1,103
1,125
1,138
1,161
M&M
706
713
723
730
740
MARUTI 6,873 6,964
7,108
7,200
7,344
NESTLEIND 17,101
17,310
17,550
17,759
17,999
NTPC
92
93
94
95
96
ONGC
75
78
80
83
85
POWERGRID
192
193
195
197
199
RELIANCE 1,910 1,929
1,961
1,980
2,012
SBILIFE
832
840
853
861
873
SHREECEM 22,832
23,265
23,981
24,414
25,130
SBIN
237
240
245
248
253
SUNPHARMA
490
498
512
520
534
TCS 2,663 2,682
2,707
2,727
2,752
TATAMOTORS
165
168
173
176
180
TATASTEEL
527
534
546
553
566
TECHM
841
852
866
876
891
TITAN 1,273 1,290
1,317
1,335
1,362
ULTRACEMCO 4,722 4,771
4,850
4,899
4,978
UPL
410
414
422
427
435
WIPRO
344
347
353
356
362
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Technical & Derivatives Report
November 26, 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]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