www.angelbroking.com
March 30, 2021
Technical & Derivatives Report
Nifty
Bank Out
-
(
33318)
Post Thursday’s smart recovery precisely from 89 EMA in daily chart,
we started-off Friday’s session on an optimistic note tad above 33600.
But, the follow-up buying was really missing and hence BankNifty
began to shed the early morning gains from the word go. As the day
progressed, we hardly saw any relevant price action, the banking index
consolidated in the range of merely 400 points for remaining part of
the day. Eventually, we concluded the day almost a percent higher to
its previous close. If we consider the overall activity for the week, the
BankNifty corrected inline to our expectation and also tested 89 EMA
on daily chart on Thursday. On the same day, sharp recovery was seen
from the important support zone; which is certainly a positive
indication for Bull’s. Hence, it is now important to wait for the follow-
up activity in this week. For Traders, it is advisable to avoid any
aggressive directional bets for the time being. As far as levels are
concerned, 33500-33600 should be acting as immediate hurdles;
whereas, around Thursday’s lows (32415.25) is the demand zone.
Key Levels
Support 1 – 32800 Resistance 1 – 33500
Support 2 – 32415 Resistance 2 – 33600
Exhibit 1: Nifty Daily Chart
Sensex (49008) / Nifty (14507)
The previous Friday’s sharp recovery was followed by a flat to positive
start on Monday, owing to favourable global cues. The lead extended on
the following session after the Supreme Court’s verdict on Loan
Moratorium. However as we alluded to in the intra-week commentary,
the conviction was clearly lacking in the up move, which eventually
resulted in a sharp decline thereafter. Due to mid-week sell off, the Nifty
went on to enter sub-14300 territory for the first time after the Budget
session. However, similar to the previous week, this Friday too brought
some positivity back in to the market as we witnessed a decent recovery
across the board to reclaim the 14500 on a weekly closing basis.
After the recent consolidation, the market finally started feeling some
heat as we witnessed in the week gone by. Fortunately we remained a
bit adamant and did not get carried away by the in between upswings.
We continue to remain cautious and the way we are placed on the charts,
further correction cannot be ruled out. As far as levels are concerned,
the next key support is visible in the zone of 14140 14000 as it
coincides with the daily ’89 EMA’ and the 78.6% retracement of the up
move from 13596.75 to record high of 15431.75. Before this, 14400
14250 are to be seen as immediate supports. On the upside, the cluster
of resistances is visible at every 100-150 points. So, for this truncated
week, 14600 14750 14900 are to be seen as pain points for the Nifty.
Till the time, 14900 is not surpassed with some authority, the short term
trend remains bearish and hence, it’s better not to get complacent.
Key Levels
Support 1 – 14400 Resistance 1 – 14750
Support 2 – 14250 Resistance2 – 14800
Exhibit 2: Nifty Bank Daily Chart
Here the only tricky point is the placement of the banking index. It has
already corrected in line with our expectations and has underperformed
our benchmark significantly in the recent past. This space saw massive
recovery in the latter half on Thursday after precisely testing the ’89-
EMA’ level of 32420. This level coincides with the previous breakout
point on the budget day. Hence, it would be really interesting to see how
it behaves going forward. If it fails to show any strength here, we should
then gear up for an extended correction. In the bull-case scenario, it’s
located just at the right junction from where it can take a U-turn. Let’s
see how things pan out because the other sectors too started
participating in the correction and the broader market which has been
convincingly outperforming, started to see some decent profit taking.
www.angelbroking.com
Technical & Derivatives Report
March 30, 2021
Nifty Vs OI
13800
14000
14200
14400
14600
14800
15000
15200
15400
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
3/9 3/12 3/17 3/19 3/23 3/25
(`000)
Openinterest Nifty
View
Nifty witnessed some pullback at the start of the week,
but it corrected sharply during expiry to sneak below
14300 mark. However, the index trimmed some of the
losses on the last day and ended around 14500
.
FIIs were net sellers in the cash segment to the tune of
Rs. 50 crores. In Index Future segment, they bought
worth Rs. 1880 crores with increase in open interest
indicating long formations on Friday.
Nifty has started the April series with a low open
interest base and has added some long positions on
Friday. But we witnessed good amount of short
rollover in Bank Nifty which are intact in the system.
FII’s have added longs in the Nifty futures in Friday’s
session and their index ‘Long Short Ratio’ at the end
of week stands over 70 percent. The weekly options
data hints a support around 14300 and resistance in
the range of 14700-14800. Looking at the long
formations on Friday, we may see the index moving
towards the mentioned resistance range. It will be
interesting to see it there’s any short covering in Bank
Nifty in this week. Traders are advised to trade with a
stock specific approach with a tab on the above
mentioned levels
.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 4.28%
Bank Nifty futures open interest has increased by 1.63%
as market closed at 14507.30 levels.
The Nifty April future closed with a premium of 101.20
point against a premium of 100.65 point in last trading
session. The May series closed at a premium of 152.60
point.
The INDIA VIX decreased from 22.69 to 20.65.
At the same time, the PCR-OI of Nifty increased from 1.13
to 1.14.
Few of the liquid counters where we have seen high cost
of carry are AARTIIND, IDEA, COFORGE, GMRINFRA, AND
SAIL.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
APLLTD 728750 42.63 935.60 1.15
IDEA 452270000 37.09 9.10 0.55
POWERGRID 14228000 20.29 214.60 -1.19
LUPIN 6335050 17.02 978.95 -1.08
PFIZER 61500 16.59 4369.75 -0.85
BATAINDIA 1229800 10.75 1411.95 -0.79
SAIL 139023000 10.66 76.75 6.16
LALPATHLAB 137500 10.44 2571.40 4.40
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
DEEPAKNTR 658500 -6.73 1561.10 1.74
TVSMOTOR 2679600 -5.85 570.65 2.96
ASHOKLEY 39159000 -5.27 114.05 3.62
LTTS 427000 -5.15 2548.70 2.25
TATAPOWER 127575000 -5.09 103.45 4.63
BEL 39254000 -5.06 122.40 3.26
VEDL 70983800 -4.92 226.85 1.82
ALKEM 225000 -4.17 2650.05 0.01
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.14 0.89
BANKNIFTY 0.87 0.86
RELIANCE 0.61 0.50
ICICIBANK 0.66 0.48
INFY 0.62 0.50
Historical Volatility
SCRIP HV
CONCOR 50.66
GODREJCP 37.37
ASIANPAINT 38.03
TATASTEEL 54.27
HINDUNILVR 33.19
www.angelbroking.com
Technical & Derivatives Report
March 30, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (April Series) are given as an information and not as a recommendation.
Nifty Spot =
14507.30
FII Statistics for March 26, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
6398.84
4519.05
1879.79
111491
11505.81
4.36
INDEX
OPTIONS
272377.69
272936.75
(559.06) 724605
74085.24
24.53
STOCK
FUTURES
12195.50
11477.33
718.17
1054276
89168.34
1.19
STOCK
OPTIONS
9798.68
10156.10
(357.42) 86598
7209.82
53.13
Total 300770.71
299089.23
1681.48
1976970
181969.21
10.62
Turnover on March 26, 2021
Instrum
ent
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
3,71,363 35332.03 -50.57
Index Options
2,03,92,765 19,54,889.12 -78.70
Stock Futures
6,01,652 55823.00 -60.34
Stock Options
10,47,840 98861.10 -20.19
Total 2,24,13,620 21,44,905.25 -77.45
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14500 410.55
56.65 43.35 14556.65
Sell 14600 353.90
Buy 14500 410.55
111.05 88.95 14611.05
Sell 14700 299.50
Buy 14600 353.90
54.40 45.60 14654.40
Sell 14700 299.50
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14500 302.95
39.40 60.60 14460.60
Sell 14400 263.55
Buy 14500 302.95
73.95 126.05 14426.05
Sell 14300 229.00
Buy 14400 263.55
34.55 65.45 14365.45
Sell 14300 229.00
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
13800 13900 14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000 15100
Call Put
www.angelbroking.com
Technical & Derivatives Report
March 30, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
684
694
702
712
720
ASIANPAINT 2,371 2,438
2,476
2,543
2,581
AXISBANK
686
692
699
706
713
BAJAJ-AUTO 3,477 3,538
3,579
3,641
3,681
BAJFINANCE 5,076 5,129
5,189
5,242
5,302
BAJAJFINSV 9,004 9,236
9,371
9,603
9,738
BPCL
415
420
426
430
436
BHARTIARTL
505
514
519
528
534
BRITANNIA 3,432 3,468
3,492
3,528
3,551
CIPLA
771
779
789
797
807
COALINDIA
128
129
130
130
131
DIVISLAB 3,364 3,415
3,462
3,513
3,560
DRREDDY 4,317 4,361
4,392
4,437
4,468
EICHERMOT 2,508 2,534
2,578
2,604
2,647
GAIL
127
129
131
134
135
GRASIM 1,366 1,386
1,399
1,418
1,431
HCLTECH
941
950
962
971
984
HDFCBANK 1,463 1,477
1,488
1,502
1,513
HDFCLIFE
661
667
672
677
682
HDFC 2,467 2,500
2,524
2,557
2,581
HEROMOTOCO 2,899 2,918
2,951
2,970
3,002
HINDALCO
314
321
325
331
335
HINDUNILVR 2,221 2,269
2,297
2,346
2,373
ICICIBANK
569
574
579
584
589
IOC
90
90
91
92
93
INDUSINDBK
933
943
960
970
986
INFY 1,317 1,327
1,342
1,351
1,366
ITC
208
209
212
213
216
JSW STEEL
429
437
445
453
461
KOTAKBANK 1,746 1,758
1,775
1,788
1,805
LT 1,370 1,384
1,396
1,410
1,422
M&M
780
789
802
812
825
MARUTI 6,690 6,737
6,818
6,865
6,946
NESTLEIND 16,117
16,344
16,481
16,709
16,846
NTPC
103
103
105
105
107
ONGC
98
100
102
104
106
POWERGRID
206
211
216
220
226
RELIANCE 1,954 1,974
1,994
2,014
2,034
SBILIFE
864
869
873
878
882
SHREECEM 27,390
27,753
28,036
28,400
28,683
SBIN
350
354
358
361
365
SUNPHARMA
568
578
584
593
600
TCS 3,001 3,034
3,076
3,109
3,151
TATAMOTORS
285
291
296
302
307
TATASTEEL
706
736
756
786
805
TECHM
968
979
989
1,000
1,009
TITAN 1,436 1,471
1,492
1,527
1,547
ULTRACEMCO 6,637 6,686
6,736
6,785
6,834
UPL
566
576
591
601
616
WIPRO
397
400
404
408
411
www.angelbroking.com
Technical & Derivatives Report
March 30, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: [email protected]angelbroking.com
For Derivatives Queries E-mail: [email protected]angelbroking.com
DISCLAIMER
Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay
Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and
Portfolio Manager and Investment Adviser with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking
Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration
number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for
accessing /dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed
public offering of securities of the company covered by Analyst during the past twelve months.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make
such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies
referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits
and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
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