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May 31, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
Bank Out
-
(
35141)
Following the strong positive momentum seen on Thursday, the
bank nifty witnessed a gap up opening on Friday. However, post
the gap up opening there was no follow-up buying and then after
a gradual decline followed by consolidation in the latter half, the
bank nifty ended flat with marginal gains at 35141.
It was a mixed bag of pictures on Friday as some of the stocks from
this basket performed while some remained lackluster. As
mentioned above, the banking space has been inconsistent in
recent times however we continue to expect a strong
outperformance in the near term. Hence, going ahead, the
approach will remain to have stock-specific trades within this
basket as they are likely to give outperforming opportunities. As
far as levels are concerned, 35800 followed by 36200 is the
immediate resistance whereas support is placed around 35000 -
34600.
Key Levels
Support 1 – 35000 Resistance 1 – 35800
Support 2 – 34600 Resistance 2 – 36200
Exhibit 2: Nifty Bank Daily Chart
Sectorally, one after another different themes are expected to play
out well and it’s better to stick to stock specific approach; because,
the low hanging fruit is already gone and from hereon it would not
be easy at all to do a stock picking. The banking has been a bit
inconsistent of late but we still believe that this heavyweight space
has lot of potential and is likely to drive markets at higher levels.
Despite having highlighted lot of positive factors, we would advise
traders not to get complacent. Hence, it’s better not to get over
leveraged and should follow strict stop losses for existing positions.
Key Levels
Support 1 – 15325 Resistance 1 – 15575
Support 2 – 15300 Resistance 2 – 15600
Sensex (51423) / Nifty (15436)
Last week started on a flat note and as the week progressed, our
markets managed to extend the lead. Since last couple of week, the
global uncertainty was not letting us move higher but the moment
they started cooling off, our market took off and in the process, the
Nifty managed to surpass the psychological sturdy wall of 15000 with
some authority. During the week although there was no major
momentum seen in the index, the undertone was bullish and hence,
slowly and steadily we marched towards record highs. In fact, with
Friday’s extended move, the Nifty went on to post new high on an
intraday as well as closing basis.
Till last week, the entire world was so unsure where markets are
headed and look now; we are at new record highs although the move
was not as swift as it generally should be. Until Thursday, primarily
the banking and IT were the major contributors to the move. But the
sleeping lion RELIANCE finally seems to have awakened as it single-
handedly led markets at new highs on the concluding day of the
week. Now as far as levels are concerned for Nifty, 15600 is the
immediate point and above which there is no major level visible
before the yet another milestone of 16000. But it would be difficult
to gauge whether the extended move from hereon would be similar
(slow and steady) in nature or it would have some faster legs in
between. On the flipside, 15300 15150 15000 are to be
considered as immediate supports.
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May 31, 2021
Nifty Vs OI
14000
14200
14400
14600
14800
15000
15200
15400
15600
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
4/30 5/4 5/6 5/10 5/12 5/17 5/17 5/24 5/26 5/28
(`000)
Openinterest Nifty
View
During the monthly expiry week, Nifty moved higher
gradually and finally posted new record high on the
concluding day of the week.
FIIs were net buyers in the cash segment to the tune of
Rs. 914 crores. In index futures front, they bought worth
Rs. 438 crores with increase in open interest indicating
long formations on Friday.
We witnessed long formation in Nifty and Bank Nifty
during the May series and the rollover in both the indices
are higher than its average. This indicates that long
positions in the indices are rolled to the June series. FII’s
too preferred to roll over their long positions in the index
futures and thus majority of their positions are on the
long side. In options segment, the open interest is
scattered from 15500-15800 calls while 15300-15400
puts have seen some open interest build up. The above
data is positive and hence we could see a continuation of
the rally in indices in this week. As per the data, 15400-
15300 is the immediate support range and any declines
should be used as an buying opportunity. On the flipside,
we would keep a tab on how the call writers position
themselves in the early part of the week to assess the
possible target/resistances for the week.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 6.12%.
Bank Nifty futures open interest has increased by 2.28%
as market closed at 15435.65 levels.
The Nifty June future closed with a premium of 28.20
point against a premium of 49.30 point in last trading
session. The July series closed at a premium of 78.15
point.
The INDIA VIX decreased from 19.91 to 17.40.
At the same time, the PCR-OI of Nifty decreased from
1.38 to 1.32.
Few of the liquid counters where we have seen high cost
of carry are IDEA, GRMRINFRA, APLLTD, BANKBARODA
AND GUJGASLTD
.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CANBK 54610200 31.07 161.90 4.63
UBL 1085700 22.22 1275.80 -2.25
NAM-INDIA 1308800 19.77 348.65 0.03
TRENT 929450 16.86 826.60 0.05
SRTRANSFIN 3352800 13.95 1455.05 1.03
SUNTV 15393000 12.30 546.00 0.83
LICHSGFIN 6170000 11.49 455.95 0.99
AMARAJABAT 9153000 9.34 743.70 0.34
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
PAGEIND 79200 -15.30 31364.10 -1.82
RAMCOCEM 2057850 -10.07 961.10 0.11
EICHERMOT 2588600 -8.06 2638.45 1.12
CHOLAFIN 10370000 -6.27 544.00 1.30
BPCL 41972400 -6.06 471.50 0.63
LTI 623700 -5.67 3930.45 0.21
GODREJCP 4664000 -5.49 844.70 1.16
ALKEM 371200 -5.31 2957.35 0.43
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.32 0.90
BANKNIFTY 0.75 0.87
RELIANCE 0.55 0.27
ICICIBANK 0.62 0.52
INFY 0.63 0.51
Historical Volatility
SCRIP HV
RELIANCE 42.36
SUNPHARMA 39.65
TVSMOTOR 47.35
HDFCAMC 42.21
L&TFH 62.24
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Technical & Derivatives Report
May 31, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (June Series) are given as an information and not as a recommendation.
Nifty Spot =
15435.65
FII Statistics for May 28, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3460.39
3022.68
437.71
122500
13269.01
8.22
INDEX
OPTIONS
230505.76
228818.46
1687.30
820786
86444.59
34.03
STOCK
FUTURES
12863.38
13838.83
(975.45) 1402140
109160.42
1.28
STOCK
OPTIONS
11574.21
12187.41
(613.20) 128345
9847.77
44.00
Total 258403.74
257867.38
536.36
2473771
218721.79
12.49
Turnover on May 28, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures 2,48,053 24213.40 -48.72
Index Options
2,06,16,145 20,28,211.34 -75.86
Stock Futures
9,64,391 73710.46 -52.18
Stock Options
21,84,688 1,61,972.13 1.06
Total 2,40,13,277 22,88,107.33 -73.89
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 15400 277.50
53.95 46.05 15453.95
Sell 15500 223.55
Buy 15400 277.50
101.75 98.25 15501.75
Sell 15600 175.75
Buy 15500 223.55
47.80 52.20 15547.80
Sell 15600 175.75
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 15400 226.35
35.80 64.20 15364.20
Sell 15300 190.55
Buy 15400 226.35
66.15 133.85 15333.85
Sell 15200 160.20
Buy 15300 190.55
30.35 69.65 15269.65
Sell 15200 160.20
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
14700 14800 14900 15000 15100 15200 15300 15400 15500 15600 15700 15800 15900 16000
Call Put
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Technical & Derivatives Report
May 31, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
741
758
772
789
803
ASIANPAINT 2,913 2,927
2,945
2,959
2,978
AXISBANK
725
732
746
754
767
BAJAJ-AUTO 4,146 4,173
4,214
4,241
4,283
BAJFINANCE 5,493 5,552
5,651
5,710
5,809
BAJAJFINSV 11,461
11,587
11,806
11,932
12,151
BPCL
462
467
473
478
485
BHARTIARTL
516
520
524
528
532
BRITANNIA 3,388 3,406
3,427
3,445
3,466
CIPLA
921
928
938
944
954
COALINDIA
143
145
147
149
151
DIVISLAB 4,046 4,083
4,115
4,152
4,185
DRREDDY 5,078 5,136
5,208
5,266
5,338
EICHERMOT 2,574 2,606
2,658
2,690
2,742
GRASIM 1,396 1,431
1,455
1,490
1,514
HCLTECH
931
937
943
949
956
HDFCBANK 1,464 1,484
1,498
1,518
1,533
HDFCLIFE
657
663
669
675
680
HDFC 2,472 2,495
2,511
2,534
2,549
HEROMOTOCO 2,917 2,954
2,994
3,031
3,071
HINDALCO
376
382
390
396
405
HINDUNILVR 2,300 2,311
2,330
2,341
2,361
ICICIBANK
627
635
647
656
668
IOC
107
108
110
112
114
INDUSINDBK
993
1,006
1,016
1,029
1,038
INFY 1,372 1,381
1,390
1,399
1,408
ITC
211
212
213
214
215
JSW STEEL
672
681
695
704
718
KOTAKBANK 1,763 1,782
1,797
1,816
1,832
LT 1,458 1,468
1,484
1,494
1,510
M&M
794
820
836
862
879
MARUTI 6,879 6,925
6,986
7,031
7,092
NESTLEIND 17,294
17,401
17,608
17,716
17,922
NTPC
107
108
109
111
112
ONGC
110
111
113
115
117
POWERGRID
221
223
227
229
233
RELIANCE 1,948 2,022
2,063
2,137
2,178
SBILIFE
964
970
979
985
994
SHREECEM 27,113
27,384
27,812
28,083
28,511
SBIN
412
417
425
430
439
SUNPHARMA
649
659
677
687
705
TCS 3,097 3,120
3,159
3,183
3,221
TATACONSUM
642
648
653
660
664
TATAMOTORS
312
315
320
323
328
TATASTEEL 1,069 1,086
1,115
1,132
1,161
TECHM 1,004 1,015
1,024
1,035
1,044
TITAN 1,545 1,561
1,587
1,603
1,628
ULTRACEMCO 6,490 6,544
6,640
6,694
6,789
UPL
800
806
815
821
831
WIPRO
530
534
537
542
545
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May 31, 2021
*
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 ruchit.jain@angelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bh[email protected]roking.com
Sneha Seth Derivatives Analyst [email protected]angelbroking.com