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April 13, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
Bank Out
look
-
(
30792)
Our markets had a pathetic start for the new trading week led by the
financials as we saw BANKNIFTY opened with a massive cut of nearly
800 points. In fact, things became worst in the initial trades after it
dropping further to violate Budget day’s low. During the remaining
part of the day, there was no respite seen in banking counters to test
the 30500 mark. Eventually, despite a tiny bounce towards the fag
end, the banking index posted a biggest percentage wise single day
fall in the recent months. Since last week and a half, the BANKNIFTY
was hovering around its strong support zone of 32400 32200. The
bulls were not letting this support break and were making numerous
attempts to rebound. But since there was no conviction seen in this
attempt, we remained sceptical on all intraday recoveries and did not
get carried away by the momentum. We also highlighted how
bottoms are made in a hurry and it does not take this much time as it
was taking since few days. This was a clear indication of banking
index breaking this support zone and yesterday at the opening itself,
these levels were breached brutally. Now the way BANKNIFTY
plummeted like a bottomless pit, any recovery in next few days is not
likely to sustain. Hence, 31000 31300 are to be treated as
immediate hurdles now and on the downside, 30200 29700 can be
tested soon.
Key Levels
Support 1 – 30200 Resistance 1 – 31000
Support 2 – 29700 Resistance 2 – 31300
Sensex (47883) / Nifty (14311)
Our markets started the week with a gap down on back of worries over
rising cases of Covid-19 in our country in this second wave. Our
markets completely ignored the global cues yesterday and post the
gap down, we witnessed a sell-off across and ended the day tad above
14300, with a deep cut of over three and a half percent.
The rising cases of Covid -19 and a fear of probable lockdown in some
parts of the country led to a sell-off in our markets which resulted in a
huge underperformance compared to the global peers. Post the gap
down, there were no major pullbacks during intraday and the Nifty
even breached 14250 mark in the last hour before ending the session
tad above 14300. Nifty has breached its ‘Rising Trendline’ support and
has ended around the 25th March swing low. The range of 14264-
14240 is the immediate support zone which is the swing low and the
‘89 day exponential moving average’. Below this, the retracement
support comes in the range of 14070-14000. Although the index is
nearing its important levels, it would be prudent to avoid aggressive
bets and watch for the price momentum as the broader markets have
witnessed sharp sell-off. On the flipside, 14465 and 14590 would now
be the immediate resistances on pullback moves.
Key Levels
Support 1 – 14240
Resistance 1 – 14465
Support 2 – 14200 Resistance2 – 14590
Exhibit 2: Nifty Bank Daily Chart
The Banking and Financial stocks which have good weightage in the
Nifty index as well have been under-performing recently and many
stocks from this sector witnessed a cut of 5-10 percent yesterday. The
only relative outperforming space yesterday were the Pharma stocks.
However, although a positive traction was witnessed in most of the
stocks from this sector at the start of the day, but at the end the
momentum shifted to only fewer names. Thus, it is advisable to stay
light on positions and avoid aggressive bets ahead of the mid-week
holiday and keep a watch on how the index behaves around the above
mentioned levels.
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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
3/10 3/16 3/18 3/22 3/24 3/26 3/31 4/5 4/7 4/9
(`000)
Openinterest Nifty
View
We began the truncated week with a downside gap
and saw follow-up selling for the remaining part of
the day
. The sell-off of immense and any attempt of
recovery was being sold into. Eventually, we concluded
the day with a cut of more than 500 points.
FIIs were net sellers in the cash segment to the tune
of Rs. 1746 crores. In index futures front, they sold
worth Rs. 1740 crores with increase in open interest
indicating they continue adding bearish bets.
Surprisingly despite a sharp cut yesterday, we hardly
saw any relevant open interest change in Nifty futures;
however, decent shorts were formed in BankNifty.
Stronger hands too participated as they were net sellers
in equities, index futures and stock futures. In index
options front, expect for some build-up in 14300 put;
good amount of unwinding was observed in 14200-
14800 strikes. On the other side, massive writing was
seen in 14300-15000 call options. Considering
yesterday’s development, we maintain our cautious
stance on market and would like to wait for follow-up
activity in coming 2-3 sessions as yesterday’s fall wasn’t
supported by shorts.
C
o
m
me
n
t
s
The Nifty futures open interest has decreased by 0.25%.
Bank Nifty futures open interest has increased by 4.68%
as market closed at 14310.80 levels.
The Nifty April future closed with a premium of point
32.45 against a premium of 54.55 point in last trading
session. The May series closed at a premium of 87.55
point.
The INDIA VIX increased from 19.78 to 22.99.
At the same time, the PCR-OI of Nifty decreased from
1.29 to 0.88.
Few of the liquid counters where we have seen high cost
of carry are ADANIPORTS, IDEA, TORNTPHARM, DLF and
M&MFIN
.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
DRREDDY 3492625 14.43 4996.70 4.72
CIPLA 12616500 8.82 902.40 1.99
LALPATHLAB 372000 7.13 3336.60 6.06
MINDTREE 2232000 7.10 2142.50 -3.91
LUPIN 7878650 5.21 1045.20 -3.51
MGL 1644000 5.10 1080.70 -5.04
INDIGO 4248000 5.06 1593.70 -4.29
BAJFINANCE 4273250 4.91 4511.15 -7.76
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
HDFCAMC 608200 -10.74 2844.70 -4.13
AARTIIND 445400 -9.97 1347.20 -4.17
TECHM 12529200 -8.56 1039.80 -1.38
SIEMENS 855250 -8.42 1729.75 -6.70
SAIL 120460000 -8.22 84.70 -10.55
PEL 3537050 -8.00 1630.05 -10.12
AMARAJABAT 4029000 -7.70 799.45 -2.39
IGL 5187875 -7.41 516.65 -5.01
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.29 0.90
BANKNIFTY 0.71 0.94
RELIANCE 0.50 0.48
ICICIBANK 0.47 0.41
INFY 0.49 0.32
Historical Volatility
SCRIP HV
TATAPOWER 51.70
DLF 59.98
BHEL 66.56
ADANIPORTS 49.79
PNB 57.92
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Technical & Derivatives Report
April 12, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (April Series) are given as an information and not as a recommendation.
Nifty Spot =
14310.80
FII Statistics for April 12, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
6192.96 7933.41 (1740.45) 122043 12419.78 10.75
INDEX
OPTIONS
412371.39 410417.31 1954.08
865670 85764.06 9.72
STOCK
FUTURES
17189.34 17587.33 (397.99) 1092856 91069.27 2.15
STOCK
OPTIONS
20690.02 21265.16 (575.14) 178478 15357.80 9.97
Total 456443.71
457203.21
(759.50) 2259047
204610.91
5.99
Turnover on April 12, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
4,85,768 44648.01 53.77
Index
Options
3,38,75,513 31,77,813.79 61.13
Stock Futures
9,33,363 85170.16 24.90
Stock
Options
23,72,674 2,27,876.10 38.11
Total 3,76,67,318 35,35,508.06 58.23
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14300 322.40
53.15 46.85 14353.15
Sell 14400 269.25
Buy 14300 322.40
102.55 97.45 14402.55
Sell 14500 219.85
Buy 14400 269.25
49.40 50.60 14449.40
Sell 14500 219.85
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14800 284.20
39.65 60.35 14760.35
Sell 14700 244.55
Buy 14800 284.20
77.50 122.50 14722.50
Sell 14600 206.70
Buy 14700 244.55
37.85 62.15 14662.15
Sell 14600 206.70
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
13700 13800 13900 14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000
Call Put
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Technical & Derivatives Report
April 12, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
688
716
763
791
838
ASIANPAINT 2,534 2,568
2,589
2,623
2,644
AXISBANK
611
623
639
652
667
BAJAJ-AUTO 3,421 3,481
3,540
3,600
3,659
BAJFINANCE 4,210 4,361
4,550
4,701
4,890
BAJAJFINSV 8,796 8,979
9,220
9,403
9,644
BPCL
391
398
408
415
426
BHARTIARTL
506
514
527
535
547
BRITANNIA 3,704 3,759
3,804
3,859
3,904
CIPLA
846
874
907
935
968
COALINDIA
121
123
126
127
130
DIVISLAB 3,561 3,671
3,784
3,893
4,007
DRREDDY 4,512 4,755
4,937
5,180
5,362
EICHERMOT 2,329 2,378
2,444
2,493
2,559
GRASIM 1,332 1,354
1,390
1,412
1,447
HCLTECH
976
993
1,018
1,035
1,060
HDFCBANK 1,327 1,347
1,373
1,393
1,419
HDFCLIFE
675
681
686
692
696
HDFC 2,377 2,398
2,426
2,448
2,476
HEROMOTOCO 2,657 2,721
2,806
2,870
2,955
HINDALCO
318
327
341
350
363
HINDUNILVR 2,412 2,437
2,463
2,488
2,513
ICICIBANK
520
529
541
550
561
IOC
84
86
88
89
92
INDUSINDBK
809
827
858
876
907
INFY 1,377 1,401
1,439
1,464
1,502
ITC
201
203
207
209
213
JSW STEEL
583
594
608
618
632
KOTAKBANK 1,700 1,721
1,745
1,766
1,789
LT 1,295 1,320
1,357
1,382
1,419
M&M
716
734
756
774
797
MARUTI 6,350 6,435
6,588
6,673
6,825
NESTLEIND 17,209
17,355
17,488
17,634
17,767
NTPC
96
98
100
101
103
ONGC
94
96
99
101
104
POWERGRID
194
198
202
206
210
RELIANCE 1,863 1,887
1,924
1,948
1,985
SBILIFE
845
859
882
896
919
SHREECEM 28,639
29,260
30,379
31,000
32,118
SBIN
310
320
332
341
353
SUNPHARMA
596
608
627
638
657
TCS 3,141 3,194
3,266
3,319
3,391
TATACONSUM
635
645
660
671
686
TATAMOTORS
267
277
292
302
317
TATASTEEL
813
832
863
882
913
TECHM
996
1,018
1,039
1,060
1,081
TITAN 1,458 1,484
1,528
1,555
1,599
ULTRACEMCO 6,284 6,397
6,580
6,693
6,876
UPL
553
571
600
618
646
WIPRO
417
425
437
445
458
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Technical & Derivatives Report
April 12, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: technicalresearch-cso@angelbroking.com
For Derivatives Queries E-mail: derivatives.d[email protected]
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives sameet.chavan@angelbroking.com
Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com
Rajesh Bhosale Technical Analyst rajesh.bhosle@angelbroking.com
Sneha Seth Derivatives Analyst sneha.seth@angelbroking.com