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June 14, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
look
-
(
35047)
Bank Nifty had a disappointing week as even though a strong
outperformance was seen in the broader markets this space
ended the week with a cut of 0.69%.
On Thursday, the bank index after bouncing from the key support
of 20SMA some hopes was created by the bulls for the catch-up
move however on Friday it continued with its lethargic move. As
mentioned above the underperformance of the banking space is
a sign of concern and if it has to perform then it's now or else we
may see some weakness in the broader markets as well. Going
ahead, immediate support is placed around 34600 and 34200
whereas immediate resistance is placed around 35400 and
35600. For the bulls to make a strong come back it will need to
surpass the stiff wall of 36000 levels and till then any upmove is
likely to be a half-hearted bounce back.
Key Levels
Support 1 – 34800 Resistance 1 – 35400
Support 2 – 34600 Resistance 2 – 35600
Exhibit 2: Nifty Bank Daily Chart
There is another notable observation that is making us a bit
cautious at current levels. The Nifty Midcap 50 index which is
enjoying its dream run since many months has now reached a
crucial juncture. On the daily chart, we can see it reaching the
‘100% Price Extension’ of the previous up move and importantly on
the weekly time frame, we can see it coinciding around the ‘161%
Price Extension’ of the first up leg started after March 2020 lows. By
highlighting this, we do not expect the multi-year Bull Run to end;
but at least a short term pause or profit booking cannot be ruled
out. Hence traders are now advised to take some money off the
table and avoid aggressive bets overnight. Also, the stock specific
approach still can be continued but one has to be very fussy and
should follow proper risk management from hereon.
Key Levels
Support 1 – 15700 Resistance 1 – 15850
Support 2 – 15600 Resistance 2 – 15900
Se
nsex
(
52475)
/ Nifty
(
15799
)
During the last week, our markets started on a pleasant note on
Monday as there was some positivity seen across the globe. With
this, our benchmark registered a fresh record high while the
banking remained quiet on the first day. During the remaining part
of the week, Nifty consolidated in a small range as the banking kept
sulking. Fortunately, the IT space saw some renewed buying interest
which kept our benchmark in the positive terrain to eventually
register yet another record high beyond the 15800 mark. Among
the key indices, Nifty gained 0.82% during the week which was
mainly led by handsome gains of 4.52% in Nifty IT. The Nifty Midcap
50 index too added another 2.57% to its kitty; however the banking
remained laggard by losing over half a percent.
Since we are trading in an uncharted territory, a small uptick from
hereon would give us new high. Hence, it should be considered only
as a number now. Since last couple of weeks, we have been
mentioning how there is no major hurdle seen before 16000 and in
line with this, the Nifty has been continuing its rally. But the kind of
price action we witnessed during the week (especially in banking
space), it’s not giving us the comfort now. Hence, if benchmark has
to reach this milestone of 16000 and even move beyond it, the
BANKNIFTY needs to surpass the sturdy wall of 36000. If it fails to
do so then we may see some bouts of profit booking in this week.
The key support is to be seen at 15700 – 15550 for Nifty; whereas
15850 – 15900 are to be considered as immediate resistances.
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Technical & Derivatives Report
June 14, 2021
Nifty Vs OI
14900
15000
15100
15200
15300
15400
15500
15600
15700
15800
15900
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
5/24 5/26 5/28 6/1 6/3 6/7 6/9
(`000)
Openinterest Nifty
View
During the week, we had a cheerful start tad above
15700
and
then some consolidation with positive
biasness was observed. On Wednesday, the
benchmark index clocked fresh record high but failed
to sustain at higher levels and sharp selling pressure
dragged index almost towards 15550. However, in
next two sessions index reclaimed 15800 mark.
FIIs activity in the cash segment remained subdued. In
index futures front, they sold worth Rs. 122 crores with
fall in open interest; suggesting long unwinding on
Friday’s session.
In F&O space, we saw decent longs formation in Nifty;
whereas, in banking space underperformed and shorts
were also formed. In options front, we saw good
amount of writing in puts shifting the base higher to
15700 now. FIIs added mixed positions in equities and
index futures; whereas, meaningful bullish bets was
witnessed in stock futures. Surprising the banking is not
participating recently and short addition in this space is
a sign of worrisome. Hence, we would advise traders to
be watchful before initiating any aggressive direction
bets in index and would advise preferring stock specific
approach.
C
o
mme
n
t
s
The Nifty futures open interest has increased by 5.35%.
Bank Nifty futures open interest has increased by 3.58%
as market closed at 15799.35 levels.
The Nifty June future closed with a premium of 17.95
point against a premium of 15.50 point in last trading
session. The July series closed at a premium of 65.85
point.
The INDIA VIX decreased from 15.00 to 14.12.
At the same time, the PCR-OI of Nifty increased from
1.31 to 1.35.
Few of the liquid counters where we have seen high cost
of carry are IDEA, AUROPHARMA, GMRINFRA,
FEDERALBNK
and
ADANIPORTS
.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
AUROPHARMA 12500800 19.00 1009.80 5.02
COALINDIA 61538400 14.01 162.65 4.05
PIDILITIND 2979500 13.94 2116.95 -1.09
MGL 2165400 10.84 1226.90 3.21
DLF 37224000 10.45 310.05 -1.28
HAVELLS 5063500 10.20 1017.10 -0.68
BHARATFORG 8416500 9.95 747.90 -1.45
SAIL 168872000 8.43 135.05 5.40
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
GODREJCP 3547000 -15.35 899.55 1.17
IBULHSGFIN 32466300 -13.99 287.35 0.45
UBL 1659000 -7.78 1373.30 -1.21
BATAINDIA 1265550 -7.03 1633.05 -0.01
RBLBANK 23771300 -6.97 218.25 -0.02
BHEL 111636000 -6.86 76.20 0.26
BAJAJFINSV 652500 -6.52 11907.05 -1.04
APOLLOTYRE 13812500 -5.86 238.75 -0.91
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.35 0.94
BANKNIFTY 0.73 0.92
RELIANCE 0.48 0.34
ICICIBANK 0.46 0.39
INFY 0.61 0.37
Historical Volatility
SCRIP HV
COALINDIA 41.57
AUROPHARMA 51.96
DRREDDY 34.98
SAIL 69.56
MGL 42.97
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Technical & Derivatives Report
June 14, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (June Series) are given as an information and not as a recommendation.
Nifty Spot =
15799.35
FII Statistics for June 11, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
2565.58 2687.28 (121.70) 114858 12902.35 (3.45)
INDEX
OPTIONS
213238.33 213893.94 (655.61) 866169 90562.05 29.19
STOCK
FUTURES
12892.54 12708.59 183.95
1402034 113262.12 0.78
STOCK
OPTIONS
21062.37 21134.84 (72.47) 330600 25970.23 5.02
Total 249758.82
250424.65
(665.83) 2713661
242696.75
8.74
Turnover on June 11, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
2,02,279 20265.19 -10.64
Index Options
1,98,53,644 19,85,490.36 -75.35
Stock Futures
8,18,919 67850.18 6.59
Stock Options
29,69,750 2,49,811.95 20.82
Total 2,38,44,592 23,23,417.68 -72.16
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 15800 155.05
50.35 49.65 15850.35
Sell 15900 104.70
Buy 15800 155.05
88.75 111.25 15888.75
Sell 16000 66.30
Buy 15900 104.70
38.40 61.60 15938.40
Sell 16000 66.30
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 15800 142.45
39.00 61.00 15761.00
Sell 15700 103.45
Buy 15800 142.45
67.70 132.30 15732.30
Sell 15600 74.75
Buy 15700 103.45
28.70 71.30 15671.30
Sell 15600 74.75
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
15000 15100 15200 15300 15400 15500 15600 15700 15800 15900 16000 16100 16200 16300
Call Put
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Technical & Derivatives Report
June 14, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
803
822
839
857
875
ASIANPAINT 2,922 2,939
2,955
2,972
2,988
AXISBANK
731
735
741
744
750
BAJAJ-AUTO 4,129 4,151
4,184
4,206
4,239
BAJFINANCE 5,947 6,033
6,132
6,218
6,317
BAJAJFINSV 11,720
11,814
11,947
12,041
12,174
BPCL
477
480
485
488
493
BHARTIARTL
534
537
544
547
553
BRITANNIA 3,524 3,541
3,568
3,585
3,612
CIPLA
955
961
972
978
989
COALINDIA
153
158
161
166
170
DIVISLAB 4,280 4,307
4,352
4,379
4,424
DRREDDY 5,209 5,331
5,410
5,532
5,612
EICHERMOT 2,695 2,721
2,737
2,762
2,778
GRASIM 1,458 1,474
1,492
1,509
1,527
HCLTECH
962
973
981
992
1,001
HDFCBANK 1,472 1,479
1,488
1,495
1,503
HDFCLIFE
676
679
685
688
693
HDFC 2,530 2,545
2,570
2,584
2,609
HEROMOTOCO 2,969 2,987
3,012
3,030
3,055
HINDALCO
379
386
390
398
402
HINDUNILVR 2,343 2,355
2,372
2,383
2,400
ICICIBANK
624
630
637
643
650
IOC
113
114
116
117
119
INDUSINDBK 1,000 1,007
1,020
1,027
1,040
INFY 1,421 1,434
1,443
1,456
1,465
ITC
206
207
209
210
211
JSW STEEL
694
713
723
742
753
KOTAKBANK 1,775 1,785
1,797
1,807
1,819
LT 1,481 1,492
1,510
1,521
1,538
M&M
800
804
810
815
820
MARUTI 7,160 7,192
7,218
7,250
7,276
NESTLEIND 17,259
17,398
17,503
17,642
17,747
NTPC
117
118
119
120
121
ONGC
120
122
124
126
128
POWERGRID
242
244
246
249
251
RELIANCE 2,159 2,186
2,207
2,234
2,255
SBILIFE
973
981
992
999
1,010
SHREECEM 27,616
27,836
28,200
28,420
28,785
SBIN
420
425
430
435
440
SUNPHARMA
668
675
681
687
693
TCS 3,167 3,220
3,265
3,318
3,363
TATACONSUM
706
711
714
719
722
TATAMOTORS
341
346
349
354
358
TATASTEEL 1,094 1,126
1,145
1,178
1,197
TECHM 1,043 1,058
1,070
1,085
1,098
TITAN 1,714 1,721
1,732
1,739
1,750
ULTRACEMCO 6,584 6,624
6,689
6,729
6,794
UPL
822
829
837
843
851
WIPRO
547
551
555
558
562
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Technical & Derivatives Report
June 14, 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