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April 15, 2021
Technical & Derivatives Report
Exhibit 1: Nifty Daily Chart
Nifty
Bank Out
look
-
(
31772)
After Monday’s massive sell off, markets were a bit oversold and
since there was no negative development on the global as well as
domestic front, we started the session higher. As the day progressed,
the buying momentum kept on accelerating in some of the high beta
counters (who were among the major casualties on Monday) to
recoup half of its previous day’s losses. Eventually BANKNIFTY ended
the session marginally below the 31800 mark. Tuesday’s move was
quite similar to the spring action after taking a solid knock of Five
percent during Monday’s session. Many market participants seemed
to have started calling this as a bottom and began participating
aggressively on the long side. Their anticipation might be right also
but we do not want to immediately get carried away by this move,
rather would wait for any kind of sustained follow up buying. In our
sense, Tuesday’s sharp rebound in banking space was due to extreme
oversold position and importantly, it was merely a technical
adjustment to compensate the massive correction in IT counters led
by TCS post its earnings. We would consider this as a bounce back
move and hence, we are not completely out of the woods yet till the
time 33000 33500 levels are not surpassed convincingly. In
addition, looking at the rising value of ‘ADX (14)’ indicator on the
daily chart along with ‘Negative DI’ sloping upwards, indicates bear
grip on the space at least in a shorter run. Hence, it’s better not to
jump on to any conclusion immediately, and use rallies to lighten up
longs. On the higher side, 31900 32300 are to be seen as intraday
hurdles; whereas on the flipside, 31360 31000 can be treated as
immediate supports.
Key Levels
Support 1 – 31360 Resistance 1 – 31900
Support 2 – 31000 Resistance 2 – 32300
Se
nsex
(
48544)
/ Nifty
(
14505
)
On Tuesday, Nifty started marginally positive and approached the level
of 14450 in the first hour of the trade. This level coincided around the
previous support which now was the immediate resistance. The index
hesitated there and pared the gains before noon itself to sneak below
14300. The index consolidated for a while in a range and when it
looked that the market was unable to sustain at higher level, the index
once again made an attempt to surpass the morning highs. With the
help of the Banking and Financial space, Nifty rallied sharply in last
couple of hours and ended the day tad above 14500, marking gains of
almost 200 points.
We have already seen a week full of action in a couple of sessions with
indices showing sharp swings on both the days. Nifty breached its
short term support on Monday, but it reclaimed the 14500 mark next
day. The sharp recovery certainly seems enticing, but still we advise not
to get carried away as we may still not be out of the woods. The
bearish gap area and the ‘20-day exponential moving average’ at
14650-14700 remains a sturdy wall which could be difficult to surpass
immediately.
Exhibit 2: Nifty Bank Daily Chart
On the flipside, the ‘89 DEMA’ has played its role well as of now as
Nifty did not breach that and Monday’s low almost coincides with that
support. With above mentioned levels on the tab, traders should look
to lighten up longs on pullback as the index approaches its resistance
zone.
Key Levels
Support 1 – 14300
Resistance 1 – 14650
Support 2 – 14240 Resistance2 – 14700
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April 15, 2021
Nifty Vs OI
13800
14000
14200
14400
14600
14800
15000
15200
,0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
3/17 3/19 3/23 3/25 3/30 4/1 4/6 4/8 4/13
(`000)
Openinterest Nifty
View
Post Monday’s sharp sell-off, we witnessed a slightly
positive start and then follow-up buying in early
morning trade bought index towards 14450
. In the
midst, decent profit booking was also seen at higher
levels but once again buying emerged to conclude the
session tad above 14500 mark
FIIs were net sellers in the cash segment to the tune
of Rs. 730 crores. In index futures front, they bought
worth Rs. 1995 crores with fall in open interest
indicating they covered few shorts in Tuesday’s
upmove.
Monday’s fall wasn’t supported by shorts in Nifty;
however, we saw covering of few shorts formed
earlier in previous
trading session. In case of
BankNifty, we started the series with huge short
rollovers and also observed shorts attracting in
recent corrections. On Tuesday, some short covering
too place but good amount of shorts are still intact in
the system. In options front, we witnessed fresh
writing in 14400 and 14500 put strikes. On the other
side, decent amount of unwinding was seen in 14500
and 14600 call options. At current juncture, 14600-
14700 is strong resistance zone for now and until we
don’t see any strength beyond these levels one
should prefer being light in index and rather opt for
stock centric trades
C
o
mme
n
t
s
The Nifty futures open interest has decreased by 2.33%.
Bank Nifty futures open interest has decreased by 7.89%
as market closed at 14504.80 levels.
The Nifty April future closed with a premium of point
36.35 against a premium of 32.45 point in last trading
session. The May series closed at a premium of 90.35
point.
The INDIA VIX dcreased from 22.99 to 20.46.
At the same time, the PCR-OI of Nifty increased from
0.88 to 1.15.
Few of the liquid counters where we have seen high cost
of carry are SAIL, ADANIPORTS, IDEA, AMARAJABAT and
GLENMARK
.
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
LALPATHLAB 437250 17.54 2948.00 -11.45
VOLTAS 4623000 10.84 958.30 0.77
PIDILITIND 1974500 9.63 1798.95 -2.56
ADANIPORTS 68955000 7.16 731.05 -1.83
GLENMARK 9533500 6.95 511.40 2.93
DLF 32125500 6.65 255.70 3.55
JSWSTEEL 37181700 5.35 630.35 4.33
BOSCHLTD 107250 5.15 13888.30 1.84
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
CHOLAFIN 5515000 -10.43 532.45 4.02
APOLLOTYRE 10750000 -10.15 215.45 5.73
POWERGRID 18960000 -7.35 208.75 3.60
FEDERALBNK 64570000 -6.30 77.00 7.77
CUMMINSIND 1473600 -6.19 839.65 2.74
GODREJPROP 1573000 -6.02 1304.00 2.65
M&M 9345000 -4.96 811.25 7.89
COFORGE 650250 -4.93 2890.50 -7.25
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY 1.15 0.76
BANKNIFTY 1.00 0.83
RELIANCE 0.52 0.54
ICICIBANK 0.56 0.50
INFY 0.44 0.36
Historical Volatility
SCRIP HV
LALPATHLAB 52.34
M&M 49.21
FEDERALBNK 60.85
TCS 35.69
COFORGE 61.05
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Technical & Derivatives Report
April 15, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (April Series) are given as an information and not as a recommendation.
Nifty Spot =
14504.80
FII Statistics for April 13, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
7570.18 5575.09 1995.09
119082 12332.84 (2.43)
INDEX
OPTIONS
518775.17 520243.57 (1468.40) 960506 96210.33 10.96
STOCK
FUTURES
14457.55 13153.68 1303.87
1103474 93531.80 0.97
STOCK
OPTIONS
17797.78 17680.14 117.64
189468 16564.02 6.16
Total 558600.68
556652.48
1948.20
2372530
218638.99
5.02
Turnover on April 13, 2021
Instru
ment
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
4,18,301 38204.40 -14.43
Index
Options
4,41,54,495 40,03,122.85 25.97
Stock Futures
7,35,756 69684.45 -18.18
Stock
Options
18,46,452 1,81,912.27 -20.17
Total 4,71,55,004 42,92,923.97 21.42
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy 14500 265.20
57.25 42.75 14557.25
Sell 14600 207.95
Buy 14500 265.20
106.55 93.45 14606.55
Sell 14700 158.65
Buy 14600 207.95
49.30 50.70 14649.30
Sell 14700 158.65
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy 14500 227.35
37.15 62.85 14462.85
Sell 14400 190.20
Buy 14500 227.35
69.35 130.65 14430.65
Sell 14300 158.00
Buy 14400 190.20
32.20 67.80 14367.80
Sell 14300 158.00
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
13700 13800 13900 14000 14100 14200 14300 14400 14500 14600 14700 14800 14900 15000
Call Put
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April 15, 2021
Da
ily
Pivot Level
s for
Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
675
703
729
757
784
ASIANPAINT 2,525 2,548
2,587
2,610
2,649
AXISBANK
617
639
652
674
687
BAJAJ-AUTO 3,472 3,537
3,580
3,646
3,689
BAJFINANCE 4,412 4,570
4,673
4,831
4,933
BAJAJFINSV 8,957 9,382
9,615
10,039
10,272
BPCL
398
404
408
414
418
BHARTIARTL
516
526
533
543
550
BRITANNIA 3,656 3,701
3,774
3,819
3,892
CIPLA
844
865
899
919
953
COALINDIA
123
126
127
129
131
DIVISLAB 3,609 3,664
3,757
3,812
3,905
DRREDDY 4,497 4,637
4,891
5,031
5,285
EICHERMOT 2,388 2,441
2,473
2,526
2,558
GRASIM 1,354 1,373
1,390
1,409
1,426
HCLTECH
944
963
992
1,012
1,041
HDFCBANK 1,344 1,372
1,389
1,418
1,435
HDFCLIFE
675
691
701
716
726
HDFC 2,372 2,442
2,483
2,553
2,594
HEROMOTOCO 2,733 2,799
2,839
2,905
2,945
HINDALCO
331
340
345
354
359
HINDUNILVR 2,413 2,434
2,470
2,491
2,527
ICICIBANK
528
544
554
570
580
IOC
86
88
88
90
91
INDUSINDBK
831
854
868
891
904
INFY 1,342 1,370
1,402
1,430
1,463
ITC
204
207
208
210
212
JSW STEEL
594
612
622
641
651
KOTAKBANK 1,699 1,738
1,762
1,800
1,824
LT 1,333 1,353
1,368
1,388
1,402
M&M
727
769
793
835
859
MARUTI 6,333 6,575
6,710
6,951
7,087
NESTLEIND 16,710
16,939
17,270
17,499
17,829
NTPC
98
100
100
101
102
ONGC
96
99
101
104
105
POWERGRID
200
204
207
211
214
RELIANCE 1,907 1,920
1,930
1,942
1,953
SBILIFE
865
881
891
907
917
SHREECEM 29,799
30,077
30,389
30,667
30,979
SBIN
326
334
338
345
350
SUNPHARMA
607
617
626
637
646
TCS 2,989 3,047
3,130
3,188
3,271
TATACONSUM
644
654
666
676
688
TATAMOTORS
272
287
296
311
320
TATASTEEL
837
858
870
891
902
TECHM
944
973
1,012
1,040
1,079
TITAN 1,497 1,514
1,534
1,550
1,570
ULTRACEMCO 6,437 6,521
6,589
6,672
6,740
UPL
575
590
604
619
634
WIPRO
398
409
423
433
448
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April 15, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical Queries E-mail: technicalresearch[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