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July 23, 2021

Technical & Derivatives Report

Nifty Bank Outlook

4677

)

Post a mid-week holiday, Bank Nifty as well started on a

positive note however as compared to the benchmark index it

lacked follow-up buying and after an initial upmove, it slipped

lower to erase most of the opening gains. Bank Nifty

eventually ended with gains of 0.76% at 34677.

The recent underperformance in bank nifty continues and

yesterday again tentativeness was seen after approaching the

psychological levels of 35000 that coincides with 50SMA. We

continue to see a stiff hurdle around the 35000 mark for

today's session and then around the bearish gap left this week

around the 35350 levels. On the flip side, 34350 and 34170 is

the immediate support. We advise that until we see a clear

trending move, traders should refrain from banking space and

focus on broader markets that are giving outperforming

opportunities.

Key Levels

Support 1 – 34350 Resistance 1 – 35000

Support 2 – 34170 Resistance 2 – 35350

Exhibit 1: Nifty Daily Chart

Exhibit 2: Nifty Bank Daily Chart

Sensex (52837) / Nifty (15824)

Our markets had corrected ahead of the mid-week holiday

owing to negative global cues. However, the global markets

recovered from their lows which led to a positive sentiment, and

hence we started yesterday’s session with a gap up. The

benchmark index traded with a positive bias throughout the day

and ended the weekly expiry session well above 15800, with

gains of almost 200 points.

This week, our market moves have been led by the cues from the

global peers and hence, relief in the global markets led to a

recovery in our markets too. Nifty reclaimed the 15800 level at

close and the midcap space witnessed good buying interest

throughout the day. The broader charts depicts that we are still

in a consolidation phase and have witnessed upmove from the

lower end of the trading range. Hence, it is prudent to focus on a

stock specific approach as there are better opportunities seen

there. Global cues could continue to drive our markets direction

in the near term and hence, traders should keep a close tab on

the same as we head towards the weekly close. The immediate

supports for Nifty are placed around 15760 and 15680 while

resistance is seen in the range of 15880-15960.

Key Levels

Support 1 – 15760 Resistance 1 – 15880

Support 2 – 15680 Resistance 2 – 15960

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Technical & Derivatives Report

July 23, 2021

Nifty Vs OI

15450

15500

15550

15600

15650

15700

15750

15800

15850

15900

15950

16000

92,000

94,000

96,000

98,000

100,000

102,000

104,000

106,000

108,000

110,000

7/1 7/5 7/7 7/9 7/13 7/15 7/19 7/22

(`000)

Openinterest Nifty

View

 Post last two sessions pain, we finally had a cheerful

start with an upside gap above 15700. As we

progressed, the index inched higher to surpass 15800

mark and then consolidated for latter part of the day.

The benchmark index maintained its positive posture to

conclude the day with the gains of almost 200 points.

 FIIs were net sellers in the cash segment to the tune of

Rs. 248 crores. In index futures front, they bought worth

Rs 1152 crores with fall in open interest indicating short

covering in yesterday’s session.

 Yesterday, we saw a v-shaped recovery to reclaim 15700

mark on the closing basis. The F&O space, decent short

covering was visible in both the indices. The call writers

of 15700-15800 strikes ran for shelter seeing smart

recovery. Meanwhile, we also saw decent writing in

15700-15800 put strikes in the monthly series. Highest

open interest concentration for the monthly series is

now placed at 16000 call and 15500 put options. The

PCR-OI that was in the oversold territory is now back to

1 plus level. However, future contracts trading in

discount is not a very heahlty sign. At present, until we

manage to sustain above 15600 on the closing basis, we

would prefer trading with a positive bias and would

advise focusing on individual counters as they have

better trade set-ups.

Comments

 The Nifty futures open interest has decreased by 5.73%.

Bank Nifty futures open interest has decreased by 9.01%

as market closed at 15824.05 levels.

 The Nifty July future closed with a discount of 7.15 point

against a premium of 5.10 point in last trading session.

The August series closed at a premium of 35.65 point.

 The INDIA VIX decreased from 13.20 to 11.89. At the

same time, the PCR-OI of Nifty increased from 0.81 to

1.10.

 Few of the liquid counters where we have seen high cost

of carry are NMDC, IDEA, INDUSTOWER, ASHOKLEY and

JSWSTEEL.

OI Gainers

SCRIP OI

CHG. (%)

PRICE

CHG. (%)

JUBLFOOD 1923000 25.75 3429.95 11.44

ICICIPRULI 7596000 20.14 635.40 5.13

APOLLOHOSP 2420500 18.71 3985.30 2.71

IDEA 726740000 11.51 9.25 2.76

SAIL 179027500 10.59 126.15 2.84

HINDUNILVR 7131600 10.27 2378.15 -2.19

BAJAJ-AUTO 2443750 10.22 3853.20 -1.55

LALPATHLAB 478750 10.12 3332.95 -1.12

OI Losers

SCRIP OI

CHG. (%)

PRICE

CHG. (%)

HAVELLS 5366000 -25.20 1151.30 4.00

SBILIFE 3963000 -10.33 1026.00 1.08

ACC 4255000 -9.67 2290.15 -1.02

ASIANPAINT 4521900 -5.99 3106.40 -1.81

INFY 28611000 -5.99 1590.20 2.39

INDUSINDBK 15306300 -4.54 992.15 1.04

MARUTI 2328900 -3.68 7299.45 0.84

JINDALSTEL 40847500 -3.42 394.35 4.13

Put-Call Ratio

SCRIP PCR-OI PCR-VOL

NIFTY 1.10 0.91

BANKNIFTY 0.65 0.85

RELIANCE 0.43 0.35

ICICIBANK 0.53 0.49

INFY 0.49 0.45

Historical Volatility

SCRIP HV

JUBLFOOD 45.63

TECHM 38.65

MANAPPURAM 54.80

ICICIGI 41.63

HAVELLS 42.31

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Technical & Derivatives Report

July 23, 2021

Note: Above mentioned Bullish or Bearish Spreads in Nifty (July Series) are given as an information and not as a recommendation.

Nifty Spot = 15824.05

FII Statistics for July 22, 2021

Detail Buy

Net Contracts

Open Interest

Sell

Value

(in Cr.)

Change

INDEX

FUTURES

5295.28 4142.86 1152.42

135241 11012.72 (5.28)

INDEX

OPTIONS

766827.04 771266.13 (4439.09) 904454 73015.06 (34.68)

STOCK

FUTURES

17658.83 16161.89 1496.94

1418483 113194.84 0.74

STOCK

OPTIONS

24590.30 24207.60 382.70

303531 24748.34 (1.02)

Total 814371.45

815778.48

(1407.03) 2761709

221970.96

(14.82)

Turnover on July 22, 2021

Instru

ment

No. of

Contracts

Turnover

( in Cr. )

Change

(%)

Index

Futures

3,34,947 27807.33 -9.73

Index

Options

10,34,38,366

97,39,836.59

81.97

Stock

Futures

9,69,348 79577.64 18.66

Stock

Options

33,64,002 2,82,518.02 10.76

Total 10,81,06,663

1,01,29,739.5

77.54

Bull-Call Spreads

Action Strike Price Risk Reward BEP

Buy 15800 97.10

47.15 52.85 15847.15

Sell 15900 49.95

Buy 15800 97.10

75.20 124.80 15875.20

Sell 16000 21.90

Buy 15900 49.95

28.05 71.95 15928.05

Sell 16000 21.90

Bear-Put Spreads

Action Strike Price Risk Reward BEP

Buy 15800 97.10

52.65 47.35 15747.35

Sell 15700 44.45

Buy 15800 97.10

72.10 127.90 15727.90

Sell 15600 25.00

Buy 15700 44.45

19.45 80.55 15680.55

Sell 15600 25.00

Nifty Put-Call Analysis

500,000

1000,000

1500,000

2000,000

2500,000

3000,000

3500,000

4000,000

4500,000

5000,000

15000 15100 15200 15300 15400 15500 15600 15700 15800 15900 16000 16100 16200 16300

Call Put

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Technical & Derivatives Report

July 23, 2021

Daily Pivot Levels for Nifty Constituents

Scrips

PIVOT

ADANIPORTS

656

674

685

702

713

ASIANPAINT 3,046 3,076

3,121

3,151

3,196

AXISBANK

731

739

749

757

766

BAJAJ-AUTO 3,651 3,752

3,883

3,984

4,115

BAJFINANCE 5,797 5,996

6,120

6,319

6,443

BAJAJFINSV 12,022

12,543

12,822

13,343

13,622

BPCL

448

455

459

466

470

BHARTIARTL

515

531

539

555

564

BRITANNIA 3,395 3,410

3,430

3,445

3,464

CIPLA

940

945

952

957

964

COALINDIA

142

144

146

147

DIVISLAB 4,736 4,790

4,823

4,877

4,910

DRREDDY 5,301 5,343

5,368

5,410

5,436

EICHERMOT 2,502 2,531

2,558

2,587

2,614

GRASIM 1,559 1,570

1,585

1,597

1,611

HCLTECH

965

972

977

983

988

HDFCBANK 1,431 1,440

1,454

1,463

1,478

HDFCLIFE

656

659

664

667

673

HDFC 2,455 2,473

2,483

2,500

2,511

HEROMOTOCO 2,790 2,814

2,830

2,855

2,871

HINDALCO

386

390

393

396

399

HINDUNILVR 2,288 2,333

2,421

2,466

2,553

ICICIBANK

643

649

655

661

667

IOC

105

106

107

108

INDUSINDBK

978

985

995

1,003

1,013

INFY 1,550 1,570

1,581

1,602

1,613

ITC

205

206

207

208

209

JSW STEEL

676

696

709

730

743

KOTAKBANK 1,692 1,700

1,711

1,718

1,730

LT 1,571 1,607

1,627

1,662

1,683

M&M

749

754

760

765

772

MARUTI 7,212 7,256

7,290

7,334

7,369

NESTLEIND 17,567

17,781

17,914

18,128

18,260

NTPC

118

119

120

ONGC

113

114

115

116

117

POWERGRID

226

230

232

236

238

RELIANCE 2,089 2,105

2,114

2,130

2,140

SBILIFE 1,005 1,016

1,027

1,038

1,049

SHREECEM 27,763

27,921

28,074

28,233

28,385

SBIN

417

420

423

426

429

SUNPHARMA

671

679

684

692

696

TCS 3,175 3,196

3,210

3,231

3,245

TATACONSUM

751

758

762

768

773

TATAMOTORS

297

300

304

306

310

TATASTEEL 1,236 1,255

1,266

1,285

1,296

TECHM 1,055 1,102

1,127

1,174

1,200

TITAN 1,667 1,684

1,700

1,717

1,732

ULTRACEMCO 7,175 7,317

7,432

7,574

7,688

UPL

811

820

825

833

838

WIPRO

566

575

580

589

594

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Technical & Derivatives Report

July 23, 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