October
0
9
, 2023
www.angelone.in
Technical & Derivatives Report
8
44
361
)
The truncated trading week proved to be lackluster for this high beta
index. The week began with the first two sessions displaying a
downward trend. However, as prices approached critical support
levels, there was a brief respite, with prices rebounding over the
following two sessions to recover some of the lost ground. Eventually,
the Bank Nifty concluded the week with a half-a percent cut, closing a
tad above the 44350 level.
In the last two sessions, there was an attempt by prices to recover, but
the presence of small-bodied candles on the daily chart has hardly
impressed the bulls. During the week, the Bank Index found solid
support near the September swing low, around the 43800 mark. It is
anticipated that any decline towards this level will continue to attract
buyers' attention, considering it acted as a trigger point for a strong
rally witnessed in September. A breach below this level could
potentially initiate further short-term weakness, leading to levels
between 43500 and 43300 in the near term. Prior to that, 44000 can
also be considered as immediate support. On the flip side, resistance
levels are spaced at regular intervals. Nevertheless, for the upcoming
week, the range of 44800 to 45000 should be seen as a formidable
obstacle.
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (
6
5
996
) / Nifty (
19
653
)
The October month commenced on a roller-coaster note, wherein the
initial two days of the truncated week had a rough move for the
benchmark and even sneaked below the pivotal zone of 19500. During
the second half, it made a smart rebound from the lows and settled the
week on a subdued note, procuring 0.08 percent to reclaim 19650
levels.
Technically, the truncated yet eventful week kept the participants on
their toes with its whipsaw moves, but as we quote, ‘All’s well that ends
well.’ The improved global sentiments led to a strong rebound during
the mid-week, which certainly can be seen with the formation of an
island bar on the daily time frame. However, the follow up move is still
not convincing and hence, we would rather wait for further
developments to form a clear view. Also, the anticipated ‘status quo’
from the RBI MPC neither surprised nor shocked the market. Though
the recent developments have been captivating as Nifty formed a
‘Dragonfly Doji’ on the weekly charts, one should not become
complacent as we are not entirely out of the woods. From a technical
point of view, the 19720-19750 zone withholds the sturdy resistance,
followed by the next cluster around 19800-19850 for this week. While
on the lower end, 19580-19500 are to be seen as immediate supports.
It would be important to defend the make or break level of 19300 in
order to avoid any kind of escalation in the coming week.
Meanwhile, it is advisable to keep a close tab on the developments
in the BFSI space, as without their involvement, sustained moves are
unlikely. One needs to avoid aggressive bets for a while and should
remain watchful on global developments.
Key Levels
Support 1 – 19500 Resistance 1 – 19750
Support 2 – 19450 Resistance 2 – 19850
The markets appear to have entered a corridor of uncertainty. In
such a scenario, instead of swaying on both sides, traders are
advised to exercise caution and monitor the aforementioned levels.
A prudent approach would involve buying around the support levels
and looking to secure profits at higher levels.
Key Levels
Support 1 – 44000 Resistance 1 – 44800
Support 2 – 43800 Resistance 2 – 45000
www.angelone.in
Technical & Derivatives Report
October
0
9
,
2023
View
The Indian equity market witnessed a volatile week.
We witnessed decent profit booking the initial two
days to sneak towards the 19350 odd zone.
However, smart recovery latter days led to a weekly
closing tad above the 19650 mark
FIIs were marginal sellers in the cash market segment
to the tune of Rs. 90 cr. Simultaneously, they bought
worth Rs. 404 cr in Index futures with a fall in open
interest, indicating short covering on Friday.
We observed the addition of mixed bets in the key
indices during the week. On the options front,
meaningful build-up was seen in 19600 put strikes.
Meanwhile, scattered piling of OI is seen from
19700-19800 CE, indicating tentativeness among call
writers. Stronger hands continued selling equities
but covered a few short in the latter half of the week.
However, Long Short Ratio witnessed a marginal fall
to 27% from 28% on a weekly basis. For now, traders
should avoid being complacency and should stay
abreast with global developments till the trend gets
clarity.
Comments
The Nifty futures open interest has decreased by 3.48%
and Bank Nifty futures open interest has decreased by
1.29% as the market closed at 19653.50.
The Nifty October future closed with a premium of 25
points against 22.25 points in the last trading session.
The November series closed at a premium of 138.65
points.
The INDIA VIX has decreased from 10.94 to 10.30. At
the same time, the PCR-OI of Nifty has increased from
0.96 to 1.12.
A few of the liquid counters where we have seen high
cost of carry are MOTHERSON, CROMPTON, CUB, BEL
and BIOCON.
Historical Volatility
SCRIP HV
BAJAJFINSV 33.39
BAJFINANCE 33.67
DLF 37.89
L&TFH 41.34
GODREJPROP 40.63
Nifty Vs OI
19000
19200
19400
19600
19800
20000
20200
20400
20600
9,000
9,500
10,000
10,500
11,000
11,500
12,000
12,500
13,000
13,500
14,000
9-15 9-19 9-25 9-27 9-29 10-5
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
DALBHARAT 1838500 12.17 2223.80 -1.62
BAJAJFINSV 11381000 11.79 1634.60 5.76
L&TFH 76969500 10.34 137.55 4.90
TCS 10631250 8.72 3621.15 0.92
BAJFINANCE 4362250 7.99 8168.50 3.77
APOLLOTYRE 10961600 6.37 380.40 2.08
PETRONET 21639000 6.26 230.40 -0.71
CUB 45560000 6.18 128.90 3.06
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
RAMCOCEM 17600 -5.57 949.70 1.58
IGL 11697125 -5.01 460.45 0.71
METROPOLIS 1620400 -4.82 1471.05 2.78
BSOFT 8130000 -4.42 512.70 0.07
PNB 293040000 -4.18 76.75 -0.45
TORNTPHARM 1867500 -3.86 1894.05 2.16
CHOLAFIN 14207500 -3.70 1219.55 1.76
MRF 43110 -3.47 107551.30 0.74
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 1.12 0.85
BANKNIFTY 0.88 0.89
RELIANCE 0.59 0.42
ICICIBANK 0.52 0.45
INFY 0.54 0.45
www.angelone.in
Technical & Derivatives Report
October
0
9
,
2023
Note: Above mentioned Bullish or Bearish Spreads in Nifty (Oct Series) are given as an information and not as a recommendation.
Nifty Spot =
19
653.3
FII Statistics for
October
0
6
, 2023
Detail Buy
Contracts
OI Value
(in Cr.)
Sell Net CHANGE
INDEX
FUTURES
3355.80 2951.69 404.11
182672 15153.94 (2.28)
INDEX
OPTIONS
758688.09 756644.31 2043.78
3042825 250252.14 27.33
STOCK
FUTURES
12837.69 11697.32 1140.37
2410601 189792.24 0.22
STOCK
OPTIONS
16819.95 16624.30 195.65
166619 13584.47 5.26
Total
791701.53
787917.62
3783.91
5802717
468782.79
12.89
Turnover on
October
0
6
, 2023
Instrument
No. of
Contracts
Turnover
(in Cr.)
Change
(%)
Index Futures
283275 23348.38
-14.51
Index Options
394993418
46371.44
-9.83
Stock Futures
767807 62005.47
-22.02
Stock Options
3030731 4171.00 -13.08
Total
30,30,731 4171.00 -16.65
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
19600 219.95
57.50
42.50
19657.50
Sell
19700 162.45
Buy
19600 219.95
104.45
95.55
19704.45
Sell
19800 115.50
Buy
19700 162.45
46.95 53.05 19746.95
Sell
19800 115.50
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
19500 139.60
33.65
66.35
19466.35
Sell 19400 105.95
Buy 19500 139.60
61.55
138.45
19438.45
Sell
19300 78.05
Buy
19400 105.95
27.90 72.10 19372.10
Sell 19300 78.05
Nifty
Put
-
Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
19000 19100 19200 19300 19400 19500 19600 19700 19800 19900 20000 20100 20200 20300
Call Put
www.angelone.in
Technical & Derivatives Report
October
0
9
,
2023
`
Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIENT 2,437 2,458 2,486 2,507 2,535
ADANIPORTS 821 826 831 836 841
APOLLOHOSP 5,002 5,031 5,058 5,087 5,113
ASIANPAINT 3,174 3,185 3,201 3,212 3,228
AXISBANK 994 998 1,003 1,006 1,011
BAJAJ-AUTO 4,922 4,968 5,044 5,091 5,167
BAJFINANCE 7,722 7,945 8,069 8,292 8,416
BAJAJFINSV 1,519 1,577 1,609 1,667 1,698
BPCL 342 344 347 349 352
BHARTIARTL 922 924 927 929 931
BRITANNIA 4,500 4,519 4,534 4,554 4,569
CIPLA 1,147 1,155 1,168 1,176 1,190
COALINDIA 285 286 289 290 293
DIVISLAB 3,684 3,703 3,716 3,735 3,748
DRREDDY 5,362 5,394 5,440 5,472 5,518
EICHERMOT 3,425 3,438 3,451 3,464 3,477
GRASIM 1,884 1,894 1,900 1,909 1,916
HCLTECH 1,215 1,227 1,241 1,252 1,267
HDFCBANK 1,521 1,528 1,536 1,543 1,551
HDFCLIFE 617 624 630 637 643
HEROMOTOCO 3,013 3,025 3,035 3,048 3,058
HINDALCO 466 469 473 476 480
HINDUNILVR 2,478 2,489 2,504 2,515 2,530
ICICIBANK 935 940 943 949 952
INDUSINDBK 1,388 1,411 1,425 1,448 1,462
INFY 1,454 1,467 1,476 1,488 1,497
ITC 434 438 441 445 448
JSW STEEL 753 759 765 771 778
KOTAKBANK 1,724 1,734 1,740 1,751 1,757
LT 3,052 3,073 3,094 3,115 3,136
LTIMINDTREE 5,192 5,216 5,240 5,264 5,289
M&M 1,534 1,541 1,548 1,555 1,561
MARUTI 10,225 10,264 10,298 10,337 10,371
NESTLEIND 22,679 22,796 22,932 23,048 23,184
NTPC 232 234 236 237 239
ONGC 179 180 182 183 185
POWERGRID 194 195 196 198 199
RELIANCE 2,306 2,312 2,318 2,325 2,331
SBILIFE 1,265 1,274 1,281 1,290 1,296
SBIN 588 591 595 598 602
SUNPHARMA 1,118 1,123 1,128 1,132 1,137
TCS 3,551 3,586 3,610 3,646 3,670
TATACONSUM
855 865 871 881 888
TATAMOTORS 616 619 623 627 631
TATASTEEL 124 125 126 127 128
TECHM 1,197 1,207 1,215 1,225 1,233
TITAN 3,185 3,247 3,284 3,346 3,382
ULTRACEMCO 8,107 8,151 8,195 8,240 8,284
UPL 602 607 610 615 618
WIPRO 405 407 408 409 411
www.angelone.in
Technical & Derivatives Report
October
0
9
,
2023
Technical and Derivatives Team:
Sameet Chavan Head Research – Technical & Derivatives sameet.chavan@angelone.in
Sneha Seth Senior Analyst – Technical & Derivatives sneha.seth@angelone.in
Rajesh Bhosale Analyst - Technical rajesh.bhosle@angelone.in
Osho Krishan Senior Analyst – Technical & Derivatives osho.krishan@angelone.in
Hitesh Rathi Analyst – Technical & Derivatives hitesh.rathi@angelone.in
Research Team Tel: 022 – 39357600 Website: www.angelone.in
For Technical Queries E-mail: technicalresearch-cso@angelone.in
For Derivatives Queries E-mail: derivatives.desk@angelone.in
DISCLAIMER
We, Angel One Limited (hereinafter referred to as “Angel”) a company duly incorporated under the provisions of the Companies Act, 1956 with
its registered office at 601, 6th Floor, Ackruti Star, Central Road, MIDC, Andheri East, Mumbai – 400093, CIN: (L67120MH1996PLC101709) and
duly registered as a member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited, Metropolitan Stock Exchange Limited,
Multi Commodity Exchange of India Ltd and National Commodity & Derivatives Exchange Ltd. Angel One limited is a company engaged in
diversified financial services business including securities broking, DP services, distribution of Mutual Fund products. It is also registered as a
Depository Participant with CDSL and Portfolio Manager and Investment Adviser with SEBI. It also has registration with AMFI as a Mutual Fund
Distributor. Angel One Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide
registration number INH000000164 and also registered with PFRDA as PoP ,Registration No.19092018. Angel Group does not have any joint
ventures or associates. Angel One Limited is the ultimate parent company of the Group. Angel or its associates has not been debarred/ suspended
by SEBI or any other regulatory authority for accessing /dealing in securities Market.
AOL was merged with Angel Global Capital Private Limited and subsequently name of Angel Global Capital Private Limited was changed to Angel
Broking Private Limited (AOL) pursuant to scheme of Amalgamation sanctioned by the Hon'ble High Court of Judicature at Bombay by Orders
passed in Company Petition No 710 of 2011 and the approval granted by the Registrar of Companies. Further, name of Angel Broking Private
Limited again got changed to Angel Broking Limited (AOL) pursuant to fresh certificate of incorporation issued by Registrar of Companies (ROC)
dated June 28, 2018. Further name of Angel Broking name changed to Angel One Ltd pursuant to fresh certificate of incorporation issued by
Registrar of Companies (ROC) dated 23-09-21.
In case of any grievances please write to: support@angelone.in, Compliance Officer Details: Name : Hiren Thakkar, Tel No. –08657864228, Email
id - compliance@angelone.in
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns
to investors.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision.
Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations
as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document
(including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment.
Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the securities of the subject
company at the end of the month immediately preceding the date of publication of the research report. Neither Angel or its associates nor
Research Analysts or his relative has any material conflict of interest at the time of publication of research report.
Angel or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve
months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or
merchant banking, brokerage services or other advisory service in a merger or specific transaction in the normal course of business. Angel or its
associates did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with the
research report. Neither research entity nor research analyst has been engaged in market making activity for the subject company.
www.angelone.in
Technical & Derivatives Report
October
0
9
,
2023
*
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading
volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. Investors
are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed
to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance
only. Angel One Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any
person from any inadvertent error in the information contained in this report. Angel One Limited does not warrant the accuracy, adequacy or
completeness of the service, information and materials and expressly disclaims liability for errors or omissions in the service, information and
materials. While Angel One Limited endeavours to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or
passed on, directly or indirectly.
Neither Angel One Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection
with the use of this information. Angel or its associates or Research Analyst or his relative might have financial interest in the subject company.
Research analyst has not served as an officer, director or employee of the subject company.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Any communication sent to clients on phone numbers or e-mail ids registered with the Trading Member is meant for client consumption and such
material should not be redistributed. Brokerage will not exceed SEBI prescribed limit. Any Information provided by us through any medium based
on our research or that of our affiliates or third parties or other external sources is subject to domestic and international market conditions and
we do not guarantee the availability or otherwise of any securities or other instruments and such Information is merely an estimation of certain
investments, and we have not and shall not be deemed to have assumed any responsibility for any such Information. You should seek independent
professional advice and/or tax advice regarding the suitability of any investment decision whether based on any Information provided by us
through the Site from inhouse research or third party reports or otherwise.
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way,
transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written
consent.