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8
4
3
8
91
)
The week commenced for the Bank Nifty with a downward gap,
leading to a substantial sell-off in the morning session. Nevertheless,
in the latter part of the day, prices gradually recovered, reclaiming the
earlier losses and concluding just below the opening level, registering
a loss of 0.23%, ending a tad below the 43900 mark.
The trading session seemed to be tricky with swings seen on both sides
of the trend. Notably, prices are at a significant resistance zone
between 44000 and 44200, resulting in cautious behavior at the start
of the week. Conversely, the prevailing positive sentiment prompted
buying during intra-day declines. Going ahead, we reman a bit
cautious, but expect a consolidation during the truncated week.
Traders are advised to consider profit-taking at higher levels until a
broad-based strength is observed in this sector or a sustained
breakout is seen beyond the specified key resistance zone. On the
downside, attention should be directed to the support zone spanning
43600 to 43500, which has consistently served as a buying area in the
past week. However, a breach of this level could signal further
weakness in this high-beta index.
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (
6
4
9
34
) / Nifty (
1
9
4
44
)
The Indian equity markets started the truncated week on a muted note
despite the positive developments in the Muhurat session and the
robust global sentiments over the weekend. There has been a vigorous
rift between the bulls and the bears as the benchmark index nears the
pivotal zone from the last couple of trading sessions without a
conducive outcome. The Nifty50 index remained within a slender range
and eventually settled at 19444 levels, shedding a mere 0.42 percent.
Technically, there have been no significant alterations in the price chart
for Nifty, and hence, the view remains unchanged from what we have
been mentioning in the last couple of days. On the level front, 19500
withholds a significant hurdle and a sustained breakout could only
trigger some momentum in the market, and we can expect the trend to
continue with 19600 as the intermediate resistance. While on the lower
end, 19400 is likely to be seen as the immediate support zone, followed
by sacrosanct support of the bullish gap 19310-19270 in the
comparable period.
Key Levels
Support 1 – 19300 Resistance 1 – 19540
Support 2 – 19270 Resistance 2 – 19600
The PSU Banking index has seen some interesting developments,
which soared nearly 2.60 percent, helping to support the
sentiments. Also, the major action lies outside the key indices, and
hence, one needs to have a stock-centric view for an
outperformance. Meanwhile, as we await triggers to come out of the
slumber phase, it is prudent to take a cautious step-by-step
approach and to keep a close tab on global developments.
Traders are encouraged to monitor these levels closely and adjust
their strategies accordingly. Additionally, the PSU banking sector
continues to outperform, demonstrating a gain of over 2.5% in
sluggish conditions. It is advisable to concentrate on such
opportunities for potential outperformance.
Key Levels
Support 1 – 43600 Resistance 1 – 44000
Support 2 – 43400 Resistance 2 – 44200
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View
The Indian Equity market witnessed a muted start
and remained in a range throughout the day,
concluding tad above 19400.
FIIs were net sellers in the cash market segment to
the tune of Rs. 1244 cr. Simultaneously, they bought
worth Rs. 616 cr in Index futures with a decrease in
open interest, indicating short covering.
On the derivatives front, we observed some fresh
short addition in Nifty, while long addition was seen
in Bank Nifty on a weekly basis. On the options front,
decent piling is seen at 19500-19650 call strikes,
indicating sturdy hurdles on the higher levels. On the
lower end, some unwinding was observed in 19500-
19400 put strikes. FIIs continue with their selling
streak in equities but covered fresh shorts in index
futures front. Considering the recent data, our
market seems slightly tentative as it reached pivotal
resistance, hence, one needs to maintain caution
and follow a stock-centric approach until sustainable
strength returns to the market.
Comments
The Nifty futures open interest has increased by 2.09%
and Bank Nifty futures open interest has decreased by
7.02% as the market closed at 19443.55.
The Nifty November future closed with a premium of
53.60 points against a premium of 57.30 points in the
last trading session. The December series closed at a
premium of 159.75 points.
The INDIA VIX has increased from 11.11 to 11.19. At the
same time, the PCR-OI of Nifty has decreased from 1.04
to 1.00.
A few of the liquid counters where we have seen high
cost of carry are IDEA, HDFCLIFE, TATAPOWER, NTPC
and ABCAPITAL.
Historical Volatility
SCRIP HV
COALINDIA 32.88
HINDCOPPER 52.32
GLENMARK 39.89
BIOCON 35.27
ABBOTINDIA 25.15
Nifty Vs OI
18400
18600
18800
19000
19200
19400
19600
19800
20000
20200
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
10-27 10-31 11-2 11-6 11-8 11-10
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
HINDCOPPER 45421000 25.83 162.05 8.80
GLENMARK 11102650 20.03 724.45 -5.12
TATACHEM 13279750 12.91 946.65 -2.21
ONGC 46238500 10.95 195.75 0.15
NTPC 90321000 10.92 245.70 1.19
BHEL 113421000 9.61 136.50 5.75
PAGEIND 135300 9.16 37036.20 -3.34
NAVINFLUOR 1017600 8.28 3638.05 0.55
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
RAMCOCEM 17600 -7.47 995.00 1.06
MCX 2676800 -7.24 2774.65 4.84
MANAPPURAM 75072000 -6.85 140.35 3.48
CHAMBLFERT 16260200 -6.19 300.85 -1.82
ABB 1519500 -5.57 4262.75 0.78
BALKRISIND 1702200 -5.50 2573.45 -0.11
ALKEM 900200 -5.32 4300.00 -0.28
ACC 4971900 -5.29 1834.85 0.37
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 1.00 0.94
BANKNIFTY 0.98 0.92
RELIANCE 0.55 0.58
ICICIBANK 0.60 0.58
INFY 0.45 0.59
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Note: Above mentioned Bullish or Bearish Spreads in Nifty (Nov Series) are given as an information and not as a recommendation.
Nifty Spot =
1
9
4
43.55
FII Statistics for
November
1
3
, 2023
Detail Buy
Contracts
OI Value
(in Cr.)
Sell Net
CHANGE
INDEX
FUTURES
1934.89 1318.66 616.23
235585 19363.86 (2.81)
INDEX
OPTIONS
1782339.46 1800684.07 (18344.61) 3819088 311248.16 1.19
STOCK
FUTURES
10919.20 11016.78 (97.58) 2586941 182763.57 0.06
STOCK
OPTIONS
16117.29 15770.65 346.64
254737 18344.53 8.79
Total
1811310.84
1828790.16
(17479.32) 6896351
531720.12
0.88
Turnover on
November
1
3
, 2023
Instrument
No. of
Contracts
Turnover
(in Cr.)
Change
(%)
Index Futures
74266 6067.35
-69.92
Index Options
44598785
6803.79
-80.52
Stock Futures
115944 8304.45
-85.75
Stock Options
486152 504.74 -87.96
Total
4,86,152 504.74 -81.56
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
19400
212.75 60.40
39.60
19460.40
Sell
19500
152.35
Buy
19400 212.75 108.20
91.80
19508.20
Sell
19600 104.55
Buy
19500
152.35 47.80 52.20 19547.80
Sell
19600 104.55
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
19400 109.60
31.80
68.20
19368.20
Sell 19300 77.80
Buy 19400 109.60
54.50
145.50
19345.50
Sell
19200 55.10
Buy
19300 77.80
22.70 77.30 19277.30
Sell 19200 55.10
Nifty Put
-
Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
5000,000
18800 18900 19000 19100 19200 19300 19400 19500 19600 19700 19800 19900 20000 20100
Call Put
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Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIENT 2,171 2,192 2,217 2,239 2,263
ADANIPORTS 795 802 815 823 836
APOLLOHOSP 5,154 5,188 5,233 5,266 5,312
ASIANPAINT 3,050 3,068 3,083 3,101 3,116
AXISBANK 1,019 1,022 1,027 1,030 1,035
BAJAJ-AUTO 5,376 5,401 5,420 5,445 5,464
BAJFINANCE 7,246 7,303 7,377 7,434 7,508
BAJAJFINSV 1,555 1,570 1,584 1,599 1,613
BPCL 381 384 386 389 392
BHARTIARTL 930 932 936 939 943
BRITANNIA 4,622 4,659 4,681 4,718 4,740
CIPLA 1,226 1,233 1,238 1,245 1,250
COALINDIA 324 336 343 356 363
DIVISLAB 3,444 3,477 3,520 3,553 3,596
DRREDDY 5,328 5,374 5,428 5,474 5,528
EICHERMOT 3,546 3,596 3,635 3,685 3,724
GRASIM 1,908 1,919 1,932 1,943 1,956
HCLTECH 1,249 1,255 1,259 1,265 1,270
HDFCBANK 1,480 1,484 1,490 1,495 1,500
HDFCLIFE 611 616 622 627 633
HEROMOTOCO 3,084 3,102 3,119 3,136 3,154
HINDALCO 476 482 487 493 498
HINDUNILVR 2,463 2,470 2,479 2,487 2,495
ICICIBANK 927 931 936 940 945
INDUSINDBK 1,487 1,499 1,507 1,518 1,527
INFY 1,364 1,369 1,376 1,380 1,387
ITC 433 435 436 438 440
JSW STEEL 749 755 759 765 769
KOTAKBANK 1,726 1,737 1,745 1,756 1,763
LT 3,022 3,035 3,045 3,058 3,068
LTIMINDTREE 5,196 5,228 5,249 5,282 5,303
M&M 1,502 1,521 1,532 1,551 1,562
MARUTI 10,332 10,365 10,397 10,430 10,462
NESTLEIND 23,873 23,979 24,139 24,245 24,405
NTPC 239 242 247 250 254
ONGC 193 194 196 197 199
POWERGRID 208 210 213 215 217
RELIANCE 2,304 2,309 2,317 2,322 2,330
SBILIFE 1,303 1,316 1,338 1,350 1,372
SBIN 572 577 580 584 587
SUNPHARMA 1,166 1,172 1,180 1,186 1,194
TCS 3,309 3,320 3,338 3,349 3,367
TATACONSUM
901 909 915 922 928
TATAMOTORS 647 650 652 655 657
TATASTEEL 119 120 121 122 122
TECHM 1,120 1,126 1,134 1,140 1,148
TITAN 3,237 3,251 3,265 3,279 3,292
ULTRACEMCO 8,623 8,650 8,687 8,714 8,751
UPL 547 550 553 556 560
WIPRO 379 380 382 383 384
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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
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