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44202
)
The high beta index also began the session with a gap-up opening, but
immediately after opening, there was a slight dip. Following this,
prices remained tightly confined within a range of around 100 points
and eventually concluded the session with gains of 0.71%, a tad above
44200.
While it was a favorable session for the bulls, intra-day traders
witnessed limited activity after the opening, lacking significant
momentum. The month of November has proven fruitful for the bulls
so far, reaching the mid-month point with prices effortlessly
surpassing crucial resistance levels. The primary driving force behind
this upward movement has been the positive influence of improved
global cues, a factor expected to remain influential in the near future.
From a technical standpoint, momentum favors the bulls, and if the
optimistic trend persists, attention should be on the next significant
resistance levels at 44500 to 44750. On the downside, the bullish gap
established around 44000 serves as immediate support. While
maintaining a positive outlook is advisable, complacent positions
should be avoided, and a cautious, step-by-step approach is
recommended. Traders must vigilantly monitor the mentioned levels
and adjust their strategies accordingly.
Key Levels
Support 1 – 43900 Resistance 1 – 44500
Support 2 – 44000 Resistance 2 – 44750
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (
6
5676
) / Nifty (
1
9
675
)
The positive global developments amidst our mid-week holiday have
led to buoyancy in our equity market. The benchmark index Nifty50
started with a gap up, eloping the descending trendline and shattering
the shackles of boredom to spread cheer among the participants. The
sustenance post the strong start certainly indicates the bullish intent,
and with all the positive developments, Nifty concluded the session
near the day’s high around 19675, procuring 1.19 percent of gains.
The much-needed impetus was seen in yesterday’s price action, which
helped the market to gain momentum amidst broad-based buying
emergence. Technically, the recent developments construe a positive
setup for the market and it is expected to continue the up move in the
near period. As far as levels are concerned, the bullish gap of the 19580-
19500 zone seems to provide cushioning in case of any blip. While on
the higher end, 19750-19800 is very much in the vicinity for the bulls of
D-street.
Key Levels
Support 1 – 19580 Resistance 1 – 19750
Support 2 – 19500 Resistance 2 – 19800
The across-board buying traction signifies the eagerness of the bulls
during favorable conditions. The trend certainly portrays a bullish
undertone, but still, we need to remain cautious and look for
opportunities within sector-specific developments. Also, the global
markets, which helped in rendering momentum, should be tracked
closely for an advanced approach.
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The Indian Equity market witnessed a strong start
and saw a buying interest in any decline concluding
tad above 19650.
FIIs were net buyers in the cash market segment to
the tune of Rs. 550 cr. Simultaneously, they bought
worth Rs. 347 cr in Index futures with a rise in open
interest, indicating long formation.
On the derivatives front, we observed some fresh
long addition in Nifty, while short covering was seen
in Bank Nifty. On the options front, meaningful pile
up of positions observed in 19600 PE, immediate
base shifting higher. On the higher end, 19800 call
strikes hold highest open interest concentration
ahead of the weekly settlement. FIIs turned net
buyers in equities and covered shorts in index
futures front. Considering the recent data, we would
still maintain caution stance and follow a stock-
centric approach keeping a close watch on global
development.
Comments
The Nifty futures open interest has increased by 2.14%
and Bank Nifty futures open interest has decreased by
4.55% as the market closed at 19675.45.
The Nifty November future closed with a premium of
47.85 points against a premium of 53.60 points in the
last trading session. The December series closed at a
premium of 155.50 points.
The INDIA VIX has decreased from 11.19 to 11.14. At
the same time, the PCR-OI of Nifty has increased from
1.00 to 1.19.
A few of the liquid counters where we have seen high
cost of carry are IDEA, ZEEL, DELTACORP, CHOLAFIN
and IEX.
Historical Volatility
SCRIP HV
EICHERMOT 30.78
MANAPPURAM 47.55
MPHASIS 37.42
OBEROIRLTY 37.46
NAUKRI 39.32
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. (%)
MCX 4242800 58.50 2906.80 7.14
ONGC 52529400 13.61 199.50 1.91
OFSS 312200 12.79 4051.45 1.50
BAJFINANCE 5961750 10.35 7224.30 -2.35
EICHERMOT 3133725 10.18 3848.30 5.34
POWERGRID 60040800 10.01 210.15 -1.10
PERSISTENT 1624000 9.12 6263.80 0.81
BAJAJFINSV 8467500 8.67 1587.45 -0.03
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
MANAPPURAM 17600 -11.29 150.50 7.36
MRF 40310 -9.50 109376.45 1.77
IBULHSGFIN 60149400 -8.59 180.30 2.56
BOSCHLTD 152950 -7.78 19722.85 1.54
DALBHARAT 2168500 -7.51 2122.20 0.63
SAIL 136224000 -7.16 88.40 0.11
LICHSGFIN 21972000 -7.13 466.15 3.39
COALINDIA 62376300 -6.89 350.60 0.33
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 1.19 0.88
BANKNIFTY 0.80 0.83
RELIANCE 0.61 0.53
ICICIBANK 0.63 0.50
INFY 0.50 0.40
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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
675.45
FII Statistics for
November
1
5
, 2023
Detail Buy
Contracts
OI Value
(in Cr.)
Sell Net
CHANGE
INDEX
FUTURES
4502.29 4155.04 347.25
240545 20084.63 2.11
INDEX
OPTIONS
2203854.08 2262599.72 (58745.64) 3297300 292612.61 (13.66)
STOCK
FUTURES
17237.10 12505.24 4731.86
2593328 185393.50 0.25
STOCK
OPTIONS
22816.12 22778.90 37.22
277028 20154.39 8.75
Total
2248409.59
2302038.90
(53629.31) 6408201
518245.13
(7.08)
Turnover on
November
1
5
, 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
19700
156.30 47.85
52.15
19747.85
Sell
19800
108.45
Buy
19700 156.30 85.65
114.35
19785.65
Sell
19900 70.65
Buy
19800
108.45 37.80 62.20 19837.80
Sell
19900 70.65
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
19600 92.15
29.05
70.95
19570.95
Sell 19500 63.10
Buy 19600 92.15
48.40
151.60
19551.60
Sell
19400 43.75
Buy
19500 63.10
19.35 80.65 19480.65
Sell 19400 43.75
Nifty Put
-
Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
3500,000
4000,000
4500,000
19000 19100 19200 19300 19400 19500 19600 19700 19800 19900 20000 20100 20200 20300
Call Put
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Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIENT 2,202 2,214 2,232 2,243 2,261
ADANIPORTS 804 807 813 816 822
APOLLOHOSP 5,154 5,190 5,242 5,278 5,330
ASIANPAINT 3,064 3,090 3,105 3,130 3,145
AXISBANK 1,026 1,034 1,039 1,047 1,053
BAJAJ-AUTO 5,424 5,480 5,518 5,574 5,612
BAJFINANCE 6,916 7,070 7,273 7,427 7,630
BAJAJFINSV 1,559 1,573 1,594 1,608 1,629
BPCL 385 389 391 395 397
BHARTIARTL 930 940 946 956 963
BRITANNIA 4,643 4,677 4,701 4,735 4,759
CIPLA 1,224 1,233 1,246 1,255 1,269
COALINDIA 342 346 353 357 363
DIVISLAB 3,487 3,512 3,526 3,551 3,565
DRREDDY 5,377 5,398 5,427 5,448 5,477
EICHERMOT 3,606 3,727 3,793 3,915 3,981
GRASIM 1,918 1,931 1,948 1,961 1,977
HCLTECH 1,261 1,269 1,276 1,284 1,291
HDFCBANK 1,495 1,500 1,505 1,510 1,516
HDFCLIFE 622 629 634 641 647
HEROMOTOCO 3,112 3,145 3,163 3,196 3,215
HINDALCO 485 495 504 515 524
HINDUNILVR 2,461 2,474 2,488 2,501 2,516
ICICIBANK 936 938 941 944 947
INDUSINDBK 1,459 1,477 1,508 1,525 1,556
INFY 1,385 1,398 1,406 1,419 1,427
ITC 436 439 441 444 446
JSW STEEL 761 767 775 781 788
KOTAKBANK 1,742 1,756 1,764 1,778 1,786
LT 3,048 3,056 3,064 3,072 3,080
LTIMINDTREE 5,228 5,315 5,380 5,466 5,531
M&M 1,526 1,535 1,543 1,552 1,560
MARUTI 10,321 10,388 10,443 10,510 10,565
NESTLEIND 23,903 24,038 24,144 24,279 24,385
NTPC 244 246 247 249 250
ONGC 195 197 200 202 205
POWERGRID 206 208 212 214 217
RELIANCE 2,314 2,335 2,348 2,370 2,383
SBILIFE 1,322 1,340 1,349 1,367 1,376
SBIN 580 582 585 588 591
SUNPHARMA 1,165 1,173 1,179 1,187 1,192
TCS 3,334 3,369 3,391 3,426 3,448
TATACONSUM
910 920 926 936 942
TATAMOTORS 650 661 667 678 684
TATASTEEL 120 122 123 125 126
TECHM 1,130 1,152 1,165 1,187 1,201
TITAN 3,246 3,271 3,286 3,311 3,326
ULTRACEMCO 8,639 8,703 8,759 8,823 8,880
UPL 553 557 561 566 569
WIPRO 381 387 389 395 397
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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
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