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The day commenced with Bank Nifty starting on a flat note, but it
quickly gained positive momentum to revisit levels near the prior
session's high. Although prices mostly traded within a narrow range, a
sudden dip in the final half-hour erased morning gains, resulting in a
slight loss of 0.13% eventually ending at 44161.
The session was not particularly encouraging for the high-beta index,
as the primary market participation during the upward movement
came from other heavyweight sectors. The bank index has
encountered a significant resistance level, leading to some caution in
the past few days at higher levels. This level represents a 50%
retracement of the entire decline from the all-time high levels.
Therefore, moving forward, close attention should be paid to the
range between 44300 and 44700. On the downside, 44000, followed
by 43800, constitutes a crucial immediate support zone. Currently, the
bank index is at a pivotal juncture, and it is essential to closely monitor
market reactions around these critical levels. Traders can maintain a
stock-centric approach but should exercise selectivity.
Key Levels
Support 1 – 44000 Resistance 1 – 44500
Support 2 – 43800 Resistance 2 – 44700
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (
6
5
982
) / Nifty (
1
9
765
)
The Indian equity market witnessed a splendid weekly expiry session,
wherein the benchmark index saw strong follow-up buying after the
breakout in the previous session. The robust buying emergence in the
broader markets and the participation from heavyweights have tuned
in optimism in our markets. While everything seems rosy, the steep
profit booking at the penultimate hour eroded all the gains and
retracted the index from where the rally started in the day. Eventually,
the Nifty50 index concluded the session a tad above 19750, procuring
0.46 percent of gains.
The bullish undertone certainly intensified with such price action and
participation by the broader spectrum. But from the technical point of
view, the last-hour correction does not portray a constructive setup;
hence, one must maintain caution and avoid complacency. As far as
levels are concerned, 19700-19650 is expected to cushion any blips
while the sacrosanct support shifts to the bullish gap of 19580-19500.
On the higher end, a sustainable surpass beyond the resistance zone of
19850-19900 would provide much needed impetus to reclaim the
magical figure of 20000 and may even challenge record high.
Key Levels
Support 1 – 19650 Resistance 1 – 19850
Support 2 – 19580 Resistance 2 – 19900
As we proceed, we may witness many stock-specific developments
from the broader and blue-chip space, which could keep the buzz
alive. But until the high beta Banking index does not participate in
the rally, we might not be able to have a robust view in the near
period. Meanwhile, keeping a close tab on the mentioned levels and
following a pragmatic approach in the key indices is advisable.
Simultaneously, traders should be prudent with global
developments as well.
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View
The Indian Equity market witnessed a volatile weekly
expiry. After a flat start, we observed smart buying
interest right from the word go to head beyond
19850. However, sharp profit taking in the final hour
led to a closing tad above 19750.
FIIs were net buyers in the cash market segment to
the tune of Rs. 957 cr. Simultaneously, they bought
worth Rs. 1574 cr in Index futures with a decrease in
open interest, indicating short covering.
On the derivatives front, we observed mixed activity
in key indices. On the options front, for the coming
weekly series highest open interest concentration is
visible at 19700 put and 19900 call options. FIIs
turned net buyers in equities and covered shorts in
index futures for a second straight session now.
Considering the final hour profit booking, it would be
interesting to see a follow-up move and any
sustainable move beyond 19850-19900 shall be a
positive development for the market.
Comments
The Nifty futures open interest has decreased by 1.45%
and Bank Nifty futures open interest has decreased by
8.01% as the market closed at 19765.20.
The Nifty November future closed with a premium of
47.85 points against a premium of 47.85 points in the
last trading session. The December series closed at a
premium of 155.50 points.
The INDIA VIX has increased from 11.14 to 11.65. At the
same time, the PCR-OI of Nifty has decreased from 1.19
to 1.16.
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
COFORGE 40.46
BOSCHLTD 26.67
MANAPPURAM 48.27
TCS 23.35
HEROMOTOCO 29.38
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. (%)
INDIACEM 28373600 22.84 219.55 2.81
MANAPPURAM 78882000 18.44 160.50 6.82
COFORGE 1197000 15.20 5701.05 6.41
ONGC 58431450 11.24 201.80 0.92
MGL 2061600 8.46 1053.80 0.82
LALPATHLAB 1021200 7.42 2680.60 2.02
HCLTECH 13154400 7.10 1311.05 2.70
BALKRISIND 1870500 6.56 2654.00 0.53
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
SIEMENS 17600 -8.12 3525.00 0.70
MPHASIS 2332825 -6.49 2365.55 4.03
ESCORTS 1943425 -6.45 3186.75 1.17
OBEROIRLTY 7805000 -6.29 1333.25 2.09
MCX 4007600 -5.54 2966.55 2.06
LUPIN 9354250 -5.43 1194.00 1.68
RAMCOCEM 3690700 -5.40 1003.15 0.45
INDUSINDBK 25336000 -5.09 1498.65 -0.02
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 1.16 1.03
BANKNIFTY 0.87 0.78
RELIANCE 0.61 0.46
ICICIBANK 0.58 0.42
INFY 0.63 0.49
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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
765.20
FII Statistics for
November
1
6
, 2023
Detail Buy
Contracts
OI Value
(in Cr.)
Sell Net
CHANGE
INDEX
FUTURES
3977.86 2404.33 1573.53
232838 19453.32 (3.20)
INDEX
OPTIONS
2040058.30 2040689.09 (630.79) 3216991 261264.96 (2.44)
STOCK
FUTURES
16992.31 12530.56 4461.75
2595407 186625.88 0.08
STOCK
OPTIONS
28984.48 29004.73 (20.25) 287309 21036.93 3.71
Total
2090012.95
2084628.71
5384.24
6332545
488381.09
(1.18)
Turnover on
November
1
6
, 2023
Instrument
No. of
Contracts
Turnover
(in Cr.)
Change
(%)
Index Futures
371532 29154.85
380.52
Index Options
558918346
40957.97
501.99
Stock Futures
1067635 79264.31
854.48
Stock Options
5208871 5610.13
1011.49
Total
52,08,871
5610.13
614.88
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
19800
154.55 48.95
51.05
19848.95
Sell
19900
105.60
Buy
19800 154.55 87.15
112.85
19887.15
Sell
20000 67.40
Buy
19900
105.60 38.20 61.80 19938.20
Sell
20000 67.40
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
19700 86.20
27.85
72.15
19672.15
Sell 19600 58.35
Buy 19700 86.20
45.75
154.25
19654.25
Sell
19500 40.45
Buy
19600 58.35
17.90 82.10 19582.10
Sell 19500 40.45
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 2,175 2,190 2,212 2,227 2,248
ADANIPORTS 803 808 813 819 824
APOLLOHOSP 5,137 5,238 5,303 5,404 5,469
ASIANPAINT 3,080 3,105 3,123 3,148 3,166
AXISBANK 1,009 1,018 1,031 1,040 1,053
BAJAJ-AUTO 5,457 5,504 5,544 5,590 5,630
BAJFINANCE 6,775 7,069 7,225 7,518 7,674
BAJAJFINSV 1,507 1,564 1,596 1,653 1,685
BPCL 389 394 398 402 406
BHARTIARTL 938 944 949 955 960
BRITANNIA 4,654 4,678 4,704 4,728 4,753
CIPLA 1,224 1,230 1,238 1,243 1,252
COALINDIA 339 342 348 352 358
DIVISLAB 3,496 3,522 3,546 3,572 3,597
DRREDDY 5,359 5,452 5,513 5,606 5,668
EICHERMOT 3,781 3,809 3,841 3,869 3,901
GRASIM 1,896 1,919 1,937 1,960 1,978
HCLTECH 1,262 1,287 1,302 1,327 1,342
HDFCBANK 1,495 1,502 1,510 1,517 1,526
HDFCLIFE 628 631 636 639 643
HEROMOTOCO 3,131 3,206 3,252 3,327 3,373
HINDALCO 493 498 503 509 513
HINDUNILVR 2,460 2,476 2,491 2,506 2,521
ICICIBANK 927 931 939 943 951
INDUSINDBK 1,486 1,492 1,499 1,506 1,513
INFY 1,394 1,419 1,436 1,462 1,479
ITC 433 436 440 443 447
JSW STEEL 758 764 769 775 780
KOTAKBANK 1,755 1,764 1,774 1,783 1,792
LT 3,022 3,037 3,059 3,074 3,097
LTIMINDTREE 5,296 5,408 5,478 5,590 5,660
M&M 1,519 1,544 1,564 1,589 1,609
MARUTI 10,345 10,415 10,479 10,549 10,614
NESTLEIND 23,907 23,995 24,134 24,222 24,360
NTPC 245 249 251 255 258
ONGC 200 201 202 203 204
POWERGRID 204 206 207 209 210
RELIANCE 2,333 2,347 2,361 2,374 2,388
SBILIFE 1,341 1,350 1,358 1,367 1,375
SBIN 580 582 585 587 590
SUNPHARMA 1,173 1,181 1,188 1,196 1,203
TCS 3,365 3,432 3,480 3,547 3,596
TATACONSUM
909 914 924 929 939
TATAMOTORS 664 672 679 687 694
TATASTEEL 122 123 124 126 127
TECHM 1,149 1,178 1,197 1,226 1,244
TITAN 3,219 3,277 3,318 3,376 3,416
ULTRACEMCO 8,651 8,713 8,762 8,825 8,874
UPL 553 557 560 564 568
WIPRO 385 391 395 401 406
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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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