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4
358
5
)
Following the previous week's underperformance, the banking index
began the week on a muted note amidst mixed global cues. After
reaching lows around 43450 in the initial thirty minutes of trade, the
index attracted fresh buying interest, pushing it beyond 43700.
However, it remained tentative at these higher levels. With no follow-
up buying, the index consolidated, settling the day around the opening
bell, a tad below 43600.
Friday's gap-down opening and subsequent selling were certainly not
encouraging. This has dampened overall sentiment, and until we
witness a sustainable move beyond 44000, followed by 44400, the
market may continue to be under the grip of bears. This zone also
coincides with the 89-EMA on the daily chart, positioned around the
44000 mark, making it crucial for the near term. On the downside, we
can anticipate support around the 43200-43000 zone. Yesterday, we
might have observed some buying interest in a few banking names,
but the momentum is indeed lacking. Traders should remain selective
and adopt a one-step-at-a-time approach for the time being.
Key Levels
Support 1 – 43200 Resistance 1 – 43850
Support 2 – 43000 Resistance 2 – 44000
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (
6
5
655
) / Nifty (
1
9
694
)
In the absence of a significant catalyst, the week commenced for the
Nifty on a subdued note, initially accompanied by some nervousness in
the first half. Subsequently, it evolved into a lackluster day, with prices
fluctuating within a range and concluding with a marginal loss of 0.19%,
ending a tad below 19700 mark.
From a technical standpoint, there hasn't been much change, and the
intra-day range continues to coil, evident in two consecutive 'Insider
Bar' formations on the daily chart. It appears that traders are awaiting
a trigger for a directional move, and there is a possibility of traction
soon, as periods of low volatility are often succeeded by high volatility.
Currently, prices are consolidating around the previous swing high of
19850 – 19900, and a sustained trade above this range will likely trigger
the next upward momentum. On the downside, prices have already
breached above a key trend line resistance with a bullish gap,
suggesting that this zone may see buying on a dip, making it crucial to
closely monitor the area around 19580 and 19500. However, caution is
still advised due to prevailing global uncertainty. Traders are
recommended to stay vigilant regarding the mentioned levels and
adapt their trading strategies accordingly.
In terms of individual stocks, there were very few counters exhibiting
momentum moves, emphasizing the need for a discerning approach
in-stock selection.
Key Levels
Support 1 – 19580 Resistance 1 – 19800
Support 2 – 19500 Resistance 2 – 19900
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View
The Indian Equity market witnessed a lackluster day
of trade. The benchmark index Nifty50 showed
nervousness and eventually settled on a subdued
note with a marginal loss of 0.19% to settle a tad
below the 19700 level.
FIIs were net sellers in the cash market segment to
the tune of Rs. 646 cr. Simultaneously, they sold
worth Rs. 27 cr in Index futures with a decrease in
open interest, indicating long unwinding.
On the derivatives front, we observed marginal
unwinding in the benchmark index while insignificant
change in Bank Nifty. On the options front, the
highest OI concentration is seen at 19600 PE and
19800 CE, suggesting an immediate range for Nifty.
FIIs curtailed some longs in index futures, resulting in
a marginal fall in the Long Short Ratio to 20% from
21%. Considering the data, the index is likely to hover
within the mentioned range, while action lies in the
broader space. Hence, we would advise having a
pragmatic approach referring to the aforementioned
levels.
Comments
The Nifty futures open interest has decreased by 4.18%
and Bank Nifty futures open interest has decreased by
1.34% as the market closed at 19694.00.
The Nifty November future closed with a premium of
57.20 points against a premium of 74.70 points in the
last trading session. The December series closed at a
premium of 169.40 points.
The INDIA VIX has increased from 11.83 to 12.15. At the
same time, the PCR-OI of Nifty has decreased from 1.02
to 0.91.
A few of the liquid counters where we have seen high
cost of carry are BALKRISIND, SBICARD, SBILIFE, ATUL
and RAMCOCEM.
Historical Volatility
SCRIP HV
SBICARD 30.80
ABCAPITAL 39.24
RBLBANK 55.11
SBILIFE 27.16
SBIN 27.68
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
11-2 11-6 11-8 11-10 11-14 11-20
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
BALKRISIND 2192100 17.63 2496.70 -5.67
BAJFINANCE 6890875 12.25 7068.55 -2.15
INDIAMART 1030800 8.70 2628.45 0.69
EXIDEIND 19551600 8.66 281.95 0.04
COALINDIA 65650200 8.50 347.75 0.71
CUB 37130000 8.44 150.30 2.20
TORNTPHARM 1849500 7.53 2110.75 1.59
NMDC 103887000 6.74 170.70 0.97
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
SBICARD 17600 -7.40 742.90 2.31
IPCALAB 2239900 -6.59 1060.75 -1.91
APOLLOHOSP 2252500 -6.36 5473.95 -0.07
MRF 41420 -6.26 111390.40 -0.16
ULTRACEMCO 1159200 -6.21 8661.55 -1.44
ALKEM 911400 -5.79 4390.60 -1.13
RBLBANK 60317500 -4.96 229.10 -2.46
AUROPHARMA 18431600 -4.51 998.10 -0.65
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 0.91 0.89
BANKNIFTY 0.69 0.88
RELIANCE 0.58 0.66
ICICIBANK 0.51 0.42
INFY 0.53 0.42
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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
694
.
0
0
FII Statistics for
November
20
, 2023
Detail Buy
Contracts
OI Value
(in Cr.)
Sell Net
CHANGE
INDEX
FUTURES
2635.40 2608.41 26.99
227113 18725.80 (2.06)
INDEX
OPTIONS
1310965.61 1328429.80 (17464.19) 5170461 417432.30 1.57
STOCK
FUTURES
11167.03 12288.75 (1121.72) 2638494 189075.96 0.26
STOCK
OPTIONS
19615.21 19825.83 (210.62) 306415 22467.15 1.57
Total
1344383.25
1363152.79
(18769.54) 8342483
647701.21
1.05
Turnover on
November
20
, 2023
Instrument
No. of
Contracts
Turnover
(in Cr.)
Change
(%)
Index Futures
202087 16023.55
-34.04
Index Options
312152743
43274.01
-15.06
Stock Futures
792483 58906.30
-24.43
Stock Options
4634293 4231.85
-31.13
Total
46,34,293
4231.85
-23.16
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
19600
221.85
64.15 35.85 19664.15
Sell
19700
157.70
Buy
19600 221.85
116.90 83.10 19716.90
Sell
19800 104.95
Buy
19700
157.70
52.75 47.25 19752.75
Sell
19800 104.95
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
19800 153.15
47.05
52.95
19752.95
Sell 19700 106.10
Buy 19800 153.15
82.85
117.15
19717.15
Sell
19600 70.30
Buy
19700 106.10
35.80 64.20 19664.20
Sell 19600 70.30
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
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 2,094 2,122 2,170 2,198 2,247
ADANIPORTS 792 798 807 813 822
APOLLOHOSP 5,368 5,421 5,508 5,561 5,648
ASIANPAINT 3,108 3,124 3,148 3,164 3,188
AXISBANK 974 981 988 996 1,002
BAJAJ-AUTO 5,574 5,612 5,644 5,682 5,714
BAJFINANCE 6,930 6,999 7,119 7,188 7,308
BAJAJFINSV 1,568 1,581 1,599 1,612 1,629
BPCL 385 389 391 394 397
BHARTIARTL 934 947 956 970 978
BRITANNIA 4,666 4,689 4,714 4,737 4,763
CIPLA 1,233 1,240 1,248 1,255 1,263
COALINDIA 340 344 348 352 356
DIVISLAB 3,525 3,599 3,678 3,752 3,831
DRREDDY 5,545 5,575 5,615 5,645 5,686
EICHERMOT 3,782 3,814 3,856 3,889 3,931
GRASIM 1,943 1,958 1,968 1,983 1,993
HCLTECH 1,306 1,316 1,324 1,333 1,341
HDFCBANK 1,495 1,500 1,507 1,512 1,518
HDFCLIFE 644 648 652 656 659
HEROMOTOCO 3,291 3,319 3,343 3,371 3,396
HINDALCO 491 494 500 503 509
HINDUNILVR 2,479 2,493 2,514 2,527 2,548
ICICIBANK 913 917 922 926 931
INDUSINDBK 1,483 1,494 1,502 1,513 1,520
INFY 1,422 1,430 1,441 1,448 1,459
ITC 431 434 437 440 443
JSW STEEL 753 758 765 769 776
KOTAKBANK 1,740 1,755 1,766 1,781 1,791
LT 3,057 3,073 3,092 3,108 3,128
LTIMINDTREE 5,440 5,498 5,568 5,626 5,696
M&M 1,512 1,532 1,561 1,581 1,610
MARUTI 10,460 10,513 10,553 10,606 10,647
NESTLEIND 24,053 24,178 24,291 24,416 24,529
NTPC 247 249 252 254 257
ONGC 196 197 198 199 199
POWERGRID 207 208 210 211 212
RELIANCE 2,326 2,338 2,348 2,360 2,370
SBILIFE 1,359 1,372 1,396 1,409 1,433
SBIN 558 561 564 567 570
SUNPHARMA 1,178 1,183 1,191 1,196 1,204
TCS 3,472 3,496 3,515 3,539 3,558
TATACONSUM
921 926 933 938 946
TATAMOTORS 661 668 677 684 693
TATASTEEL 123 124 125 125 126
TECHM 1,193 1,202 1,212 1,222 1,232
TITAN 3,296 3,321 3,337 3,362 3,379
ULTRACEMCO 8,545 8,603 8,709 8,767 8,873
UPL 549 553 558 562 568
WIPRO 390 395 398 403 406
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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
For Derivatives Queries E-mail: derivatives.desk@angelone.in
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