For Private Circulation Only

Technical and Derivatives Review

| April 09, 2021

Key indices remain lethargic, thematic moves continue

Sensex (49591) / Nifty (14835)

Source: Trading View

Future outlook

Trading for the week started on a sluggish note on Monday morning as indicated by the SGX Nifty. However things worsened as the

day progressed to test sub-14500 levels. Fortunately, there was no further damage done as we witnessed a gradual recovery

throughout the remaining part of the week to reclaim the 14800 mark on a closing basis; but ended with a negligible loss as

compared to the previous weekly close.

Overall if we see, major indices have gone nowhere as it was a week of boredom and consolidation for them. There were one or two

odd days when we witnessed some action in index heavyweights; but didn’t last too long as breakout attempts on either sides were

turned unsuccessful. In the upward direction, we were seeing 14900 as a crucial hurdle on a closing basis and after nearly twelve

trading sessions, bulls attempted to break this barrier on an intraday basis; but failed to maintain at the close. So 14900 – 15000

continues to remain a sturdy wall and till the time we do not surpass it, major heavyweights are not going to give any sustainable up

move. Yes, at the same time, it’s not falling either; in fact the undertone remained bullish for the major part of the week. On the

lower side, 14700 followed by 14550 are to be seen as immediate supports.

The deciding factor in days to come has to be the financial space. Since last couple of weeks, the banking index has been hovering

around its strong support zone of 32200 – 32400 which is the breakout point on the budget day as well as the ’89-EMA’ on daily

chart. It has managed to hold this till now and if any recovery has to take place, there will not be a better place than this. But in our

sense, if any bottom (short or long term) is to be formed; it does not give so many opportunities for the bulls to get in as it has been

giving in last few days. It just happens in a flash and takes off before anyone could realize. This is clearly not the case at present and

hence, the more it challenges any particular support, the higher it creates possibility of breaking it. Hence, all eyes would be on this

development as it is likely to dictate the near term direction for the market. Throughout this week, lot of thematic moves kept

buzzing and hence, one can definitely keep tracking such potential candidates; but avoid being complacent at the same time.

For Private Circulation Only

Technical and Derivatives Review

| April 09, 2021

Nifty locked in a broad range, prefer stock specific trading

Nifty spot closed at 14834.85 this week, against a close of 14867.35 last week. The Put-Call Ratio has increased from 1.16 to 1.29.

The annualized Cost of Carry is positive at 6.71%. The Open Interest of Nifty Futures increased by 5.26%.

Derivatives View

Nifty current month future closed with a premium of 58.15 points against a premium of 86.00 points to its spot. Next month future

is trading at a premium of 112.75 points.

In options segment, we saw some build-up in 14900 and 15000 call options while 14500-14300 put options too added some open

interest. Maximum build-up in the weekly series is now placed in 15000 call and 14500 put options.

We witnessed some upmove in Nifty during the week wherein the index tried to surpass its hurdle of 14900-15000, However, the

index was unable to do so without the support of banking space and ended the week tad below 14850. During the week, Nifty

witnessed some long formation, while decent unwinding was seen in the Bank Nifty. FII’s have squared off some of their index

futures long positions and their ‘Long Short Ratio’ at the end of week stands at 57.5 percent. The options data hints resistance at

14900-15000 range while support is placed in the range of 14500-14400. While Nifty is consolidating, the banking space is

underperforming and stocks from other sectors such as Pharma, IT, Metals have seen good long formation. Thus, it is advisable to

trade with a sector/stock specific approach until we see a clear breakout from the range on either side.

Weekly change in OI

Short Formation

Scrip

Futures

Chg (%)

Price

Chg(%)

AMARAJABAT 4365000 85.11 821.40 (5.34)

UBL

1417500

34.11

1114.10

(10.93)

PVR

1991858

25.29

1149.00

(7.60)

APOLLOTYRE

11650000

17.14

224.50

(5.59)

POWERGRID

21132000

15.27

209.20

(4.95)

Long Formation

Scrip

Futures

Chg (%)

Price

Chg(%)

LALPATHLAB 347250 79.92 3149.70 15.67

GLENMARK

9234500

48.76

533.30

9.59

SHREECEM

175650

30.06

31794.10

5.71

CADILAHC

11948200

17.66

517.35

16.17

LUPIN

7488500

15.74

1086.05

5.25

For Private Circulation Only

Technical and Derivatives Review

| April 09, 2021

Research Team Tel: 022 - 39357600 (Extn – 6844) Website: www.angelbroking.com

For Technical Queries E-mail: technicalresearch-cso@angelbroking.com

For Derivative Queries E-mail: [email protected]

DISCLAIMER

Angel Broking Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay

Stock Exchange Limited and Metropolitan Stock Exchange Limited. 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 Broking

Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration

number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for

accessing /dealing in securities Market. Angel or its associates/analyst has not received any compensation / managed or co-managed

public offering of securities of the company covered by Analyst during the past twelve months.

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.

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 Broking 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 Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot

testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.

While Angel Broking Limited endeavors 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 Broking 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.

Technical and Derivatives Team:

Sameet Chavan Chief Analyst – Technical & Derivatives sameet.chavan@angelbroking.com

Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com

Rajesh Bhosale Technical Analyst rajesh.bhosle@angelbroking.com

Sneha Seth Derivatives Analyst sneha.seth@angelbroking.com