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Technical and Derivatives Review |June 09, 2023
Boredom continues in key indices, awaiting some trigger
Sensex (62626) / Nifty (18563)
Source: Tradingview.com
Future outlook
We started off well on Monday but similar to the previous week, the conviction was lacking in all key indices. We slipped into a
consolidation mode for couple of days which was then followed by a good upsurge on Wednesday, courtesy to IT and Metal
counters. However, post the RBI monetary policy, traders chose to take some money off the table and in the process, all early week
gains were erased to conclude with nominal gains, a tad above the 18550 mark.
It’s been a lethargic period for our headline indices; but there is no shortage of real action in the broader end of the spectrum.
Individual themes continue to unfold one after another and stocks are giving mesmerising moves in the meantime. Traders should
ideally focus on this and it’s better to stay light in index specific trades till the time the range breakout happens in key indices. As far
as levels are concerned, 18500 - 18450 is to be considered as a cluster pf supports, whereas on the other hand, 18680 - 18780 are to
be seen as major hurdles. Hopefully, the global bourses provide the much-needed trigger for our market and then the Nifty can
certainly challenge its record highs.
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Technical and Derivatives Review |June 09, 2023
Sho
rt
Form
at
ion
Derivative data remains indecisive
Nifty spot closed at 18563.40 this week, against a close of 18534.10 last week. The Put-Call Ratio has decreased from 0.95 to 0.84 on
Weekly basis. The annualized Cost of Carry is positive at 6.70%. The Open Interest of Nifty Futures increased by 8.76%.
Derivatives View
Nifty current month’s future closed with a premium of 68.15 against a premium of 101.85 points to its spot in the previous week.
Next month’s future is trading at a premium of 156.15 points.
We started the week on a cheerful note but could clearly sense an absence of follow-up buying interest similar to the previous week.
For the initial two sessions, the index kept hovering in a very narrow range which was followed by profit-taking on the weekly expiry,
that got continued for the last trading session. On the derivatives front, insignificant changes have been seen as the indices settled
on a subdued note on a weekly basis. On the options front, scattered piling of OI is seen from 18600-18400 put strikes on an
immediate basis. On the flip side, the 18700 call strike has the highest OI concentration, indicating a stiff resistance for Nifty in the
near period. FIIs curtailed some of their long bets, as ‘Long Short Ratio’ plunged to 46% from 48% WoW. Considering the mentioned
data, the market seems to remain in the consolidation phase. Meanwhile, one needs to focus on a stock-centric approach and stay
vigilant on global developments.
Scrip
OI
Futures
OI
Chg (%)
Price
Price
Chg(%)
IEX 67740000 74.01 123.25 (19.86)
MPHASIS 3184500 27.28 1855.00 (7.67)
TECHM 13851000 19.08 1066.80 (5.66)
NAVINFLUOR 697650 17.90 4468.90 (3.93)
VOLTAS 8641200 12.33 780.05 (5.04)
Weekly change in OI
Long Formation
Scrip
OI
Futures
OI
Chg (%)
Price
Price
Chg(%)
HAL 4376100 28.76 3721.55 16.89
BRITANNIA 1536600 17.51 4883.25 4.19
NTPC 80078700 14.19 183.75 4.67
ASTRAL 1762701 12.56 1978.55 5.54
JSWSTEEL 31531950 7.85 752.65 5.69
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Technical and Derivatives Review |June 09, 2023
Sameet Chavan Head Research – Technical & Derivatives sameet.chavan@angelone.in
Sneha Seth Senior Analyst – Technical & Derivatives sneha.seth@angelone.in
Rajesh Bhosale Technical Analyst rajesh.bhosle@angelone.in
Osho Krishan Senior Analyst – Technical & Derivatives osho.krishan@angelone.in
Research Team Tel: 022 - 39357600 Website: www.angelone.in
For Technical Queries E-mail: technicalresearch-cso@angelone.in
For Derivative Queries E-mail: derivatives.desk@angelone.in
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