For Private Circulation Only
Technical and Derivatives Review
| November 27, 2020
Nifty consolidates around 13000, but broader market outshines
Sensex (44150) / Nifty (12969)
Source: Trading View
Future outlook
It was yet another week of consolidation for our market after a relentless rally in the first half of the November month. This week,
Nifty registered a fresh record high of 13145.85, but saw some profit booking at higher levels. However, it didn’t correct much;
because the undertone still remains strongly bullish. In fact, we saw modest recovery towards the fag end to conclude the week with
nearly a percent gain around the 13000 mark.
The November month has been the historical one for our markets as we saw two key indices, Nifty and Bank Nifty clocking sizable
gains over 11% and 24%, respectively. In the midst of all this, Nifty surpassed its previous record high and reached the milestone of
13000. Clearly, FIIs have been the charioteer of this mesmerizing rally as they relentlessly pumped money into our market to mark
the biggest single month inflows over Rupees 50000 crores. Now, coming back to the levels, 13040 - 13146 remains to be an
immediate resistance zone; whereas on the lower side, 12900 - 12868 - 12790 can be seen as a cluster of supports. With this week’s
minor decline, 12790 - 12730 has become a sacrosanct support and till the time it is not breached convincingly, one should trade
with a positive bias.
Although the overall trend has been strongly up, we still believe that one should avoid aggressive bets, rather focus on individual
stocks with proper risk management. The ideal range for coming sessions would be 13150 - 12730 and till the time we do not
breakout outside this range, we are likely to see trades on both sides, especially in indices. Above 13150, next levels to watch out for
would be 13250 - 13400 but the move will not be as swift as it has been in the recent past. The real action continues in the broader
markets as we can see stellar moves in a lot of mid and small counters.
For Private Circulation Only
Technical and Derivatives Review
| November 27, 2020
Stronger hands start the new series with bullish bets
Nifty spot closed at 12968.95 this week, against a close of 12859.05 last week. The Put-Call Ratio has decreased from 1.57 to 1.28.
The annualized Cost of Carry is positive at 4.01%. The Open Interest of Nifty Futures has decreased by 8.22%.
Derivatives View
Nifty current month future closed with a premium of 48.45 points against a premium of 36.05 points to its spot. Next month future
is trading at a premium of 69.55 points.
As far as Nifty options activities are concerned, 13000 and 13500 call options have been attracting traders attention while 12800 put
option have witnessed open interest addition. Maximum open interest for the weekly series is placed at 13000 call and 12800 put
We started the week on a positive note and registered another record high of 13145, however, the index witnessed some
consolidation ahead of the monthly expiry and ended the week tad below the 13000 mark. The rollovers in Nifty are above its
average and FII’s too have rolled their long positions in the index futures segment. Also, they continued to be aggressive buyers in
the cash segment throughout the week. Presently there are no negative signs as per the data and hence, we could continue to see
some buying interest on declines in the index. As far as levels are concerned, 13100-13200 range is the immediate resistance
whereas near term support is placed around the 12800 mark. Stock specific movement could provide some better trading
opportunities in the coming week and hence, traders are advised to capitalize on the same.
Weekly change in OI
Short Formation
Chg (%)
MUTHOOTFIN 5787750 37.26 1150.65 (2.95)
Long Formation
Chg (%)
IGL 5601750 29.87 495.65 11.42
For Private Circulation Only
Technical and Derivatives Review
| November 27, 2020
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Technical and D
erivatives Team:
Sameet Chavan Chief Analyst – Technical & Derivatives sameet.cha[email protected]g.com
Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jai[email protected].com
Rajesh Bhosale Technical Analyst rajesh.bhosl[email protected]ng.com
Sneha Seth Derivatives Analyst [email protected]gelbroking.com