Technical and Derivatives Reports - March 2, 2023

March 02, 2023

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Technical & Derivatives Report

Nifty Bank

Outlook (

698

)

Bank Nifty started on a positive note and post an initial dip the

positive momentum continued throughout the session. The bank

index added another percent of gains to eventually end a tad

below 40700.

The bank index continues to outperform and yesterday it was the

charioteer to pull broader markets higher. Even though the Index

specific move post the gap up opening was not that significant but

the stock-specific move within the basket was very encouraging for

the traders. Going ahead, considering the chart structure of major

heavyweight counters we expect this up move to continue where

the next key level to watch out for would be in the zone of 41000 -

41300 that coincides with a descending trend line and 89EMA

resistance. Once these levels are taken out comfortably then one

can technically say that the recent tide of bearishness turns in favor

of bulls. On the flip side, on the weekly expiry day, traders are

advised to use dips as a buying opportunity where 40500 should be

considered as immediate support followed by 40300.

Key Levels

Support 1 – 40500 Resistance 1 – 41000

Support 2 – 40300 Resistance 2 – 41300

Exhibit 1: Nifty Daily Chart

Exhibit 2: Nifty Bank Daily Chart

Sensex (

9411

) / Nifty (

451

)

The Indian equity market snapped its selling spree and made a

modest recovery in yesterday’s session. The benchmark index

kickstarted the session on a positive note and stayed on the upward

trajectory throughout the day. The bulls showed their presence post

the strong correction of eight consecutive sessions and levitated

market sentiments. The Nifty concluded near the day’s high,

procuring nearly nine-tenth of a percent, and settled around the

17450 level.

As we allude to our previous commentary of not being carried away

with the sell-off, it aligns precisely with the market move. Also, the

buying emergence in the beaten-down counter could be seen as a

constructive development in the market. On the technical front, the

200 SMA has shown its significance as Nifty kept hovering near the

same. As far as levels are concerned, 17350-17300 is likely to

cushion any short-term blip, while the swing low of the 17250 odd

zone is expected to act as a sheet anchor for Nifty. While on the

higher end, an authoritative breach beyond 17600 could trigger the

next leg of rally in the comparable period.

Going forward, many stock-specific adjustments are likely to

continue and provide substantial trading opportunities.

And even though the indices may not be doing much, the

individual stocks are not at all short of action. Hence one should

continue to identify such potential movers and trade accordingly

and stay abreast with global and domestic developments on a

regular basis.

Key Levels

Support 1 – 17350 Resistance 1 – 17500

Support 2 – 17300 Resistance 2 – 17640

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Technical & Derivatives Report

March 02, 2023

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 On Wednesday, market had a positive start and

buying interest accelerated right from the word go.

Index maintained its posture for the entire day and

concluded the day in green at 17450.

 FIIs were net sellers in the cash market segment to

the tune of Rs. 425 crores. Simultaneously, in Index

futures, they buyers worth Rs. 638 crores with some

rise in open interest, indicating long formation.

 Yesterday, we witnessed blend of short covering and

long formation in both the key indices. Stronger

hands continue selling streak in equities but added

longs in index futures segment. Their index futures

Long Short Ratio stands at 18% from 15%. Put writers

shifted to 17400, which is an encouraging sign for

Bulls. On the other side, call writers of 17300 and

17400 strikes ran for shelter seeing smart recovery.

For now, base formation is seen around 17200 –

17300 odd zone and on the upside 17600 will be the

important level to watch out.

Comments

 The Nifty futures open interest has decreased by 1.71%

and Bank Nifty futures open interest has increased by

0.97% as the market closed at 17450.90.

 The Nifty March future closed with a premium of 81.8

point against a premium of 99.45 point in the last

trading session. The April series closed at a premium of

183.15 point.

 The INDIA VIX decreased from 14.02 to 12.99. At the

same time, the PCR-OI of Nifty has decreased from 0.67

to 0.92.

 Few of the liquid counters where we have seen high

cost of carry are COALINDIA, AARTIIND, CUB,

RAMCOCEM and CANBK.

Historical Volatility

SCRIP HV

RAIN 53.13

ADANIENT 92.72

NATIONALUM 50.47

ABCAPITAL 43.42

FEDERALBNK 39.66

Nifty Vs OI

17400

17500

17600

17700

17800

17900

18000

18100

18200

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2/8 2/10 2/14 2/16 2/20 2/23 2/27

Openinterest Nifty

OI Gainers

SCRIP OI

CHG. (%)

PRICE

CHG. (%)

POLYCAB 1081800 23.03 3116.00 1.06

MFSL 3303300 18.10 699.60 0.98

INDIAMART 331950 18.09 4951.25 3.45

GUJGASLTD 4398750 14.70 511.20 1.30

ADANIENT 14522250 12.60 1564.30 14.34

RAIN 11840500 11.95 166.30 8.45

TATASTEEL 205903500 9.17 105.50 1.53

PEL 6842550 6.58 778.50 1.22

OI Losers

SCRIP OI

CHG. (%)

PRICE

CHG. (%)

DIXON 746875 -16.63 2929.85 1.00

DELTACORP 16492000 -9.16 196.10 4.46

GNFC 8087300 -8.93 541.60 3.19

BAJAJ-AUTO 1169500 -7.62 3731.40 1.71

SHRIRAMFIN 4155000 -5.49 1221.65 1.09

BANKBARODA 103065300 -5.20 164.40 3.96

NESTLEIND 254080 -4.65 18779.00 0.55

AXISBANK 47521200 -4.10 865.15 2.23

Put-Call Ratio

SCRIP PCR (OI) PCR (VOL)

NIFTY 0.92 0.91

BANKNIFTY 1.14 0.90

RELIANCE 0.61 0.43

ICICIBANK 0.72 0.58

INFY 0.54 0.42

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Technical & Derivatives Report

March 02, 2023

Note: Above mentioned Bullish or Bearish Spreads in Nifty (March Series) are given as an information and not as a recommendation.

Nifty Spot =

450.9

0900

Lot Size = 75

FII Statistics for

March 01

, 202

Detail Buy

Contracts

Open

Interest

Value

(in Cr.)

Sell

Net

CHANGE

INDEX

FUTURES

3129.60

2491.17

638.43

197164

17899.01

4.23

INDEX

OPTIONS

1089344.21

1086990.69

2353.52

2739518

251879.64

4.39

STOCK

FUTURES

9547.20

8571.43

975.77

2173518

143046.71

(0.02)

STOCK

OPTIONS

7235.01

7481.02

(246.01) 105693

6924.14

4.93

Total 1109256.02

1105534.31

3721.71

5215893

419749.50

2.51

Turnover

March

, 202

Instrumen

No. of

Contracts

Turnover

( in Cr. )

Change

(%)

Index Futures

275107

26044.88 -12.09

Index Options

1719926

44116.02 -16.33

Stock Futures

742676

46510.70 -12.45

Stock Options

2524288

3596.65 -7.78

Total

2,524,28

3596.65 -13.71

Bull-Call Spreads

Action Strike Price Risk Reward BEP

Buy

17500 231.15

52.80

47.20

17552.80

Sell

17600 178.35

Buy

17500 231.15

97.95

102.05

17597.95

Sell

17700 133.20

Buy

17600 178.35

45.15 54.85 17645.15

Sell

17700 133.20

Bear-Put Spreads

Action Strike Price Risk Reward BEP

Buy

17400 163.00

32.55

67.45

17367.45

Sell 17300 130.45

Buy 17400 163.00

58.45

141.55

17341.55

Sell

17200 104.55

Buy

17300 130.45

25.90 74.10 17274.10

Sell 17200 104.55

Nifty Put-Call Analysis

500,000

1000,000

1500,000

2000,000

2500,000

3000,000

3500,000

4000,000

4500,000

5000,000

17000 17100 17200 17300 17400 17500 17600 17700 17800 17900 18000 18100 18200 18300

Call Put

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Technical & Derivatives Report

March 02, 2023

Daily

Pivot Levels for Nifty Constituents

Scrips

PIVOT

ADANIENT

1,349

1,457

1,518

1,626

1,687

ADANIPORTS 583 592

604

614

626

APOLLOHOSP

4,290

4,352

4,399

4,461

4,508

ASIANPAINT

2,800

2,820

2,837

2,857

2,874

AXISBANK 836 851

860

874

883

BAJAJ-AUTO

3,594

3,663

3,706

3,774

3,817

BAJFINANCE

6,049

6,102

6,153

6,206

6,257

BAJAJFINSV

1,321

1,333

1,346

1,358

1,371

BPCL 312 314

317

319

323

BHARTIARTL 736 743

748

755

761

BRITANNIA

4,297

4,338

4,397

4,438

4,496

CIPLA 888 894

902

908

916

COALINDIA 213 216

217

220

222

DIVISLAB

2,808

2,827

2,842

2,861

2,876

DRREDDY

4,273

4,308

4,333

4,369

4,393

EICHERMOT

3,066

3,102

3,123

3,160

3,180

GRASIM

1,557

1,575

1,587

1,605

1,617

HCLTECH

1,068

1,084

1,094

1,111

1,121

HDFCBANK

1,585

1,592

1,602

1,609

1,620

HDFCLIFE

482

486

488

492

495

HDFC

2,597

2,608

2,618

2,628

2,638

HEROMOTOCO

2,400

2,416

2,430

2,445

2,459

HINDALCO 397 405

410

418

423

HINDUNILVR

2,439

2,453

2,461

2,475

2,483

ICICIBANK 845 851

857

863

870

INDUSINDBK

1,056

1,078

1,092

1,115

1,129

INFY

1,473

1,485

1,493

1,504

1,512

ITC 371 375

378

382

384

JSW STEEL 664 670

675

681

685

KOTAKBANK

1,716

1,730

1,741

1,755

1,765

2,085

2,100

2,115

2,130

2,145

M&M

1,246

1,259

1,282

1,295

1,319

MARUTI

8,564

8,664

8,720

8,820

8,876

NESTLEIND

18,480

18,629

18,725

18,874

18,970

NTPC 169 170

172

174

175

ONGC 151 153

154

156

157

POWERGRID 215 217

220

222

224

RELIANCE

2,315

2,330

2,338

2,352

2,360

SBILIFE

1,100

1,109

1,118

1,127

1,136

SBIN 518 527

532

542

547

SUNPHARMA 944 952

959

967

974

TCS

3,289

3,337

3,363

3,411

3,437

TATACONSUM

707 711

714

718

721

TATAMOTORS 419 422

425

429

432

TATASTEEL 103 104

106

107

108

TECHM

1,086

1,106

1,118

1,138

1,150

TITAN

2,352

2,367

2,382

2,397

2,411

ULTRACEMCO

7,155

7,215

7,279

7,339

7,403

UPL 688 700

707

720

727

WIPRO 386 388

390

393

394

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Technical & Derivatives Report

March 02, 2023

Technical and Derivatives Team:

Sameet Chavan Chief Analyst – 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 Derivatives Queries E-mail: derivatives.desk@angelone.in

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