Aug 03, 2022
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Technical & Derivatives Report
OOOOOOOO
Nifty Bank Outlook (38024)
The global markets were a bit nervous yesterday especially some of
the Asian bourses, which resulted in a soft opening in our market.
After the initial dip, market stabilised at lower levels which was then
followed by a series of higher highs and higher lows throughout the
remaining part of the session. Unfortunately due to some tail end
profit booking, the BANKNIFTY concluded the session slightly above
the psychological mark of 38000.
Our markets had a peculiar price movement yesterday where we
witnessed sharp profit booking on couple of occasions after a good
rally. First one around the midsession and then towards the fag end,
we had a sharp downtick to pare down major chunk of gains.
BANKNIFTY being the high beta index, saw bigger swings as compared
to the Nifty. Traders should now get accustomed to such kind of price
movement, because the easy trade in market has certainly gone. From
hereon, we may either see time wise consolidation or a price wise
profit booking, like yesterday. It’s advisable not to trade aggressively
in indices for a time being. The ideal strategy would be to buy as close
as possible to the supports and vice versa. As far as levels are
concerned, 38200 38500 seems to be a congestion zone; whereas on
the flipside, 37800 – 37600 are to be seen as immediate supports.
Key Levels
Support 1 – 37800 Resistance 1 – 38200
Support 2 – 37600 Resistance 2 – 38500
Exhibit 2: Nifty Bank
Daily
Chart
Sensex (58136) / Nifty (17345)
The Indian equity market has witnessed a slender range-bound
movement in yesterday’s session until the fag end buying interest
levitated the benchmark index. The index went to the day’s high during
the last trading hour but was soon followed up by some profit booking.
With All the actions throughout, the benchmark index continued its
positive stature and maintained its bullish move for the fifth straight
day. The Nifty witnessed a mere gain of 0.03 percent to settle a tad
below the 17350 level.
Technically, the bullish momentum remains unchanged with the daily
gains in the broader market. We allude to our previous commentary of
not being complacent and staying watchful as the index showcased
some lackluster moves in yesterday’s session that might attract a round
of profit booking. However, the undertone is set in favor of the bulls,
and any minor correction could be seen as an opportunity to go long in
the index. As far as levels are concerned, the 17450-17500 odd zone is
expected to act as an immediate hurdle for the index. On the
contrary, 17200 is expected to cushion any minor correction, while the
unfilled gap around the 17000 mark holds the sacrosanct support zone
for the index.
Going forward, we might expect significant traction outside the
indices in the broader market space. Hence, it’s advisable to keep
focusing on such potential movers, which are likely to provide better
trading opportunities. Meanwhile, keeping a close tab on global and
domestic macro developments is advisable.
Key Levels
Support 1 – 17200 Resistance 1 – 17450
Support 2 – 17000 Resistance 2 – 17500
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Our market opened slightly negative and witnessed
follow-up selling in the initial hour of trade to touch
17200. However, as we progressed index recoped all
the losses and inched higher towards 17400 in the final
hour but some profit booking in last few minutes led
closing with minor gains.
FIIs were net buyers in the cash market segment to
the tune of Rs. 825 crores. Simultaneously, in Index
futures, they sold worth Rs. 2727 crores with a
decrease in open interest, indicating long unwinding.
In derivatives segmet, we saw some unwinding in
Nifty; whereas, mixed bets were formed in index
futures segment. Stronger hands continued pouring
liquidity in Indian equity market but opted to book profit
in index futures. This resulted their index futures ‘Long
Short Ratio’ declining to 57% from 67%. Surprisingly,
we could hardly trace any relevant build-up in both call
and put options. Now, highest open interest
concentration stands at 17500 call and 17200 put.
Looking at the above development, we see strong
resistance around 17400-17500 zone for now;
whereas, 17100-17200 shall act as demand zone now.
Traders are advocated to focus stock specific trade for
now and keep a close watch on above mention Nifty
levels.
Comments
The Nifty futures open interest has decreased by
1.87%. and BANK Nifty futures open interest has
increased by 4.72% as the market closed at 17345.45.
The Nifty Aug future closed with a premium of 0.85
point against a premium of 38.25 point in the last
trading session. The Sep series closed at a premium
of 70.20 point.
The INDIA VIX increased from 17.48 to 18.53. At the
same time, the PCR-OI of Nifty has decreased from
1.49 to 1.38.
Few of the liquid counters where we have seen high
cost of carry are IDEA, UPL, PNB, ABB and
INDHOTEL.
Historical Volatility
SCRIP HV
IDFCFIRSTB 52.11
M&M 39.36
PNB 50.71
RAIN 62.99
MCX 47.37
Nifty Vs OI
15600
15800
16000
16200
16400
16600
16800
17000
17200
17400
17600
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
16,000
7/14 7/18 7/20 7/22 7/26 7/28 7/1
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG.
(%)
PRICE
PRICE
CHG. (%)
FSL 22968400 32.32 105.85 -4.75
SYNGENE 2279000 30.60 563.85 -2.41
CONCOR 4304000 18.86 726.30 2.31
EICHERMOT 3494400 14.64 3120.90 1.03
BOSCHLTD 173100 14.30 17802.50 0.84
AUBANK 7304000 13.43 617.80 3.00
AMBUJACEM 46900800 11.77 378.65 0.83
ESCORTS 3089350 11.69 1633.45 -6.50
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ABBOTINDIA 39960 -7.93 20509.60 0.73
BALKRISIND 1446000 -6.26 2439.00 2.06
HINDALCO 26829850 -5.47 418.40 -1.38
PERSISTENT 660000 -4.97 3623.55 -1.10
MANAPPURAM 28080000 -4.45 103.40 -0.68
MRF 75410 -4.42 88181.25 1.28
CHOLAFIN 7816250 -4.42 746.75 1.45
ASTRAL 681175 -4.40 1890.65 -0.06
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 1.49 0.91
BANKNIFTY 1.26 0.92
RELIANCE 0.64 0.34
ICICIBANK 0.80 0.50
INFY 0.76 0.50
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Technical & Derivatives Report
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Note: Above mentioned Bullish or Bearish Spreads in Nifty (Aug Series) are given as an information and not as a recommendation.
Nifty Spot =
17,
340.05
FII Statistics for
August
0
2
, 2022
Detail Buy
Contracts
Open
Interest
Value
(in Cr.)
Sell
Net
CHANGE
INDEX
FUTURES
2596.82 5323.97 (2727.15) 140183 12528.75 (9.47)
INDEX
OPTIONS
898823.73 893479.59 5344.14
1293401 115504.67 2.23
STOCK
FUTURES
11969.32 11895.03 74.29
2128151 145190.45 0.09
STOCK
OPTIONS
7485.50 7661.39 (175.89) 90454 6339.25 15.80
Total 920875.37
918359.98
2515.39
3652189
279563.12
0.77
Turnover on
August
0
2
, 2022
Instrument
No. of
Contracts
Turnov
er
( in Cr.
)
Change
(%)
Index Futures
426597 38401.30 39.00
Index Options
122203036 10954976.25 56.62
Stock Futures
905177 63396.19 -0.81
Stock Options
3251708 241858.15 -0.34
Total
3,251,708 241858.15 54.16
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
17300 313.75
47.80
52.20
17347.80
Sell
17400 265.95
Buy
17300 313.75
101.40
98.60
17401.40
Sell
17500 212.35
Buy
17400 265.95
53.60 46.40 17453.60
Sell
17500 212.35
Bear
-
Put Spreads
Action Strike Price Risk Reward BEP
Buy 17300 275.75
37.65
62.35
17262.35
Sell
17200 238.10
Buy 17300 275.75
77.55
122.45
17222.45
Sell 17100 198.20
Buy
17200 238.10
39.90 60.10 17160.10
Sell
17100 198.20
Nifty Put
-
Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
16700 16800 16900 17000 17100 17200 17300 17400 17500 17600 17700 17800 17900 18000
Call Put
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`
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1 R2
ADANIPORTS
787
795
803
810
818
APOLLOHOSP 4,238 4,282
4,315
4,359 4,392
ASIANPAINT
3,296
3,346
3,376
3,425
3,455
AXISBANK
715
723
729
736
742
BAJAJ-AUTO
3,917
3,957
3,981
4,020
4,045
BAJFINANCE
7,120
7,231
7,293
7,405
7,467
BAJAJFINSV
14,697
14,960
15,125
15,389
15,554
BPCL 327 331
336
340
346
BHARTIARTL
670
679
689
698
709
BRITANNIA 3,668 3,728
3,818
3,879
3,969
CIPLA
987
995
1,001
1,010
1,015
COALINDIA
209
212
215
218
220
DIVISLAB 3,764 3,795
3,817
3,848 3,870
DRREDDY 4,038 4,062
4,095 4,119
4,152
EICHERMOT 2,826 2,973
3,061
3,208
3,296
GRASIM
1,536
1,563
1,579
1,606
1,621
HCLTECH 936 943
949
956
961
HDFCBANK
1,411
1,421
1,433
1,442
1,454
HDFCLIFE
529
534
539
544
550
HDFC 2,305 2,329
2,355
2,379
2,404
HEROMOTOCO 2,694 2,733
2,781
2,820 2,868
HINDALCO
403
411
416 423
428
HINDUNILVR 2,584 2,610
2,624 2,650
2,665
ICICIBANK
808
813
817 822
827
INDUSINDBK 1,017 1,042
1,057
1,082
1,097
INFY 1,521 1,532
1,540
1,551
1,558
ITC
303
307
312
315
320
JSW STEEL 618 633
642
657
665
KOTAKBANK 1,812 1,848
1,871 1,907
1,929
LT
1,758
1,775
1,793
1,811
1,829
M&M 1,213 1,234
1,247
1,267
1,280
MARUTI 8,865 9,019
9,108
9,262
9,351
NESTLEIND 19,219 19,339
19,420
19,540
19,621
NTPC 155 157
159
161
162
ONGC 134 135
136
138
139
POWERGRID
215
219
221
225
227
RELIANCE 2,538 2,562
2,585 2,608
2,631
SBILIFE
1,260
1,273
1,293
1,305
1,325
SHREECEM
20,591
20,851
21,070
21,330
21,549
SBIN
526
534
539
548
553
SUNPHARMA
904
911
919
925
933
TCS
3,251
3,271
3,292
3,313 3,333
TATACONSUM
795 803
815 823
834
TATAMOTORS
464
470
475
481
486
TATASTEEL 104 106
107
108
109
TECHM 1,018 1,025
1,037
1,045
1,057
TITAN
2,339
2,362
2,380 2,403
2,421
ULTRACEMCO 6,548 6,600
6,647
6,699
6,746
UPL
709
724
745
761
781
WIPRO
422
426
429
433
436
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Aug 03, 2022
*
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.bho[email protected]lone.in
Osho Krishan Senior Analyst – Technical & Derivatives osho.krishan@angelone.in
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelone.in
For Technical Queries E-mail: technicalresearch-c[email protected]gelone.in
For Derivatives Queries E-mail: derivatives.de[email protected]one.in
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