December 06, 2021
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Technical & Derivatives Report
Nifty Bank Outlook - (36197)
On Friday, the banking index began the session on a muted note but
witnessed sharp uptick to reclaim 36800 in the initial fifteen minute of
trade. However, this just turned out to be a formality as index
attracted fresh selling at higher levels. The sell-off aggravated in the
midst to slowly drag the BankNifty below 36100 and post some
consolidation in the final hour concluded the day tad below 36200
with the cut of 0.85%.
We observed strong selling as the Banking index as it entered the
vicinity of 36800 and we had been mentioning lately that it’s very
important to show upmove beyond 36800-37000 to gain further
strength. Considering Friday’s price action, we maintain our cautious
stance on market and hence would advocate exiting longs and adding
shorts in any pullback moves. On the flip side, immediate support is
seen in the range 35900 – 35800 levels.
Key Levels
Support 1 – 35900 Resistance 1 – 36500
Support 2 – 35800 Resistance 2 – 36800
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (57696) / Nifty (17197)
On Friday, Nifty started on a strong positive note and almost retested
17500 during the early trades. But bears were not willing to give up as
they once again showed their dominance at higher levels to erase major
portion of weekly gains by ending tad below 17200.
Overall during the last week our market managed to close in the
positive terrain; but it was certainly a challenging week for both
counterparties. Market was clearly unsure of its direction for the most
part of the week. If we look at it from a technical point of view, market
is respecting the levels precisely. At the beginning, the Nifty started
rebounding after reaching the price target of ‘Head and Shoulder’
pattern of 16800 and on Friday, it became nervous after nearing a stiff
resistance zone of 17500 – 17600. Direction wise, we continue to
remain cautious and there is no doubt we are still in a ‘Sell on rise’ kind
of market. This view will remain intact as long as Nifty does not surpass
17900 which is the confluence point of two key trend lines. Also sooner
or later we expect the recent low around 16800 is to be breached soon;
but it will happen immediately or after some more consolidation in the
range of 16800 – 17500; we need to assess the situation in the coming
week.
Meanwhile, traders can continue with a st
ock specific approach and
we may see trades on both sides if Nifty remains in a consolidation
mode. But it would be a prudent strategy to keep booking timely
profits and considering the volatile nature of global markets,
carrying aggressive bets overnight should be strictly avoided. As far
as levels are concerned, 17350 – 17500 – 17600 are to be
considered as immediate hurdles; whereas on the flipside, 17000 –
16800 should be treated as a cluster of support.
Key Levels
Support 1 – 17000 Resistance 1 – 17350
Support 2 – 16800 Resistance 2 – 17500
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December 06, 2021
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Post a strong positive momentu on Thursday, index
almost reclaimed 17500 in Friday’s early morning trade
but couldn’t sustain and attracted decent profit booking
to drag Nifty below 17200.
FIIs were net sellers in the cash market segment to
the tune of Rs. 3356 crores. In index futures, they sold
worth Rs. 2364 crores with increase in open interest
indicating short formations on Friday.
In F&O space, we saw addition of few longs in Nifty
and short covering was seen in banking index. But, on
Friday’s fall the BankNifty attracted fresh shorts
again. The call writer added decent positions in
17200-17700 strikes and meanwhile, put writers of
17000-17300 strikes ran to cover their positions.
Considering the Friday’s development, we believe
17400-17500 will now act as strong hurdle and on the
downside, the psychological mark of 17000 may act
as a demand zone.
Comments
The Nifty futures open interest has decreased by 4.23%.
and BANK Nifty futures open interest has increased by
4.73% as market closed at 17196.70 levels.
The Nifty December future closed with a premium of
42.3 point against a premium of 31 point in last trading
session. The January series closed at a premium of
100.45 point.
The INDIA VIX increased from 18.09 to 18.45. At the
same time, the PCR-OI of Nifty has decreased from 1.31
to 0.91.
Few of the liquid counters where we have seen high
cost of carry are RBLBANK, ZEEL, ABBOTINDIA,
INDUSTOWER, AND ADANIENT
Historical Volatility
SCRIP HV
POWERGRID
35.37
IDEA
105.41
IEX
53.65
GUJGASLTD
43.45
RELIANCE
36.95
Nifty Vs OI
16400
16600
16800
17000
17200
17400
17600
17800
18000
18200
10,000
10,500
11,000
11,500
12,000
12,500
13,000
11-15 11-17 11-22 11-24 11-26 11-30 12-2
(`000)
Openinterest
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IEX
37526250 206.15 255.75 3.51
GSPL
1536800 30.82 309.85 1.47
CROMPTON
2380400 29.97 427.75 -1.45
MCX
1962800 12.00 1620.30 -1.66
INDIAMART
189750 10.92 7164.75 -3.05
CHAMBLFERT
2374500 10.78 405.40 1.86
PFIZER
216000 10.27 4917.70 -0.41
NAM-INDIA
3139200 9.67 366.25 -1.60
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
POWERGRID
19316126 -14.19 206.10 -2.27
IDEA
860580000 -13.43 14.45 12.02
ULTRACEMCO
1698300 -8.88 7332.55 0.36
GUJGASLTD
2410000 -7.97 662.40 -3.92
RAMCOCEM
1840250 -6.84 950.80 0.01
IBULHSGFIN
42488600 -6.50 256.45 -0.56
IGL
10250625 -6.12 505.80 1.54
WHIRLPOOL
384500 -5.88 2027.10 -0.94
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY
0.91 0.92
BANKNIFTY
0.71 0.97
RELIANCE
0.52 0.61
ICICIBANK
0.48 0.44
INFY
0.56 0.60
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Technical & Derivatives Report
December 06, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (December Series) are given as an information and not as a recommendation.
Nifty Spot = 17196.70
FII Statistics for December 03, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3542.36 5905.95 (2363.59) 169519 14811.20 (7.97)
INDEX
OPTIONS
342555.88 342038.44 517.44
1464956 127355.24 15.78
STOCK
FUTURES
14585.99 13437.38 1148.61
1824214 130426.45 (2.02)
STOCK
OPTIONS
10025.92 10105.73 (79.81) 204822 14987.25 4.00
Total
370710.15
371487.50
(777.35) 3663511
287580.14
4.42
Turnover on December 03, 2021
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
410988 36498.74 30.80
Index Options
48857190 4377590.38
-65.91
Stock Futures
766827 57165.24 12.27
Stock Options
2020368 156695.07 13.23
Total
5,20,55,373 4627949.43
-64.56
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
17200 312.00
54.90 45.10 17254.90
Sell
17300 257.10
Buy
17200 312.00
104.45 95.55 17304.45
Sell
17400 207.55
Buy
17300 257.10
49.55 50.45 17349.55
Sell
17400 207.55
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
17200 276.10
34.70 65.30 17165.30
Sell
17100 241.40
Buy
17200 276.10
71.60 128.40 17128.40
Sell
17000 204.50
Buy
17100 241.40
36.90 63.10 17063.10
Sell
17000 204.50
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
16500 16600 16700 16800 16900 17000 17100 17200 17300 17400 17500 17600 17700 17800
Call Put
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December 06, 2021
`
Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 727 732
739 745 752
ASIANPAINT 3,053 3,082
3,135 3,163 3,216
AXISBANK 661 667
677 683 693
BAJAJ-AUTO 3,241 3,265
3,304 3,327 3,366
BAJFINANCE 6,941 7,005
7,119 7,184 7,298
BAJAJFINSV 17,170 17,329
17,609 17,769 18,049
BPCL 378 382
385 389 392
BHARTIARTL 705 712
723 730 741
BRITANNIA 3,522 3,538
3,566 3,581 3,609
CIPLA 895 904
917 925 938
COALINDIA 148 149
151 152 153
DIVISLAB 4,672 4,715
4,756 4,798 4,840
DRREDDY 4,534 4,565
4,615 4,646 4,696
EICHERMOT 2,414 2,435
2,466 2,487 2,518
GRASIM 1,671 1,687
1,715 1,731 1,759
HCLTECH 1,157 1,164
1,177 1,184 1,197
HDFCBANK 1,490 1,502
1,519 1,531 1,548
HDFCLIFE 676 684
695 703 715
HDFC 2,728 2,750
2,787 2,809 2,846
HEROMOTOCO 2,424 2,443
2,470 2,490 2,517
HINDALCO 418 421
427 431 437
HINDUNILVR 2,305 2,324
2,357 2,376 2,409
ICICIBANK 706 711
720 726 735
IOC 120 121
122 123 124
INDUSINDBK 930 940
949 960 969
INFY 1,697 1,717
1,752 1,771 1,806
ITC 218 220
223 225 228
JSW STEEL 628 636
645 654 663
KOTAKBANK 1,852 1,883
1,936 1,968 2,021
LT 1,766 1,784
1,814 1,832 1,862
M&M 821 829
842 850 864
MARUTI 7,049 7,129
7,229 7,309 7,409
NESTLEIND 18,957 19,139
19,319 19,501 19,681
NTPC 124 126
128 129 132
ONGC 142 144
145 147 149
POWERGRID 198 202
209 213 220
RELIANCE 2,337 2,373
2,436 2,471 2,534
SBILIFE 1,148 1,157
1,173 1,181 1,197
SHREECEM 25,110 25,512
25,966 26,368 26,822
SBIN 463 468
475 480 486
SUNPHARMA 735 743
758 766 781
TCS 3,611 3,626
3,646 3,661 3,681
TATACONSUM
760 767
774 781 788
TATAMOTORS 473 477
481 484 488
TATASTEEL 1,086 1,102
1,118 1,134 1,150
TECHM 1,559 1,576
1,607 1,624 1,656
TITAN 2,326 2,348
2,377 2,398 2,427
ULTRACEMCO 7,202 7,267
7,361 7,426 7,520
UPL 692 702
710 720 728
WIPRO 631 636
645 650 659
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Technical & Derivatives Report
December 06, 2021
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Technical and Derivatives Team:
Sameet Chavan Chief Analyst – Technical & Derivatives sameet.chavan@angelone.in
Rajesh Bhosale Technical Analyst rajesh.bhosle@angelone.in
Sneha Seth Derivatives Analyst sneha.seth@angelone.in
