May 11, 2022

www.angelone.in

Technical & Derivatives Report

Nifty Bank Outlook

(34483)

The US markets had yet another terrible session overnight; but

despite this our markets did not open much lower. In fact, the

banking index started off marginally in the red and immediately

entered the positive terrain in the initial trades. As the day

progressed, the BANKNIFTY showed its dominance by leading

from the front. As we stepped into the last hour, BANKNIFTY was

knocking the door at 34800; but it immediately reversed from

thereon and within a blink of an eye, major chunk of gains just

got disappeared. Eventually, the index ended around 34500 by

adding more than half a percent gains. The BANKNIFTY showed

some strength yesterday but with the tail end correction, the

closing was not that sturdy as it should have been. It seems that

traders are a bit sceptical of carrying long positions overnight

due to recent streak of gap downs in our market. As far as levels

are concerned, 34150 followed by 33900 has now become a

sacrosanct support; whereas on the higher side, we may not see

a convincing rebound till the time 34800 – 35000 are not

surpassed on a sustainable basis. Yesterday’s move was

promising and if there is no aberration globally, the banking

stocks can make a comeback strongly in coming days.

Key Levels

Support 1 – 34150 Resistance 1 – 34800

Support 2 – 33900 Resistance 2 – 35000

Exhibit 1: Nifty Daily Chart

Exhibit 2: Nifty Bank Daily Chart

Sensex (54365) / Nifty (16240)

The Indian equities started on a subdued note, led by the mixed

global cues, wherein the benchmark index Nifty50 witnessed a

slender range-bound movement throughout. There was no

significant action seen in the primary index until a sell-off

triggered by the fag end, which certainly showcased the

tentativeness among the market participants. Post the lackluster

session, Nifty concluded the day in red with a mere loss of 0.38

percent at 16240 levels.

At present, the index placement on the daily chart depicts the

lost traction due to across-board weakness in domestic and

global markets. As far as levels are concerned, the Nifty is

currently placed near the 78.60% of Fibonacci retracement, while

any further sell-off could drag it towards the psychological mark

of 16000 in the near future. As we allude to our previous

commentary, the unfilled gap of 16480-16650 is the sturdy wall

for the bulls. Hence, looking at the technical setup, the market is

likely to trade in the mentioned range until a breakout on either

side is seen in a decisive manner.

Key Levels

Support 1 – 16100 Resistance 1 – 16400

Support 2 – 16000 Resistance 2 – 16480

Some traction was seen in the midcaps and selective banking

counters that kept the traders active throughout the day.

Going forward, apart from the slender range-bound

movement in the indices, many stock-specific adjustments

are likely to continue. Hence, traders are advised to have a

stock-centric approach in such a market scenario, and any

aggressive bets should be avoided.

www.angelone.in

Technical & Derivatives Report

May 11, 2022

View

 We had a muted start on Tuesday and than index

traded in a slender range for the major part of the

day. As we entered the final hour all of a sudden

market corrected to conclude tad below 16250.

 FIIs were net sellers in the cash market segment

to the tune of Rs. 3961 crores. Simultaneously, in

Index futures, they bought worth Rs. 345 crores

with fall in open interest, indicating short

covering after quite some time.

 Although, we saw some selling in the fag end but we

observed decent short covering in the Nifty and

fresh long addition in banking index. FIIs continue

with their selling streak in equities but preferred

covering their bearish bets in index futures. The

futures which traded in discount of Monday have

been trading at premium again. In index options

front, fresh build-up was seen in 16300-16700 call

strikes. On the other side, some positions got piled

up in 17200. Considering the above development, we

dont see major downside from heron and hence, we

would advise trader using intraday declines to add

quality stocks.

Comments

 The Nifty futures open interest has decreased by 4.96%.

and BANK Nifty futures open interest has increased by

5.62% as the market closed at 16240.05.

 The Nifty May future closed with a premium of 7.05 point

against a discount of 3.00 point in the last trading

session. The June series closed at a premium of 11.55

point.

 The INDIA VIX increased from 22.00 to 22.30. At the

same time, the PCR-OI of Nifty has decreased from 0.80

to 0.76.

 Few of the liquid counters where we have seen high

cost of carry are IDEA, M&M, NATIONALUM, BATAINDIA

and ICICIPRULI.

Historical Volatility

SCRIP HV

COALINDIA 45.32

VOLTAS 40.44

TATASTEEL 49.70

ONGC 47.00

GNFC 60.70

Nifty Vs OI

15600

15800

16000

16200

16400

16600

16800

17000

17200

17400

17600

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

4-20 4-22 4-26 4-28 5-2 5-5 5-9

Openinterest Nifty

OI Gainers

SCRIP OI

CHG. (%)

PRICE

CHG. (%)

ALKEM 296400 11.60 2971.60 -3.63

VOLTAS 4270500 11.33 988.75 -5.88

SRF 4030500 10.83 2113.10 -5.22

DIXON 931875 10.02 3680.10 -3.65

TATASTEEL 32209475 8.57 1164.90 -6.83

INDUSTOWER 14277200 7.69 208.00 0.92

LALPATHLAB 836875 7.10 2316.45 -2.42

PVR 2757832 6.96 1772.25 4.13

OI Losers

SCRIP OI

CHG. (%)

PRICE

CHG. (%)

ABB 415500 -9.72 2230.55 -3.21

ONGC 45661000 -7.09 154.45 -6.24

OFSS 298575 -7.01 3571.10 0.08

GUJGASLTD 3367500 -5.61 507.05 -2.35

HINDPETRO 11542500 -5.04 270.50 0.74

VEDL 44632250 -4.36 330.35 -5.51

UBL 1167350 -3.92 1457.95 -0.61

HAL 2511325 -3.59 1550.60 -1.31

Put-Call Ratio

SCRIP PCR (OI) PCR (VOL)

NIFTY 0.76 0.79

BANKNIFTY 0.71 0.85

RELIANCE 0.29 0.36

ICICIBANK 0.44 0.36

INFY 0.40 0.38

www.angelone.in

Technical & Derivatives Report

May 11, 2022

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

Nifty Spot = 16,

240.05

FII Statistics for

May

, 2021

Detail Buy

Contracts

Open

Interest

Value

(in Cr.)

Sell

Net

CHANGE

INDEX

FUTURES

5390.10 5045.30 344.80

173334 14360.67 (5.54)

INDEX

OPTIONS

629668.51 627496.59 2171.92

1636728 134483.06 7.82

STOCK

FUTURES

15212.53 15592.90 (380.37) 2218462 137286.09 1.81

STOCK

OPTIONS

7212.45 7234.71 (22.26) 124610 8099.90 7.35

Total

657483.59

655369.50

2114.09

4153134

294229.72

3.91

Turnover on

May

, 29021

Instrument

No. of

Contracts

Turnover

( in Cr. )

Change

(%)

Index

Futures

479401 40040.93 -3.95

Index

Options

91487930 7718427.11

4.88

Stock

Futures

911688 57695.65 -0.88

Stock

Options

2790072 192053.38 -6.36

Total

27,90,072 192053.38 4.48

Bull

Call Spreads

Action Strike Price Risk Reward BEP

Buy

16400 324.95

55.45 44.55 16455.45

Sell

16500 269.50

Buy

16400 324.95

101.00 99.00 16501.00

Sell

16600 223.95

Buy

16500 269.50

45.55 54.45 16545.55

Sell 16600 223.95

Bear

Put Spreads

Action Strike Price Risk Reward BEP

Buy

16400 304.30

44.05 55.95 16355.95

Sell

16300 260.25

Buy

16400 304.30

81.90 118.10 16318.10

Sell

16200 222.40

Buy

16300 260.25

37.85 62.15 16262.15

Sell

16200 222.40

Nifty Put

Call Analysis

500,000

1000,000

1500,000

2000,000

2500,000

3000,000

3500,000

4000,000

4500,000

15800 15900 16000 16100 16200 16300 16400 16500 16600 16700 16800 16900 17000 17100

Call Put

www.angelone.in

Technical & Derivatives Report

May 11, 2022

Daily Pivot Levels for Nifty Constituents

Scrips

PIVOT

ADANIPORTS 740 755

779 794 818

APOLLOHOSP 3,590 3,638

3,710 3,759 3,831

ASIANPAINT 2,984 3,035

3,087 3,138 3,190

AXISBANK 649 654

663 669 678

BAJAJ-AUTO 3,487 3,540

3,593 3,647 3,700

BAJFINANCE 5,767 5,848

5,981 6,061 6,194

BAJAJFINSV 13,307 13,468

13,724 13,886 14,141

BPCL 348 351

354 357 361

BHARTIARTL 701 710

719 729 738

BRITANNIA 3,182 3,214

3,267 3,300 3,353

CIPLA 907 917

928 938 949

COALINDIA 159 165

174 180 189

DIVISLAB 4,170 4,233

4,273 4,336 4,376

DRREDDY 3,869 3,891

3,913 3,935 3,957

EICHERMOT 2,291 2,353

2,397 2,460 2,504

GRASIM 1,509 1,526

1,551 1,567 1,592

HCLTECH 1,056 1,064

1,075 1,083 1,093

HDFCBANK 1,298 1,320

1,336 1,358 1,374

HDFCLIFE 548 554

563 569 578

HDFC 2,133 2,167

2,194 2,229 2,256

HEROMOTOCO 2,422 2,446

2,483 2,507 2,543

HINDALCO 407 415

429 437 451

HINDUNILVR 2,087 2,134

2,166 2,213 2,245

ICICIBANK 697 704

712 719 727

INDUSINDBK 874 893

906 925 938

INFY 1,533 1,543

1,556 1,566 1,579

ITC 254 257

262 265 270

JSW STEEL 621 633

655 667 689

KOTAKBANK 1,750 1,774

1,791 1,815 1,832

LT 1,584 1,596

1,613 1,625 1,641

M&M 868 878

894 905 921

MARUTI 7,256 7,386

7,480 7,611 7,705

NESTLEIND 16,255 16,388

16,534 16,667 16,813

NTPC 150 153

157 160 164

ONGC 148 151

156 160 165

POWERGRID 239 241

245 247 251

RELIANCE 2,418 2,446

2,486 2,515 2,555

SBILIFE 1,045 1,063

1,080 1,098 1,115

SHREECEM 23,621 23,961

24,239 24,579 24,857

SBIN 468 472

477 481 486

SUNPHARMA 822 842

866 886 911

TCS 3,399 3,419

3,442 3,462 3,485

TATACONSUM

724 735

754 764 783

TATAMOTORS 378 385

397 404 416

TATASTEEL 1,097 1,131

1,193 1,227 1,289

TECHM 1,213 1,228

1,250 1,264 1,286

TITAN 2,088 2,113

2,149 2,174 2,210

ULTRACEMCO 6,107 6,237

6,330 6,460 6,553

UPL 768 779

790 801 812

WIPRO 472 475

479 482 487

www.angelone.in

Technical & Derivatives Report

May 11, 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.bhosle@angelone.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-cso@angelone.in

For Derivatives Queries E-mail: derivatives.desk@angelone.in

DISCLAIMER

Angel One Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay

Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and

Portfolio Manager and investment advisor with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel One

Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration

number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for

accessing /dealing in securities Market.

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment

decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should

make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the

companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine

the merits and risks of such an investment.

Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the securities of

the subject company at the end of the month immediately preceding the date of publication of the research report. Neither Angel or

its associates nor Research Analysts or his relative has any material conflict of interest at the time of publication of research report.

Angel or its associates might have received any compensation from the companies mentioned in the report during the period

preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate

finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction

in the normal course of business. Angel or its associates did not receive any compensation or other benefits from the companies

mentioned in the report or third party in connection with the research report. Neither Angel nor its research analyst entity has been

engaged in market making activity for the subject company.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and

trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's

fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate

the contrary view, if any.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable

sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this

document is for general guidance only. Angel One Limited or any of its affiliates/ group companies shall not be in any way responsible

for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel One

Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make

any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel

One Limited endeavors to update on a reasonable basis the information discussed in this material, there may be regulatory,

compliance, or other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,

redistributed or passed on, directly or indirectly.

Neither Angel One Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in

connection with the use of this information. Angel or its associates or Research Analyst or his relative might have financial interest

in the subject company. Research analyst has not served as an officer, director or employee of the subject company.