Aug 12, 2022
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OOOOOOOO
Nifty Bank Outlook (38880)
Bank Nifty as well started with a big gap up opening, while there was
no follow-up buying in benchmark index Nifty; the banking index
extended beyond the morning gains and with positive momentum
throughout the session eventually ended with gains of 1.55% at
38880.
With yesterday's strong up move; Bank Nifty has surpassed the key
hurdle of the April Swing high of 38759 and this move is seen with a
strong bullish gap left on the daily chart. This indicates that the bulls
are in strong momentum however one should avoid getting
complacent as the oscillators are in deep overbought condition and as
the market is approaching the current calendar year high of 39424
marked in Feb month. Going ahead, 39000 - 39500 is seen as stiff
resistance whereas the bullish gap left yesterday at 38400 - 38650 is
seen as immediate support. Ahead of the long weekend traders are
advised to be very selective and avoid carrying aggressive overnight
bets.
Key Levels
Support 1 – 38650 Resistance 1 – 39000
Support 2 – 38400 Resistance 2 – 39500
Exhibit 1: Nifty Daily
Chart
Exhibit 2: Nifty Bank
Daily
Chart
Sensex (59333) / Nifty (17659)
The US markets climbed overnight after easing inflation report and
yesterday morning too, they extended the lead. This development
resulted in a bump up at the opening in our markets, mirroring the SGX
NIFTY. It appeared as if we are going to witness a bumper session on
weekly expiry, but the follow up was clearly missing as benchmark
index Nifty chose to consolidate in merely 60 points throughout the
remaining part of the session. Eventually the day ended with seven
tenths of percent gains; but convincingly below the opening level.
We had a muted session on Wednesday and if we exclude the opening
gap, yesterday’s session was lethargic than the previous one (for
NIFTY). However, the other high beta heavyweight index, BANKNIFTY
had its own plans. Unlike the Nifty, banking index extended its gains as
the day progressed and eventually ended the session almost at the
highest point with more than one and half a percent gains. It would be
interesting to see the activities in global bourses today; because one
more round of buying there would probably provide the much needed
force to surpass yesterday’s high. For the coming session, 17720
followed by 17780 are to be seen as immediate hurdles; whereas on
the flipside, 17630 – 17560 are to be treated as intraday supports.
Key Levels
Support 1 – 17630 Resistance 1 – 17720
Support 2 – 17560 Resistance 2 – 17780
In our sense, we are likely to have consolidation in coming trading
session too on the back of extended weekend. Hence, as a
momentum trader, we would advise traders to lighten up positions
at higher levels. One can continue to focus on individual stocks;
because the thematic moves are still playing out well in the market.
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We have witnessed a slender range-bound
movement in the benchmark index post a strong
start. The Nifty50 index lacked follow up buying but
maintained its positive closure with gains of 0.71
percent and reclaimed 17650 level.
FIIs were net buyers in the cash market segment to
the tune of Rs. 2298 crores. Simultaneously, in Index
futures, they bought worth Rs. 922 crores with an
increase in open interest, indicating long addition.
Looking at the overall F&O data, we have witnessed
long addition in both indices. On the options front, the
major concentration of OI is seen at 17500 put strikes,
which is likely to cushion any correction, followed by
17400 PE. On the contrary, piling up of positions could
be seen at 17700 call strike followed by 17800 CE,
which is likely to act as an immediate hurdle. The
undertone is likely to remain in favor of bulls, though
some tentativeness could be sensed at higher levels.
Hence, it is advisable to keep a close tab on the
mentioned levels along with the global developments
and utilize any intraday dip to add long bets to the
index.
Comments
The Nifty futures open interest has increased by
1.22%. and Bank Nifty futures open interest has
increased by 11.09% as the market closed at 17659.00.
The Nifty Aug future closed with a premium of 25.95
point against a premium of 23.5 point in the last
trading session. The Sep series closed at a premium
of 94.15 point.
The INDIA VIX decreased from 19.58 to 18.35. At the
same time, the PCR-OI of Nifty has increased from
1.23 to 1.24.
Few of the liquid counters where we have seen high
cost of carry are MGL, IGL, CUMMINSIND, ZYDUSLIFE
and IPCALAB.
Historical Volatility
SCRIP HV
IDEA 84.78
IBULHSGFIN 75.83
RBLBANK 72.17
HINDCOPPER 65.78
ZEEL 65.61
Nifty Vs OI
16000
16200
16400
16600
16800
17000
17200
17400
17600
17800
18000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
7/22 7/26 7/28 8/1 8/4 8/8 8/11
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
JUBLFOOD 12581250 18.78 588.15 3.65
GUJGASLTD 5911250 18.43 464.55 2.25
IRCTC 16265375 15.16 670.10 -1.29
BATAINDIA 2367750 10.93 1914.05 1.83
GAIL 55943100 10.36 128.65 -1.63
CHAMBLFERT 8938500 10.05 338.75 2.73
GLENMARK 8319100 9.82 389.00 3.51
BSOFT 5887700 9.74 343.10 2.07
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
MGL 3291200 -10.39 860.40 7.87
AARTIIND 3637150 -8.98 815.35 -0.99
NTPC 63891300 -7.54 153.65 -1.60
EICHERMOT 3888500 -6.76 3176.40 0.50
COALINDIA 36078000 -6.38 218.60 0.64
IDFCFIRSTB 206580000 -5.97 45.25 1.00
CUMMINSIND 3325800 -5.84 1237.65 6.26
BALRAMCHIN 8563200 -5.27 338.95 2.40
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 1.24 1.09
BANKNIFTY 1.21 0.97
RELIANCE 0.53 0.54
ICICIBANK 1.21 0.68
INFY 0.73 0.55
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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,
659
.
00
FII Statistics for
August
1
1
, 2022
Detail Buy
Contracts
Open
Interest
Value
(in Cr.)
Sell
Net
CHANGE
INDEX
FUTURES
3666.09 2744.29 921.80
154029 14131.56 3.56
INDEX
OPTIONS
1390196.27 1389073.65 1122.62
884503 79673.48 (31.16)
STOCK
FUTURES
11273.00 10289.96 983.04
2152115 149400.60 0.38
STOCK
OPTIONS
7735.37 7909.08 (173.71) 141762 10079.77 7.30
Total 1412870.73
1410016.98
2853.75
3332409
253285.41
(10.17)
Turnover on
August
1
1
, 2022
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
312277 28859.89 12.44
Index Options
223147625
20790975.73 94.88
Stock Futures
823796 58289.43 3.34
Stock Options
3224151 238249.49 0.16
Total
32,24,151 238249.49 92.17
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
17600 258.45
59.25
40.75
17659.25
Sell
17700 199.20
Buy
17600 258.45
110.05
89.95
17710.05
Sell
17800 148.40
Buy
17700 199.20
50.80 49.20 17750.80
Sell
17800 148.40
Bear
-
Put Spreads
Action Strike Price Risk Reward BEP
Buy 17600 172.50
34.35
65.65
17565.65
Sell
17500 138.15
Buy 17600 172.50
63.65
136.35
17536.35
Sell 17400 108.85
Buy
17500 138.15
29.30 70.70 17470.70
Sell
17400 108.85
Nifty Put
-
Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
17000 17100 17200 17300 17400 17500 17600 17700 17800 17900 18000 18100 18200 18300
Call Put
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`
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1 R2
ADANIPORTS
782
787
794
799
805
APOLLOHOSP 4,332 4,381
4,467
4,515
4,601
ASIANPAINT
3,336
3,371
3,424 3,459
3,512
AXISBANK 737 748
754
765
772
BAJAJ-AUTO 4,002 4,018
4,038
4,054
4,074
BAJFINANCE
7,179
7,249
7,287
7,357
7,395
BAJAJFINSV 15,561 15,649
15,789
15,878
16,018
BPCL
325
327
329
331
333
BHARTIARTL
698
704
712
718
725
BRITANNIA
3,601
3,621
3,652
3,671
3,702
CIPLA
1,027
1,033
1,041
1,047
1,055
COALINDIA
212
215
221
224
230
DIVISLAB 3,886 3,917
3,936
3,967
3,986
DRREDDY
4,215
4,237
4,257
4,279
4,300
EICHERMOT
3,067
3,122
3,194
3,249
3,321
GRASIM
1,577
1,589
1,604
1,616
1,631
HCLTECH
953
958
963
968
973
HDFCBANK
1,467
1,477
1,484
1,493
1,500
HDFCLIFE
536
539
542
545
548
HDFC
2,397
2,426
2,445
2,474 2,492
HEROMOTOCO 2,740 2,762
2,790
2,813
2,841
HINDALCO
423
428
437
443
452
HINDUNILVR 2,568 2,591
2,629
2,652
2,691
ICICIBANK
853
856
861 865
870
INDUSINDBK 1,061 1,070
1,078
1,087
1,095
INFY
1,607
1,614
1,622
1,629
1,638
ITC
300
303
308
311
316
JSW STEEL
665
669
674
678
683
KOTAKBANK
1,824
1,839
1,848
1,862
1,871
LT
1,843
1,855
1,867
1,879
1,891
M&M 1,241 1,254
1,266
1,279
1,291
MARUTI
8,571
8,693
8,845
8,967
9,119
NESTLEIND
19,355
19,517
19,750
19,912
20,145
NTPC 150 152
154
156
158
ONGC 130 131
134 135 138
POWERGRID
219
221
224
226
229
RELIANCE 2,564 2,578
2,594
2,607
2,623
SBILIFE
1,243
1,252
1,268
1,277
1,293
SHREECEM 20,965 21,079
21,264
21,379
21,564
SBIN 514 519
523
528 531
SUNPHARMA
912
917
922
926
931
TCS 3,355 3,389
3,409 3,442 3,462
TATACONSUM
754
764
781
791
808
TATAMOTORS
470
473
479
483
488
TATASTEEL
107
108
109
110
112
TECHM
1,057
1,067
1,080
1,091
1,104
TITAN 2,428 2,450
2,468 2,490
2,508
ULTRACEMCO
6,527
6,562
6,609
6,644
6,690
UPL
754
761
767
774 781
WIPRO
433
436
439
442
445
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*
Technical and Derivatives Team:
Sameet Chavan Chief Analyst – Technical & Derivatives sameet.chavan@angelone.in
Sneha Seth Senior Analyst – Technical & Derivatives sneha.[email protected]ngelone.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[email protected]ngelone.in
For Derivatives Queries E-mail: derivatives.desk@angelone.in
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