November 16, 2021
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Technical & Derivatives Report
Nifty Bank Outlook - (38702)
Global market were hinting a positive start for the week and as per the
expectation the banking index to opened with some strength. The
index witnessed a follow-up move towards 39100 but soon this got
wiped-off, the selling aggravated in the subsequent hour to hit
intraday lows of 38606.60. In absence of any major price action
thereafter, the BankNifty ended the session with marginally loss.
Post last week’s sell-off, we are witnessing some respite but we can
clearly see some nervousness as index approaches the resistance zone
of 39000-39200. The banking index has been clearly underperforming
lately and is trading below 20 DEMA unlike the Nifty which is above
the same moving average. The PSU banks which were in action have
also undergone some profit booking with the privative bank which has
been correcting lately. Considering yesterday’s move, we stick to our
cautious stance especially in this space and would advise avoiding any
aggressive bets until we sustain below 39200-39300. On the downside,
38300-38400 shall be looked as immediate support zone and any fall
below same may drag index towards next support zone which is
around the 89 EMA.
Key Levels
Support 1 – 38400 Resistance 1 – 39200
Support 2 – 38300 Resistance 2 – 39300
Exhibit 2: Nifty Bank Daily Chart
Sensex (60719) / Nifty (18109)
We had an excellent start to the week owing to favourable global cues.
However, markets failed to sustain at higher as the early morning gains
just disappeared during the first half itself. During the remaining part
of the day, Nifty kept flirting around the equilibrium point. Eventually
in the absence of any momentum, Nifty ended the session tad above
the 18100 mark.
Friday’s action packed day was followed by quiet session yesterday,
where Nifty saw some encouraging signs at the start but could not
capitalise on it. The overall intraday range for Nifty was merely 130
points approx. This itself suggests lack of momentum in key indices.
However, there was some action seen in defensive names like FMCG
and PHARMA. Apart from this, there was a complete drought in most
of the individual pockets. Since Nifty remained in a slender range, levels
are more or less unchanged. For the coming session, 18200 would be
seen as immediate hurdle; whereas on the lower side, 18000 followed
by 17850 are to be considered as key supports. Because any violation
of these levels would lead to some weakness in our benchmark index.
Key Levels
Support 1 – 18000 Resistance 1 – 18200
Support 2 – 17850 Resistance 2 – 18350
Exhibit 1: Nifty Daily Chart
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The week started on a positive note however we lacked
follow-up buying post opening. In fact, the benchmark
slipped lower and eventually after gyrating in a range in
the major part of the second half ended flat at 18109.4
FIIs were net buyers in the cash market segment to the
tune of Rs. 425 crores. In index futures, they sold worth Rs.
291 crores with increase in open interest indicating short
formations in yesterday’s session.
In index futures, we witnessed a fresh buildup in both the
indices however there was no major price change. FIIs
bought in cash segment for the second consecutive session
whereas in index futures they created fresh short
positions. In options front, 18200 call added fresh build up
whereas some unwinding was seen in 18000 put options.
We see a stiff hurdle around the 18200 mark whereas a slip
below the support of 18000 may trigger some weakness in
the market. Traders are advised to keep a tab on the above
levels and trade accordingly.
Comments
The Nifty futures open interest has increased by 1.64%. Bank
Nifty futures open interest has increased by 5.98% as market
closed at 18109.45 levels.
The Nifty November future closed with a premium of 31.55
point against a premium of 23.25 point in last trading session.
The December series closed at a premium of 87.3 point.
The INDIA VIX increased from 15.21 to 15.46. At the same
time, the PCR-OI of Nifty has decreased from 1.16 to 0.99.
Few of the liquid counters where we have seen high cost of
carry are IDEA, ATUL, APLLTD, INDUSTOWER, AND
BAJAJFINSV
Nifty Vs OI
17400
17500
17600
17700
17800
17900
18000
18100
18200
18300
18400
,0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
10-20 10-22 10-26 10-28 11-1 11-3 11-5 11-11 11-15
(`000)
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
FSL
6492200 19.59 167.90 -5.50
APOLLOHOSP
2416375 16.65 5080.95 9.07
TORNTPHARM
884500 14.80 2794.65 0.18
IPCALAB
2552175 13.66 2200.05 -0.30
GRANULES
13923650 12.09 302.90 -2.57
IRCTC
15533500 11.73 903.45 4.47
PIIND
1750000 11.48 2889.75 5.57
RECLTD
39156000 10.44 142.10 -2.13
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
JKCEMENT
165725 -17.80 3517.95 -4.88
SYNGENE
1543600 -16.35 593.20 6.92
POWERGRID
24446472 -8.96 188.30 3.04
SRF
3899250 -8.24 2192.90 1.72
NATIONALUM
108825500 -5.97 99.75 -2.63
BIOCON
16408200 -5.86 361.75 4.12
NAVINFLUOR
782100 -5.49 3539.15 0.34
TRENT
2348275 -5.29 1157.20 0.60
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY
0.99 0.91
BANKNIFTY
0.58 0.93
RELIANCE
0.51 0.43
ICICIBANK
0.42 0.31
INFY
0.49 0.35
Historical Volatility
SCRIP HV
MANAPPURAM
55.35
APOLLOHOSP
47.70
SYNGENE
37.87
LAURUSLABS
52.07
METROPOLIS
50.22
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Technical & Derivatives Report
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Note: Above mentioned Bullish or Bearish Spreads in Nifty (November Series) are given as an information and not as a recommendation.
Nifty Spot = 18109.45
FII Statistics for November 15, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
3087.50 3378.55 (291.05) 168277 15533.48 1.04
INDEX
OPTIONS
335229.65 333147.71 2081.94
1539071 142300.84 4.69
297314.41
STOCK
FUTURES
12951.58 13029.41 (77.83) 1805821 135860.03 0.61
STOCK
OPTIONS
17722.43 17881.66 (159.23) 339128 26233.38 3.66
Total
368991.16
367437.33
1553.83
3852297
319927.73
2.49
43446.77
Turnover on November 15, 2021
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
223772 21006.60 -19.88
Index Options
41718437 3949458.41 10.37
Stock Futures
789735 60691.14 -6.82
Stock Options
2892408 228157.39 -7.04
Total
4,56,24,352
4259313.54 8.79
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
18100 192.60
52.60 47.40 18152.60
Sell
18200 140.00
Buy
18100 192.60
94.45 105.55 18194.45
Sell
18300 98.15
Buy
18200 140.00
41.85 58.15 18241.85
Sell
18300 98.15
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
18100 148.35
38.30 61.70 18061.70
Sell
18000 110.05
Buy
18100 148.35
67.55 132.45 18032.45
Sell
17900 80.80
Buy
18000 110.05
29.25 70.75 17970.75
Sell
17900 80.80
Nifty Put-Call Analysis
,0
500,000
1000,000
1500,000
2000,000
2500,000
3000,000
17500 17600 17700 17800 17900 18000 18100 18200 18300 18400 18500 18600 18700 18800
Call Put
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Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 733 741
749 757 765
ASIANPAINT 3,104 3,136
3,158 3,190 3,212
AXISBANK 719 726
735 742 751
BAJAJ-AUTO 3,525 3,563
3,618 3,657 3,712
BAJFINANCE 7,413 7,474
7,551 7,611 7,688
BAJAJFINSV 17,814 17,972
18,159 18,317 18,504
BPCL 422 424
427 429 432
BHARTIARTL 730 734
740 744 750
BRITANNIA 3,648 3,695
3,721 3,769 3,795
CIPLA 900 919
929 949 959
COALINDIA 154 157
162 165 170
DIVISLAB 4,822 4,865
4,896 4,939 4,970
DRREDDY 4,803 4,838
4,869 4,904 4,935
EICHERMOT 2,621 2,652
2,711 2,743 2,802
GRASIM 1,812 1,834
1,862 1,884 1,912
HCLTECH 1,154 1,162
1,172 1,180 1,190
HDFCBANK 1,544 1,550
1,561 1,568 1,579
HDFCLIFE 704 709
717 722 729
HDFC 2,948 2,974
2,998 3,024 3,048
HEROMOTOCO 2,623 2,658
2,721 2,757 2,820
HINDALCO 443 450
462 468 480
HINDUNILVR 2,394 2,409
2,420 2,435 2,446
ICICIBANK 763 768
776 781 789
IOC 131 132
133 134 135
INDUSINDBK 1,023 1,032
1,042 1,051 1,060
INFY 1,763 1,775
1,788 1,800 1,812
ITC 231 234
237 240 243
JSW STEEL 648 655
665 672 682
KOTAKBANK 2,067 2,082
2,095 2,110 2,123
LT 1,923 1,935
1,955 1,967 1,986
M&M 905 917
933 944 960
MARUTI 7,384 7,443
7,512 7,571 7,640
NESTLEIND 18,919 19,198
19,348 19,627 19,778
NTPC 135 136
137 138 139
ONGC 152 155
159 161 165
POWERGRID 180 184
186 191 193
RELIANCE 2,551 2,564
2,583 2,597 2,616
SBILIFE 1,141 1,150
1,165 1,174 1,189
SHREECEM 28,569 28,823
29,285 29,540 30,002
SBIN 499 503
509 513 520
SUNPHARMA 799 805
812 818 825
TCS 3,509 3,531
3,550 3,573 3,592
TATACONSUM
842 847
853 858 863
TATAMOTORS 498 502
508 512 519
TATASTEEL 1,204 1,225
1,262 1,282 1,319
TECHM 1,557 1,568
1,585 1,596 1,613
TITAN 2,507 2,523
2,548 2,564 2,589
ULTRACEMCO 7,943 7,997
8,085 8,139 8,226
UPL 761 772
782 794 803
WIPRO 652 655
661 664 670
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November 16, 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