September 20, 2021
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Key Levels
Support 1 – 17500
Resistance 1 – 17700
Support 2 – 17450
Resistance 2 – 17800
Exhibit 1: Nifty Daily Chart
Nifty Bank Outlook - (37812)
Bank Nifty index has witnessed a sharp upmove during last week
and outperformed the benchmark to post new all-time high. On
Friday, inspite of some profit booking in the broader markets, the
banking space continued its momentum and witnessed buying
interest on intraday declines.
The near term trend continues to be positive and the short term
chart indicates support around 37400. If the index breaks this
support, then one should look to book profits on longs and take
some money off the table. On the flipside, a sustained move
above 38000 could provide further impetus to the ongoing
momentum.
Key Levels
Support 1 – 37400
Resistance 1 – 38150
Support 2 – 37245
Resistance 2 – 38320
Exhibit 2: Nifty Bank Daily Chart
Sensex (59016) / Nifty (17585)
Since last few days, Nifty was trapped in a small range and finally it
managed to find some momentum. The trend is extremely strong but
honestly, the current move is not giving us comfort at all. We reiterate
that when things start to look hunky dory and there are no signs of
correction, market surprises. Yes, it’s difficult to predict the precise time,
but it’s always better to be safe than sorry. As of now, we are not
advising to short but at least one can choose to keep booking profits on
a regular interval and stay light on positions. Friday’s sharp correction
from higher levels is clearly an indication of this and hence, we continue
with our cautious stance. As far as levels are concerned, 17700 – 17800
are to be seen as immediate hurdles; whereas on the flipside, 17450 –
17250 should be treated as key supports. The first sign of real weakness
would come only if we start sliding below the lower range. The banking
space had a lion share in last three days’ rally as we saw BANKNIFTY
coming out of its long slumber phase to post fresh record high. In fact,
on Friday as well, the broader market was sulking after the initial up
move; but banking index managed to close in the green.
Going ahead, all eyes would be on this heavyweight basket,
because if Nifty has to move towards 18000, this space needs
to continue its momentum. In addition, the broader end of the
spectrum had a fabulous run throughout the week but we saw
some decent profit booking in this space as well on the last day,
which does not bode well. Hence, we remain a bit sceptical and
we expect the picture to get clear in the coming week itself.
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Technical & Derivatives Report
September 20, 2021
Nifty Vs OI
View
Nifty continued to march higher and form new records
every day during the week. It almost tested the 17800
mark on Friday, but witnessed some profit booking at
the end to close the week tad below 17600. The
banking index outperformed this week as the Bank Nifty
posted new record high and ended with weekly gains of
around 3 percent.
FIIs were net buyers in cash market segment to the tune
of Rs. 1553 crores. In index futures, they bought worth
Rs. 2067 crores with rise in open interest indicating long
formation on Friday.
The index witnessed formation of long positions which
led to its outperformance. FII’s added some long
positions in the index futures segment and their ‘Long
Short Ratio’ currently stands around 68 percent. In
options segment, open interest addition was seen in
17800 call and 17600-17500 puts too witnessed
addition of positions. The data indicates immediate
resistance around 17800 followed by 18000 level. On
the flipside, we believe at-the-money put option of
17600 strike saw addition of long positions on Friday. In
the coming week, 17500-17400 would be the crucial
support zone which traders should keep a watch on. It is
advisable to be stock specific and avoid aggressive
overnight positions.
Comments
The Nifty futures open interest has decreased by 3.95%.
Bank Nifty futures open interest has decreased by 2.11%
as market closed at 17585.15 levels.
The Nifty September future closed with a premium of
18.00 point against a premium of 18.25 point in last
trading session. The October series closed at a premium
of 48.30 point.
The INDIA VIX increased from 14.41 to 15.23. At the
same time, the PCR-OI of Nifty has decreased from 1.51
to 1.15.
Few of the liquid counters where we have seen high cost
of carry are IDEA, ZEEL, TORNTPOWER, ADANIENT and
L&TFH.
OI Gainers
SCRIP
OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
IRCTC
2938325
70.46
3863.40
2.48
NAVINFLUOR
760725
43.63
3860.15
-4.14
INDIGO
4041500
39.39
2196.10
11.19
IDEA
724570000
17.29
11.15
-0.44
LALPATHLAB
603750
13.86
3981.10
-2.59
TATASTEEL
47816750
10.00
1385.90
-3.42
INDHOTEL
12885600
9.91
149.05
-3.79
IBULHSGFIN
43307000
9.08
228.75
-5.57
OI Losers
SCRIP
OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ONGC
55563200
-13.09
127.75
-1.12
NAM-INDIA
3425600
-12.07
439.60
-0.70
IOC
46689500
-11.94
118.25
-0.38
PFC
26604200
-10.34
138.30
1.02
KOTAKBANK
14338800
-8.61
2007.90
5.02
HINDUNILVR
7561800
-8.22
2722.25
-1.34
LT
13396925
-7.27
1716.20
-0.12
INDIAMART
272250
-7.09
8608.55
-2.02
Put-Call Ratio
SCRIP
PCR-OI
PCR-VOL
NIFTY
1.15
0.92
BANKNIFTY
0.96
0.89
RELIANCE
0.46
0.42
ICICIBANK
0.49
0.45
INFY
0.53
0.38
Historical Volatility
SCRIP
HV
INDIGO
46.55
KOTAKBANK
39.54
PNB
53.68
COALINDIA
38.64
COROMANDEL
38.20
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Technical & Derivatives Report
September 20, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (September Series) are given as an information and not as a recommendation.
Nifty Spot = 17585.15
FII Statistics for September 17, 2021
Detail
Buy
Net
Contracts
Open Interest
Sell
Value
(in Cr.)
Change
INDEX
FUTURES
7195.87
5128.81
2067.06
177680
15863.93
2.10
INDEX
OPTIONS
479847.86
477046.93
2800.93
1521704
135539.95
30.60
STOCK
FUTURES
23259.69
23835.35
(575.66)
1491685
129296.71
(0.33)
STOCK
OPTIONS
38095.78
38723.78
(628.00)
342774
29938.91
1.78
Total
548399.20
544734.87
3664.33
3533843
310639.50
11.39
Turnover on September 17, 2021
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
459588
41922.06
41.00
Index Options
57586392
5308266.14
-56.03
Stock Futures
1156985
101409.28
31.86
Stock Options
4413994
402017.75
23.25
Total
63,616,959
5853615.23
-53.19
Bull-Call Spreads
Action
Strike
Price
Risk
Reward
BEP
Buy
17600
165.00
44.85
55.15
17644.85
Sell
17700
120.15
Buy
17600
165.00
78.95
121.05
17678.95
Sell
17800
86.05
Buy
17700
120.15
34.10
65.90
17734.10
Sell
17800
86.05
Bear-Put Spreads
Action
Strike
Price
Risk
Reward
BEP
Buy
17600
157.15
40.30
59.70
17559.70
Sell
17500
116.85
Buy
17600
157.15
72.00
128.00
17528.00
Sell
17400
85.15
Buy
17500
116.85
31.70
68.30
17468.30
Sell
17400
85.15
Nifty Put-Call Analysis
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Technical & Derivatives Report
September 20, 2021
`
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS
744
754
770
780
796
ASIANPAINT
3,229
3,270
3,326
3,367
3,423
AXISBANK
786
799
810
822
833
BAJAJ-AUTO
3,772
3,802
3,841
3,871
3,910
BAJFINANCE
16,291
16,582
17,040
17,331
17,789
BAJAJFINSV
7,174
7,308
7,494
7,628
7,814
BPCL
715
722
728
736
742
BHARTIARTL
427
431
437
441
446
BRITANNIA
4,002
4,038
4,076
4,112
4,150
CIPLA
940
947
955
962
969
COALINDIA
151
154
158
162
166
DIVISLAB
4,989
5,058
5,128
5,197
5,267
DRREDDY
4,815
4,849
4,903
4,938
4,992
EICHERMOT
2,829
2,865
2,900
2,935
2,970
GRASIM
1,534
1,553
1,581
1,600
1,629
HCLTECH
1,245
1,254
1,267
1,276
1,290
HDFCBANK
2,776
2,800
2,826
2,850
2,876
HDFCLIFE
1,548
1,567
1,578
1,597
1,608
HDFC
728
736
748
756
768
HEROMOTOCO
2,868
2,896
2,925
2,954
2,983
HINDALCO
461
467
476
483
492
HINDUNILVR
2,656
2,698
2,740
2,782
2,824
ICICIBANK
703
713
724
733
744
IOC
114
116
118
119
121
INDUSINDBK
1,095
1,112
1,129
1,146
1,163
INFY
1,665
1,678
1,698
1,712
1,732
ITC
224
228
233
236
241
JSW STEEL
659
672
682
696
706
KOTAKBANK
1,877
1,946
1,981
2,050
2,085
LT
1,687
1,704
1,723
1,739
1,758
M&M
741
749
758
766
774
MARUTI
6,895
6,955
7,010
7,070
7,125
NESTLEIND
20,010
20,118
20,209
20,317
20,408
NTPC
120
122
123
125
126
ONGC
122
125
127
130
132
POWERGRID
175
177
179
181
182
RELIANCE
2,326
2,356
2,406
2,437
2,486
SBILIFE
1,174
1,185
1,195
1,207
1,216
SHREECEM
29,656
30,095
30,567
31,006
31,478
SBIN
437
445
459
467
480
SUNPHARMA
754
762
775
783
796
TCS
3,719
3,773
3,859
3,913
3,999
TATACONSUM
859
866
873
880
888
TATAMOTORS
300
304
310
314
319
TATASTEEL
1,314
1,348
1,394
1,429
1,475
TECHM
1,416
1,431
1,452
1,466
1,487
TITAN
2,041
2,073
2,111
2,143
2,181
ULTRACEMCO
7,569
7,655
7,746
7,831
7,923
UPL
722
732
745
755
768
WIPRO
656
660
667
672
679
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Technical & Derivatives Report
September 20, 2021
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Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelone.in
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