November 24, 2021
www.angelone.in
Technical & Derivatives Report
Nifty Bank Outlook - (37273)
Following the weakness from the previous session, the Bank Nifty
started on a negative note however it managed to find support on the
previous session low and started bouncing back. The bank index
eventually ended with marginal gains of 0.39% at 37273.
The BankNifty has now reached the October swing low and from here
this high beta index had witnessed a strong upmove. By returning back
to the origin point of upmove with oscillators in deep oversold
territory we witnessed some bounce back in yesterday’s session.
However, the momentum is strongly gripped by the bears and hence
we expect this support around 36500 – 36600 to be broken very soon.
Hence, any further extension of this bounce should be taken to lighten
up the existing long positions. Immediate resistance is seen around
37800 – 38000 levels.
Key Levels
Support 1 – 36600 Resistance 1 – 37800
Support 2 – 36500 Resistance 2 – 38000
Exhibit 2: Nifty Bank Daily Chart
Sensex (58664) / Nifty (17503)
After yesterday’s sell off, our market started the day on a weak note as
indicated by the SGX Nifty early in the morning. Things looked
extremely bleak in the opening trades but fortunately the bears chose
to take some breather after nearing the support zone of 17250 17200.
In fact, as the day progressed, the overall recovery in the market gained
some momentum to reclaim the 17500 mark.
Nifty might have gained only half a percent from the previous close; but
yesterday’s session was full of action as we first witnessed a correction
which was then followed by a decent rebound across the board.
Yesterday’s low precisely coincided with the daily ’89-EMA’ support
which we had mentioned in our previous commentary as well. Since
market was too oversold some respite was evident and this is exactly
what we witnessed throughout the day. Despite this, we still remain
cautious on the market and construe this as merely a technical
rebound. It’s better not to get carried away by these intermediate
recoveries because we are still not out of the woods yet. For the coming
session, 17550 – 17650 is to be seen as stiff hurdle and ideally it would
be a prudent ploy to lighten up longs if Nifty extends yesterday’s
bounce back. On the flipside, 17200 has now become a sacrosanct
support for the Nifty. Although we expect it to be breached soon, it
would be difficult to take a call whether it will happen in next two days
as we are approaching the November expiry.
Exhibit 1: Nifty Daily Chart
Our inclination remains on the bearish side and hence, it’s advisable
not to be in a hurry to do any kind of bottom fishing at this juncture.
The midcap index too had a sharp recovery but if we take a glance
at the daily time frame chart, we can see it giving a precise pull back
towards its trend line breakdown point. Such recoveries should be
used to lighten up longs.
Key Levels
Support 1 – 17250 Resistance 1 – 17550
Support 2 – 17200 Resistance 2 – 17650
www.angelone.in
Technical & Derivatives Report
November 24, 2021
View
Post Monday’s sell-off, we began yesterday’s session on a
weak note and tanked towards 17200 in the early morning
trade. However, market found some grounds around
17200 zone to recop all the losses and head into positive
trajectory. Eventually, we recovered more than 300 points
from the lows to conclude tad above 17500.
FIIs were net sellers in the cash market segment to the
tune of Rs. 4477 crores. In index futures, they bought
worth Rs. 297 crores with increase in open interest
indicating long formations.
In F&O space, the overall open interest activity specifically
for Nifty remained muted; whereas, banking index added
some longs. It’s the second consecutive session, wherein
FIIs have added some bullish bets in index futures
segment; however, they continue with their selling streak
in equities. As far as index options activities are concerned,
we saw good amount of build-up in 17500 call as well as
put options. Interestingly, the Nifty futures traded in
discount and INDIAVIX continue to surge, this certainly
doesn’t bodes well for Bulls. Hence, we believe we are still
not out of the woods; traders are advised not to getting
carried away.
Comments
The Nifty futures open interest has decreased by 0.28%. and
Nifty futures open interest has increased by 3.54% as market
closed at 17503.35 levels.
The Nifty November future closed with a discount of 8.10
point against a premium of 18.50 point in last trading session.
The December series closed at a premium of 37.20 point.
The INDIA VIX increased from 17.51 to 18.01. At the same
time, the PCR-OI of Nifty has increased from 0.67 to 0.84.
Few of the liquid counters where we have seen high cost of
carry are METROPOLIS, IPCALAB, LTTS, L&TFH and DIXON.
Historical Volatility
SCRIP HV
GLENMARK
47.27
VEDL
60.33
NAVINFLUOR
52.84
STAR
56.33
TORNTPOWER
37.65
Nifty Vs OI
16800
17000
17200
17400
17600
17800
18000
18200
18400
10,000
10,500
11,000
11,500
12,000
12,500
13,000
13,500
10-26 10-28 11-1 11-3 11-5 11-11 11-15 11-17 11-22
(`000)
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
RECLTD
58698000 21.14 135.05 1.35
ONGC
44359700 14.90 146.70 0.03
IPCALAB
3983625 13.59 2056.40 2.03
IBULHSGFIN
40833200 10.56 216.30 5.56
NTPC
58442100 10.38 133.50 2.26
HINDPETRO
17274600 9.69 318.60 0.41
NATIONALUM
102195500 9.11 99.05 2.59
INDUSTOWER
17385200 9.01 294.25 0.94
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
VEDL
74620100 -55.71 354.65 5.51
ALKEM
601400 -9.56 3349.20 1.60
GODREJPROP
2433275 -9.06 2177.35 2.65
L&TFH
71258140 -8.00 79.90 1.45
MFSL
2130050 -7.82 946.15 2.33
DIXON
481125 -6.83 5085.30 0.59
NAM-INDIA
2980800 -6.24 394.55 1.82
SRF
3320000 -5.91 2191.70 5.18
Put-Call Ratio
SCRIP PCR-OI PCR-VOL
NIFTY
0.84 0.81
BANKNIFTY
0.72 0.89
RELIANCE
0.49 0.52
ICICIBANK
0.40 0.55
INFY
0.47 0.60
www.angelone.in
Technical & Derivatives Report
November 24, 2021
Note: Above mentioned Bullish or Bearish Spreads in Nifty (November Series) are given as an information and not as a recommendation.
Nifty Spot = 17
503.35
FII Statistics for November 23, 2021
Detail Buy
Net Contracts
Open Interest
Sell
Value
(in Cr.)
Change
Change
INDEX
FUTURES
8275.36 7978.10 297.26
191479 17090.87 4.25
INDEX
OPTIONS
560589.14 559776.69 812.45
1778816 158548.85 5.32
297314.41
STOCK
FUTURES
60252.94 56983.78 3269.16
1835981 133369.50 (0.27)
STOCK
OPTIONS
30824.47 30905.43 (80.96) 331013 24928.37 (1.10)
Total
659941.91
655644.00
4297.91
4137289
333937.59
2.20
43446.77
Turnover on November 23, 2021
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index Futures
476601 42671.68 -2.83
Index Options
70550488 6408212.86
4.08
Stock Futures
2462174 183428.07 9.29
Stock Options
3630825 288913.34 -18.47
Total
7,71,20,088 6923225.95
2.98
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
17500 86.80
45.05 54.95 17545.05
Sell
17600 41.75
Buy
17500 86.80
69.35 130.65 17569.35
Sell
17700 17.45
Buy
17600 41.75
24.30 75.70 17624.30
Sell
17700 17.45
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
17500 86.00
35.25 64.75 17464.75
Sell
17400 50.75
Buy
17500 86.00
55.70 144.30 17444.30
Sell
17300 30.30
Buy
17400 50.75
20.45 79.55 17379.55
Sell
17300 30.30
Nifty Put-Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
7000,000
8000,000
9000,000
16700 16800 16900 17000 17100 17200 17300 17400 17500 17600 17700 17800 17900 18000
Call Put
www.angelone.in
Technical & Derivatives Report
November 24, 2021
`
Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 694 712
723 740 751
ASIANPAINT 3,098 3,142
3,215 3,259 3,332
AXISBANK 670 678
685 693 701
BAJAJ-AUTO 3,347 3,391
3,420 3,464 3,492
BAJFINANCE 6,818 6,966
7,072 7,220 7,326
BAJAJFINSV 16,507 16,938
17,188 17,618 17,868
BPCL 390 394
398 401 405
BHARTIARTL 727 743
752 768 777
BRITANNIA 3,539 3,601
3,635 3,697 3,731
CIPLA 878 894
906 923 935
COALINDIA 148 152
154 159 161
DIVISLAB 4,551 4,657
4,741 4,847 4,931
DRREDDY 4,505 4,568
4,615 4,679 4,725
EICHERMOT 2,467 2,533
2,572 2,638 2,677
GRASIM 1,745 1,764
1,784 1,803 1,823
HCLTECH 1,078 1,095
1,108 1,125 1,138
HDFCBANK 1,482 1,499
1,513 1,530 1,545
HDFCLIFE 680 688
694 701 707
HDFC 2,832 2,869
2,892 2,929 2,952
HEROMOTOCO 2,579 2,606
2,626 2,653 2,673
HINDALCO 431 440
447 457 463
HINDUNILVR 2,313 2,354
2,377 2,417 2,440
ICICIBANK 720 736
747 763 774
IOC 122 124
126 127 129
INDUSINDBK 952 967
988 1,003 1,024
INFY 1,694 1,716
1,731 1,753 1,769
ITC 228 230
231 233 235
JSW STEEL 644 664
677 696 709
KOTAKBANK 1,909 1,946
1,970 2,006 2,030
LT 1,824 1,855
1,875 1,906 1,927
M&M 886 894
901 909 916
MARUTI 7,722 7,788
7,871 7,937 8,020
NESTLEIND 18,769 18,975
19,111 19,317 19,453
NTPC 126 130
132 135 137
ONGC 142 144
146 148 150
POWERGRID 190 196
199 205 208
RELIANCE 2,273 2,329
2,365 2,422 2,458
SBILIFE 1,120 1,137
1,148 1,165 1,176
SHREECEM 25,903 26,322
26,624 27,043 27,345
SBIN 474 484
489 499 505
SUNPHARMA 749 767
780 797 810
TCS 3,378 3,421
3,451 3,494 3,524
TATACONSUM
794 807
816 829 837
TATAMOTORS 468 482
491 504 513
TATASTEEL 1,145 1,168
1,189 1,212 1,233
TECHM 1,486 1,523
1,544 1,581 1,602
TITAN 2,342 2,365
2,388 2,411 2,434
ULTRACEMCO 7,464 7,561
7,638 7,735 7,812
UPL 696 711
720 734 744
WIPRO 616 630
639 652 662
www.angelone.in
Technical & Derivatives Report
November 24, 2021
*
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelone.in
For Technical Queries E-mail: technicalresearch-cso@angelbroking.com
For Derivatives Queries E-mail: derivatives.desk@angelbroking.com
DISCLAIMER
Angel Broking 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 Adviser with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel
Broking 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. Angel or its associates/analyst has not received any compensation / managed
or co-managed public offering of securities of the company covered by Analyst during the past twelve months.
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.
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 Broking 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 Broking 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 Broking 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 Broking 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.
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