May 25, 2022
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Technical & Derivatives Report
Nifty Bank Outlook
-
(342
90
)
The banking index started the day on a flat note in line with
benchmark index. In the first half, some of the banking
heavyweights showed buying interest, which pushed the
BANKNIFTY towards the 34500 mark. However similar to
Monday, the profit booking took place in the latter half to erase
all gains and eventually ended the session around the 34300
mark.
Market is clearly lacking direction as well as momentum since
last couple of sessions. Both counterparties are able to defend
their territories successfully because we tend to see some
buying at lower levels and the moment we reach the resistance
zone, the tentativeness is clearly visible. For the coming
session, the immediate hurdles are now seen around 34600 –
34800 – 35000; whereas on the flipside, the support remains at
34000 – 33800. Traders are advised to trade the range and till
the time we do not convincingly move out of the range, the
aggressive bets should strictly be avoided.
Key Levels
Support 1 – 34000 Resistance 1 – 34600
Support 2 – 33800 Resistance 2 – 34800
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (54
053
) / Nifty (16
125
)
Weak Asian cues led to a timid start to our domestic market,
wherein the benchmark index tumbled in the initial hours. The
Nifty50 index kept hustling in a slender range for most of the
session and witnessed a lackluster day of trade. The correction
was aggravated by the fag end that dragged the Nifty below the
16100-sub zone, but soon after, some recovery poured in. At last,
the index concluded the day a tad above the 16100 level with a cut
of 0.55 percent.
On the technical aspect, a consecutive day of sell-off certainly
showcased the tentativeness among the market participants
amid the expiry week. At the current juncture, the psychological
mark of 16000 is likely to act as a sacrosanct support zone for
the index, wherein the placement of the index above the unfilled
gap of the 16000 mark could be seen as the last resort of relief
for the bulls. Meanwhile, volatility is likely to be seen amid the
expiry week.
Key Levels
Support 1 – 16000 Resistance 1 – 16400
Support 2 – 15900 Resistance 2 – 16500
Looking at the recent development,
16400
is expected to act
as an intermediate resistance zone, followed by the sturdy
wall of the unfilled gap of 16480-16650 odd zone. On the
contrary, the 16000 mark is expected to act as the sheet
anchor, while any breach below could again dampen the
market sentiments. The momentum is likely to be seen only
when the index comes out from the ongoing slender range
bound movement. Till then, traders are advised to stay
abreast with the global developments and have a stock-
centric approach to trading opportunities.
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Technical & Derivatives Report
May 25, 2022
View
We began Tuesday’s session slightly higher but
witnessed follow-up selling right from the word go
to tank below 16150 in the preliminary hour. The
index made an attempt of recovery but bear were
not ready to give up and hence we observed another
round of selling to drag index below 16100.
Eventually, we settled the day tad above 16100 with
a cut of more than half a percent.
FIIs were net sellers in the cash market segment
to the tune of Rs. 2393 crores. Simultaneously, in
Index futures, they sold worth Rs.644 crores with
a rise in open interest, indicating addition of fresh
shorts.
In yesterday’s session, we observed fresh short
addition in Nifty and mixed activity was seen in
banking index. Stronger hands too added bearish
bets in index futures but preferred covering shorts
in stock futures segment. The volatility index (INDIA
VIX) surged nearly 10% in single day, further rise in
same wouldn’t be a good indication. Interestingly,
despite yesterday’s selling we couldn’t hardly see
any relevant unwinding in 16000 put strike, which
suggests traders are expecting major correction.
However, call writer continues adding positions in
16100-16500 strikes. At current juncture, 16000-
16100 remains a strong demand zone and until be
sustain above same trader’s should avoid bearish
bets.
Comments
The Nifty futures open interest has increased by 4.50%.
and BANK Nifty futures open interest has decreased by
0.03% as the market closed at 16125.15.
The Nifty May future closed with a discount of 20.45
point against a discount of 31.35 point in the last trading
session. The June series closed at a discount of 24.35
point.
The INDIA VIX increased from 23.39 to 25.63. At the
same time, the PCR-OI of Nifty decreased from 1.01 to
0.90.
Few of the liquid counters where we have seen high
cost of carry are L&TFH, PNB, IBULHSGFIN, GSPL and
HDFCAMC.
Historical Volatility
SCRIP HV
DIVISLAB 38.56
PVR 49.47
COROMANDEL 37.67
TECHM 39.36
HINDUNILVR 30.05
Nifty Vs OI
15400
15600
15800
16000
16200
16400
16600
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
15,000
5-6 5-10 5-12 5-16 5-18 5-20 5-24
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ABBOTINDIA 33870 24.20 18197.00 3.04
PETRONET 19002000 20.67 224.90 -0.20
DIVISLAB 2864800 18.00 3661.70 -6.02
GMRINFRA 145125000 17.14 37.00 1.37
IDEA 815010000 15.02 9.00 0.00
NAVINFLUOR 454725 14.96 3717.15 1.34
COROMANDEL 1811675 13.50 973.00 4.44
UBL 1403700 13.38 1461.65 -0.28
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
ASTRAL 737550 -20.04 1675.25 -1.63
CUMMINSIND 1222800 -13.42 1015.85 0.27
NAM-INDIA 3116800 -12.92 271.10 -0.09
ADANIPORTS 84415000 -12.82 752.15 -0.16
ATUL 168900 -11.93 8071.20 -0.59
IGL 13921875 -11.63 368.80 -0.91
TORNTPOWER 3571500 -11.45 430.50 0.10
RAIN 7023000 -9.15 155.75 -2.75
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 0.90 0.77
BANKNIFTY 0.91 0.92
RELIANCE 0.45 0.44
ICICIBANK 0.50 0.54
INFY 0.41 0.59
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Technical & Derivatives Report
May 25, 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
12
5
.15
FII Statistics for
May
2
4
, 2022
Detail Buy
Contracts
Open
Interest
Value
(in Cr.)
Sell
Net
CHANGE
INDEX
FUTURES
4703.69 5347.63 (643.94) 183512 15048.04 5.32
INDEX
OPTIONS
674406.60 674918.69 (512.09) 1981475 161763.12 12.30
STOCK
FUTURES
60724.92 58946.59 1778.33
2458187 148422.27 (0.41)
STOCK
OPTIONS
8863.32 8914.29 (50.97) 152142 9626.98 (2.99)
Total
748698.53
748127.20
571.33
4775316
334860.41
4.63
Turnover
on
May
24
, 2022
Instrument
No. of
Contracts
Turnover
( in Cr. )
Change
(%)
Index
Futures
531413 43923.32 -3.56
Index
Options
92138876 7709106.40
19.96
Stock
Futures
2613070 158645.41
13.33
Stock
Options
4161300 262029.52
-14.51
Total
41,61,300 262029.52
18.14
Bull
-
Call Spreads
Action Strike Price Risk Reward BEP
Buy
16100 129.50
49.05
50.95
16149.05
Sell
16200 80.45
Buy
16100 129.50
84.35
115.65
16184.35
Sell
16300 45.15
Buy
16200 80.45
35.30 64.70 16235.30
Sell 16300 45.15
Bear
-
Put Spreads
Action Strike Price Risk Reward BEP
Buy
16100 126.35
38.40
61.60
16061.60
Sell
16000 87.95
Buy
16100 126.35
66.70
133.30
16033.30
Sell
15900 59.65
Buy
16000 87.95
28.30 71.70 15971.70
Sell
15900 59.65
Nifty Put
-
Call Analysis
,0
1000,000
2000,000
3000,000
4000,000
5000,000
6000,000
7000,000
8000,000
9000,000
15500 15600 15700 15800 15900 16000 16100 16200 16300 16400 16500 16600 16700 16800
Call Put
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May 25, 2022
`
Daily Pivot Levels for Nifty Constituents
Scrips
S2
S1
PIVOT
R1
R2
ADANIPORTS 738 745
755 762 772
APOLLOHOSP 3,535 3,583
3,662 3,710 3,788
ASIANPAINT 3,000 3,043
3,114 3,157 3,227
AXISBANK 649 656
669 677 689
BAJAJ-AUTO 3,728 3,756
3,799 3,827 3,870
BAJFINANCE 5,678 5,738
5,786 5,846 5,894
BAJAJFINSV 12,088 12,223
12,422 12,557 12,756
BPCL 325 328
331 334 337
BHARTIARTL 668 673
681 686 695
BRITANNIA 3,398 3,434
3,476 3,512 3,554
CIPLA 954 962
970 978 986
COALINDIA 178 180
183 186 189
DIVISLAB 3,479 3,570
3,741 3,833 4,004
DRREDDY 4,208 4,277
4,326 4,396 4,445
EICHERMOT 2,663 2,691
2,730 2,759 2,798
GRASIM 1,330 1,366
1,417 1,453 1,504
HCLTECH 965 978
1,000 1,014 1,036
HDFCBANK 1,286 1,302
1,314 1,330 1,342
HDFCLIFE 541 547
552 557 562
HDFC 2,129 2,168
2,197 2,236 2,265
HEROMOTOCO 2,594 2,616
2,635 2,656 2,675
HINDALCO 390 395
405 411 421
HINDUNILVR 2,253 2,281
2,331 2,359 2,409
ICICIBANK 699 704
711 715 722
INDUSINDBK 882 890
903 912 925
INFY 1,414 1,428
1,449 1,462 1,483
ITC 267 269
272 274 277
JSW STEEL 525 533
544 552 564
KOTAKBANK 1,825 1,854
1,872 1,901 1,919
LT 1,586 1,606
1,630 1,650 1,674
M&M 933 940
950 957 967
MARUTI 7,695 7,749
7,845 7,899 7,996
NESTLEIND 16,681 16,934
17,106 17,359 17,531
NTPC 143 145
148 150 154
ONGC 145 148
153 156 160
POWERGRID 222 225
227 230 232
RELIANCE 2,577 2,596
2,617 2,637 2,657
SBILIFE 1,045 1,059
1,071 1,086 1,098
SHREECEM 21,250 21,449
21,774 21,972 22,298
SBIN 456 459
463 466 470
SUNPHARMA 892 901
916 925 940
TCS 3,247 3,267
3,296 3,317 3,345
TATACONSUM
693 704
721 732 749
TATAMOTORS 412 419
423 430 435
TATASTEEL 978 992
1,016 1,030 1,054
TECHM 1,053 1,076
1,114 1,136 1,175
TITAN 2,099 2,119
2,142 2,163 2,186
ULTRACEMCO 5,762 5,815
5,886 5,939 6,010
UPL 777 785
792 800 807
WIPRO 451 455
463 467 474
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Technical & Derivatives Report
May 25, 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
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