September
2
7
, 2023
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Technical & Derivatives Report
8
4
4
624
)
Trading for the rate-sensitive index began slightly lower and in the
absence of any buying interest kept oscillating within a narrow range
of just three hundred points. By the end of the day, the BankNifty
concluded the dull session tad above 44600, with a cut of three-tenth
of a percent.
From a technical perspective, there hasn't been significant price action
as the index continued to stay within Monday's trading range.
Currently, the crucial zone to monitor is the 89-day Exponential
Moving Average (EMA) on the daily chart, which coincides with
Monday's low, i.e. 44400. This level holds importance as the index
rebounded precisely from this same moving average in the previous
month. In terms of key levels, as long as we manage to sustain above
the recent swing lows around 44000-43800, there is room for
optimism. On the upside, any sustained movement beyond 45000-
45300 would provide some relief for the bullish sentiment.
Key Levels
Support 1 – 44400 Resistance 1 – 45000
Support 2 – 44000 Resistance 2 – 45300
Exhibit 1: Nifty Daily Chart
Exhibit 2: Nifty Bank Daily Chart
Sensex (
6
5946
) / Nifty (
19
6
6
5
)
Once again, the benchmark index started the session on a flat note, and
as the day unfolded, prices continued to move within a narrow range
of around 50 points. Ultimately, prices closed the session on a relatively
flat note, not deviating significantly from last Friday's closing levels.
Boredom seems to have settled in for the key indices, as there has been
a lack of significant movement over the past two days. The benchmark
index is currently hovering around the crucial support level of 19600,
which forms a confluence zone created by the 50-day Simple Moving
Average (SMA) and the 61.8% retracement levels of the recent rally. It
appears that traders are awaiting a catalyst to spark momentum, and
we remain optimistic that the index can defend these levels. This could
potentially lead to a strong upward move as we approach the end of
September, a month that initially began on a robust note. As
highlighted, 19600 followed by 19500 is considered robust support,
especially leading up to the monthly expiry. At present, we advise
caution against initiating short positions, as the hourly indicators still
show an oversold condition with a noticeable positive divergence.
Ideally, one should consider buying on dips. On the other hand, the
immediate resistance levels are at 19800 - 19850. Taking it one step at
a time, traders may contemplate booking long positions around these
levels.
It's essential for traders to monitor these levels closely and make
trading decisions accordingly. It's advisable to avoid aggressive
trading until a clear momentum shift is observed in the market.
Additionally, when selecting individual stocks, one should be
discerning, as there hasn't been a substantial follow-up move in
specific stocks either.
Key Levels
Support 1 – 19600 Resistance 1 – 19800
Support 2 – 19500 Resistance 2 – 19850
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View
The Indian equity market witnessed a lackluster day
of trade, wherein the benchmark index Nifty50
restricted its move within 50 points and settled on a
muted note, with a mere cut of 0.05 percent.
FIIs were net sellers in the cash market segment to
the tune of Rs. 693 cr. Simultaneously, they sold
worth Rs. 359 cr in Index futures with a fall in open
interest, suggesting long unwinding.
On the derivatives front, there have been
insignificant changes in both indices. On the options
front, the 19600 put strike holds the highest OI
concentration, followed by 19500 PE, indicating a
nearby support zone. On the other side, the highest
OI concentration stands at 19800 call strike,
indicating the intermediate resistance. Considering
the mentioned data, the benchmark index is likely to
hover within the mentioned range for the expiry
week. Additionally, it seems our market awaits some
trigger to come out of the slumber phase. Until then,
avoiding aggressive bets and staying vigilant with
global developments is advisable.
Comments
The Nifty futures open interest has increased by 1.99%
and Bank Nifty futures open interest has decreased by
3.69% as the market closed at 19664.70.
The Nifty September future closed with a premium of
12.35 points against 25.95 points in the last trading
session. The October series closed at a premium of
128.85 points.
The INDIA VIX has increased from 10.90 to 11.19. At the
same time, the PCR-OI of Nifty has increased from 0.91
to 0.92.
A few of the liquid counters where we have seen high
cost of carry are COLPAL, IDEA, DIXON, ASTRAL and
RAMCOCEM.
Historical Volatility
SCRIP HV
BERGEPAINT 29.60
CANBK 42.45
ZYDUSLIFE 28.70
GRANULES 38.21
DRREDDY 25.00
Nifty Vs OI
19200
19400
19600
19800
20000
20200
20400
20600
10,000
10,500
11,000
11,500
12,000
12,500
13,000
9-8 9-12 9-14 9-18 9-21 9-26
Openinterest Nifty
OI Gainers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
DELTACORP 18544400 37.66 140.40 -2.06
COLPAL 3679200 30.84 2068.05 3.24
IPCALAB 2315300 15.05 905.05 0.90
DIXON 1481600 13.38 5098.10 4.34
ONGC 75691000 12.98 187.75 0.67
NAVINFLUOR 672600 11.32 4440.90 -0.32
COFORGE 1658850 11.29 5193.15 -1.58
MUTHOOTFIN 7383200 10.29 1236.80 -1.80
OI Losers
SCRIP OI
OI
CHG. (%)
PRICE
PRICE
CHG. (%)
MGL 17600 -13.56 1029.75 1.55
ASTRAL 3612748 -11.93 1919.80 3.11
BALRAMCHIN 11476800 -9.97 432.10 -2.21
CANBK 54094500 -9.63 370.05 -1.43
SBICARD 10740000 -8.31 786.35 -0.12
LAURUSLABS 12869000 -7.94 385.30 -0.99
MCX 3277600 -6.72 1901.60 -0.03
CONCOR 5897000 -6.17 731.55 0.21
Put-Call Ratio
SCRIP PCR (OI) PCR (VOL)
NIFTY 0.92 0.91
BANKNIFTY 0.77 1.00
RELIANCE 0.48 0.46
ICICIBANK 0.40 0.50
INFY 0.43 0.49
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Technical & Derivatives Report
September
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Note: Above mentioned Bullish or Bearish Spreads in Nifty (Sep Series) are given as an information and not as a recommendation.
Nifty Spot =
19
6
6
4.
70
FII Statistics for
September
2
6
, 2023
Detail Buy
Contracts
OI Value
(in Cr.)
Sell Net
CHANGE
INDEX
FUTURES
3439.85 3798.57 (358.72) 191089 16536.80 (2.70)
INDEX
OPTIONS
1691195.07 1721799.75 (30604.68) 4330643 354802.42 (3.45)
STOCK
FUTURES
73895.54 75092.70 (1197.16) 2394160 189739.94 0.29
STOCK
OPTIONS
21254.73 20967.68 287.05
324230 26189.14 (5.14)
Total
1789785.19
1821658.70
(31873.51) 7240122
587268.30
(2.30)
Turnover on
September
2
6
, 2023
Instrument
No. of
Contracts
Turnover
(in Cr.)
Change
(%)
Index Futures
262145 21860.49
-32.28
Index Options
438100947
47837.63
-23.04
Stock Futures
2368986 189708.08
5.96
Stock Options
4507380 3299.37 -15.50
Total
45,07,380
3299.37 -5.29
Bull-Call Spreads
Action Strike Price Risk Reward BEP
Buy
19600 107.65
58.50
41.50
19658.50
Sell
19700 49.15
Buy
19600 107.65
89.65
110.35
19689.65
Sell
19800 18.00
Buy
19700 49.15
31.15 68.85 19731.15
Sell
19800 18.00
Bear-Put Spreads
Action Strike Price Risk Reward BEP
Buy
19800 143.35
68.55
31.45
19731.45
Sell 19700 74.80
Buy 19800 143.35
109.90
90.10
19690.10
Sell
19600 33.45
Buy
19700 74.80
41.35 58.65 19658.65
Sell 19600 33.45
Nifty Put
-
Call Analysis
,0
2000,000
4000,000
6000,000
8000,000
10000,000
12000,000
14000,000
19000 19100 19200 19300 19400 19500 19600 19700 19800 19900 20000 20100 20200 20300
Call Put
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`
Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIENT 2,423 2,441 2,470 2,487 2,516
ADANIPORTS 812 817 824 829 836
APOLLOHOSP 4,994 5,024 5,060 5,090 5,127
ASIANPAINT 3,228 3,260 3,293 3,325 3,357
AXISBANK 1,006 1,010 1,015 1,020 1,025
BAJAJ-AUTO 4,955 5,012 5,057 5,115 5,160
BAJFINANCE 7,724 7,797 7,849 7,922 7,973
BAJAJFINSV 1,535 1,551 1,567 1,583 1,599
BPCL 349 350 352 354 356
BHARTIARTL 901 907 914 920 927
BRITANNIA 4,527 4,563 4,586 4,623 4,646
CIPLA 1,147 1,155 1,170 1,179 1,194
COALINDIA 283 285 288 290 293
DIVISLAB 3,684 3,719 3,742 3,776 3,799
DRREDDY 5,403 5,436 5,481 5,513 5,559
EICHERMOT 3,338 3,405 3,472 3,539 3,606
GRASIM 1,928 1,943 1,951 1,967 1,975
HCLTECH 1,251 1,256 1,263 1,268 1,274
HDFCBANK 1,519 1,528 1,534 1,543 1,549
HDFCLIFE 633 639 644 649 654
HEROMOTOCO 2,946 2,990 3,014 3,059 3,083
HINDALCO 463 467 471 475 479
HINDUNILVR 2,449 2,464 2,476 2,492 2,504
ICICIBANK 940 944 952 956 963
INDUSINDBK 1,394 1,408 1,426 1,441 1,459
INFY 1,446 1,453 1,467 1,474 1,487
ITC 437 440 442 445 447
JSW STEEL 772 776 782 786 792
KOTAKBANK 1,738 1,751 1,767 1,779 1,795
LT 2,888 2,900 2,922 2,934 2,956
LTIMINDTREE 5,318 5,341 5,376 5,398 5,433
M&M 1,570 1,583 1,595 1,607 1,619
MARUTI 10,465 10,511 10,572 10,618 10,680
NESTLEIND 22,421 22,713 22,888 23,180 23,355
NTPC 237 238 241 243 245
ONGC 184 186 187 189 190
POWERGRID 196 197 199 200 201
RELIANCE 2,328 2,335 2,343 2,350 2,357
SBILIFE 1,275 1,282 1,292 1,300 1,310
SBIN 590 592 594 596 597
SUNPHARMA 1,113 1,120 1,125 1,131 1,136
TCS 3,513 3,549 3,572 3,608 3,631
TATACONSUM
880 888 899 906 917
TATAMOTORS 613 617 621 624 629
TATASTEEL 127 128 129 130 131
TECHM 1,264 1,273 1,288 1,297 1,312
TITAN 3,222 3,242 3,275 3,295 3,328
ULTRACEMCO 8,133 8,181 8,254 8,303 8,376
UPL 611 614 619 622 627
WIPRO 409 411 414 416 419
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Technical and Derivatives Team:
Sameet Chavan Head Research – Technical & Derivatives sameet.chavan@angelone.in
Sneha Seth Senior Analyst – Technical & Derivatives sneha.seth@angelone.in
Rajesh Bhosale Analyst - Technical rajesh.bhosle@angelone.in
Osho Krishan Senior Analyst – Technical & Derivatives osho.krishan@angelone.in
Hitesh Rathi Analyst – Technical & Derivatives hitesh.rathi@angelone.in
Research Team Tel: 022 – 39357600 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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