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Technical and Derivatives Review | April 01, 2022

New financial year kicks off with a bang

Sensex (59277) / Nifty (17670)

Source: Tradingview.com

Future outlook

Trading for the week started slightly higher on Monday taking the global positivity into consideration. However, markets turned a bit

nervous in the initial hours to slide into the negative terrain. In this process, the Nifty went on to drift towards the 17000 mark.

However, this firm psychological level proved its mettle on the same day as markets took a complete U-turn in the latter half to

reclaim 17200. This was followed by three back to back positive sessions but the real momentum was lacking in heavyweight

constituents. Finally, on Friday, the broader market just took off which seemed to have some rub off effect on heavyweights too.

With a good sustained buying throughout the day, the Nifty ended the week with handsome gains of 3%.

The new financial year kicked off with a bang as we saw some renewed buying interest across the board. In this process, the Nifty

went on to surpass the 17600 mark and thereby managed to reclaim the pre-war levels. The INDIA VIX has cooled off drastically and

plunged below 20 comfortably, indicating steady nature of the market. Now since the banking space has taken the charge again, the

rally should be considered healthy and due to this, we will not be surprised to see 17800 or even the psychological mark of 18000 in

the forthcoming week. On the flipside, 17500 followed by 17350 should now provide a decent support. Considering the ongoing

momentum, any intra-week decline in the mentioned support zone should be used as a buying opportunity. Throughout this week,

we witnessed a good participation across sectors and especially on Friday, the broader end of the spectrum did extremely well along

with financial space. Hence, along with frontline movers, traders should focus more on ‘Cash’ segment stocks; which are all geared

up to make a real move in coming days.

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Technical and Derivatives Review | April 01, 2022

FIIs ‘Long Short Ratio’ surged to 62%

Nifty spot closed at 17670.45 this week, against a close of 17194.05 last week. The Put-Call Ratio has increased from 0.94 to 1.30.

The annualized Cost of Carry is positive at 3.26%. The Open Interest of Nifty Futures decreased by 12.57%.

Derivatives View

Nifty current month future closed with a premium of 42.55 points against a premium of 88.05 points to its spot. Next month future

is trading at a premium of 67.70 points.

The final week of FY22 was indeed a shy of relief as we saw index surpassing the resistance zone around 17400-17500 with an

authority. We observed decent long in both the indices during the week. Rollover for Nifty and BankNifty stood at 82% and 91%,

respectively, which is way beyond the three-month average figures. This clearly suggest longs in the system have been rolled

over to the April series. Stronger hands too supported in the recovery by turning net buyers in equities after six long months.

This has certainly poured liquidity in our market and has also bolstered the overall sentiments. In index futures segment, they

exited bearish bets and rolled over longs resulting ‘Long Short Ratio’ surging from 48% to 62% MoM. The above development

hints, market may remain upbeat going ahead and hence, traders are advised to use declines to add fresh longs.

Scrip

Futures

Chg (%)

Price

Chg(%)

HEROMOTOCO 4363800 37.89 2252.95 (5.56)

ALKEM 180400 23.90 3490.25 (3.49)

ONGC 55232100 10.76 168.35 (4.35)

ATUL 169725 10.01 9883.05 (1.79)

UPL 23502700 3.94 783.60 (1.83)

Weekly change in OI

Long Formation

Scrip

Futures

Chg (%)

Price

Chg(%)

IOC 50667500 18.18 122.75 3.19

LICHSGFIN 23884000 16.69 374.50 2.07

CANFINHOME 3527550 12.36 659.00 9.31

EICHERMOT 3787350 11.49 2493.85 6.52

BATAINDIA 1654950 11.07 2009.15 3.60

Short Formation

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Technical and Derivatives Review | April 01, 2022

Sameet Chavan

ief Analyst

–

Technical & Derivatives

sameet.chavan@angelone.in

Sneha Seth Derivatives Analyst 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 Derivative Queries E-mail: derivatives.desk@angelone.in

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