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nical and Derivative
|November 04, 2022
Bulls continue with their hegemony
Sensex (60950) / Nifty (18117)
Source: Tradingview.com
Future outlook
Markets had a buoyant start for the new trading week on Monday and previous week’s struggle around 17800 finally came to an
end as we managed to open convincingly above it. After the initial upticks, index slipped into a consolidation and kept flirting with
psychological mark of 18000. The buying re-emerged towards the fag end in some of the heavyweights, which helped Nifty finally
surpass this key figure with some authority. This was followed by yet another gap up on the subsequent day and then Nifty went on
to surpass September month high of 18115. During the remaining part of the week, markets looked lethargic with no intent to move
beyond the 18200 mark. However, the bulls had enough strength to defend 18000 convincingly to eventually conclude the week by
pocketing nearly couple of percent on a weekly basis.
We started off well as global markets continued with their recovery mode and sentiments were much improved globally over the
previous weekend. In this process, we managed to go past the study wall of 18000 18100; but due to lack of follow up buying,
were unable to capitalize on the head start. Around the mid-week, the US markets once again looked a bit shaky and post the Fed
policy, reacted adversely to haunt market participants across the globe. We did react at the opening on Thursday; but immediately
this tremor was absorbed in our market. Without making any damage, we did recover on the same day and then went on to post a
weekly close above 18100 on Friday. This is a clear indication; how strong our markets have been of late. Undoubtedly, the bulls
continue with their hegemony in the domestic markets and are eying record highs now. If there is no aberration globally, we are
good to go towards 18250 18350 first and then a march towards previous highs 18600 looks very much on cards in the ongoing
calendar year. As far as supports are concerned, 18000 followed by 17900 should be treated as sacrosanct zone and any intra-week
decline would provide opportunities to create fresh longs.
Traders are advised to continue with an optimistic approach and now, with other sectors chipping in, we expect a good broad-based
buying in the forthcoming week. The banking was slightly muted in the latter half of the week; but never mind, it is just a breather
around previous highs after such a spectacular rally in the recent time. Soon, we would expect banking to resume its upward trend.
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|November 04, 2022
Short Formation
FIIs long short ratio shows an encouraging sign
Nifty spot closed at 18117.15 this week, against a close of 17786.80 last week. The Put-Call Ratio remains unchanged at 1.12 on
Weekly basis. The annualized Cost of Carry is positive at 7.37%. The Open Interest of Nifty Futures increased by 9.17%.
Derivatives View
Nifty current month’s future closed with a premium of 76.85 against a premium of 43.40 points to its spot in the previous week.
Next month’s future is trading at a premium of 152.90 points.
The Indian equity market witnessed a splendid start to the week, as the benchmark index reclaimed the 18000 mark and maintained
its positive stature throughout. There have been mixed positions in the F&O space throughout the week, starting from long
additions to unwinding in both indices, but on the net, it stayed on the long side. On the options front, the piling up of positions is
visible in the 18100-18000 put strikes, indicating nearby support formation for Nifty. While on the higher end, the OI concentration
is disintegrated at every 100 points, suggesting a series of resistance, starting from 18100 to 18500 call strikes. Simultaneously, the
stronger hands have remained steady with their bullish bets as the ‘Long Short Ratio’ slightly expanded to 58% from 57% on WoW
basis. Going ahead, the undertone is likely to remain bullish, and any intra-week dip could be seen as an opportunity to add long
bets in the index.
Chg (%)
INTELLECT 4115500 138.37 434.35 (13.69)
COROMANDEL 2489900 130.52 957.20 (2.36)
BANDHANBNK 47635200 73.52 229.45 (13.79)
VOLTAS 6378900 59.38 847.65 (3.24)
LICHSGFIN 20198000 45.23 363.75 (14.02)
Weekly change in OI
Long Fo
Chg (%)
VEDL 44063900 49.75 324.25 13.65
JKCEMENT 517750 43.42 2797.00 8.07
TITAN 6734250 37.51 2788.90 1.65
RAIN 13443500 30.60 172.60 6.58
ALKEM 317200 30.53 3247.25 3.86
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nical and Derivative
|November 04, 2022
Sameet Chavan
hief An
& Derivati
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 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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