Technical and Derivatives Weekly Review - September 11, 2023

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Technical and Derivatives Review |September 11, 2023

Bulls on a roll; Nifty set for the 20K milestone

Sensex (66599) / Nifty (19820)

Source: Tradingview.com

Future Outlook

The bulls of D-Street have warmly welcomed the September month contract, with complete dominance in the last six trading

sessions. The benchmark index Nifty50 witnessed a broader consolidation breakout, which brought back the cheer among the

market participants. The entire week was action-packed, with counters from all the major spaces contributing to conquest over the

slumber phase. Post the strong trading week, Nifty soared nearly 2 percent and made a remarkable comeback above the 19800

zone.

There have been several contributors to the recent rally, be it on the technical or the macro front. The recent entrants to the rally

were the heavyweights and the high-beta index Bank Nifty, which took the leadership and is likely to pace momentum in the near

term. The ongoing G20 summit has also provided the thrust to levitate market sentiments, adding to the bullish undertone.

Technically, Nifty eyes the 20K milestone now, and with the ongoing momentum, it would be barely a task for the bulls to attain the

mark. Also, keeping the view on consecutive rallies, one should not become complacent and patiently wait for dips to initiate fresh

longs in the system. As far as levels are concerned, 19700 should now act as immediate support, followed by the sacrosanct support

of 19600-19500 in the comparable period.

Hereon, the undertone seems upbeat with ‘Buy on Dip’ being the most suitable approach. Also, one must closely watch global

developments alongside the domestic overview for the immediate trend setup. Meanwhile, sectoral rotation is quite evident with

strong thematic moves, which one needs to gauge for an outperformance in the market.

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Technical and Derivatives Review |September 11, 2023

Sho

Form

ion

Put writer remained firm during the week

Nifty spot closed at 19819.95 this week, against a close of 19435.30 last week. The Put-Call Ratio has increased from 1.30 to 1.38 on

a weekly basis. The annualized Cost of Carry is at 4.60%. The Open Interest of Nifty Futures increased by 8.42%.

Derivatives View

Nifty current month’s future closed with a premium of 52.50 against a premium of 76.80 points to its spot in the previous week.

Next month’s future is trading at a premium of 154.90 points.

The Indian Equity market witnessed a fabulous week after quite some time, wherein the market kept inching higher throughout the

week to settle tad above 19800. On the derivatives front, the upmove was supported by longs in Nifty and BankNifty rallied due to

short covering. On the options front, 19700 and 19800 put strikes added fresh bets. On the flip side, the 20000 call option is

attracting traders’ attention. FIIs remained net sellers in equities but added longs in the index futures segment. Hence, their index

futures Long Short Ratio surged to 58% from 51% WoW. Considering the above data points, we remain upbeat and would advocate

using the ‘Buy on Dip’ strategy.

Scrip

Futures

Chg (%)

Price

Chg(%)

JKCEMENT 734250 40.46 3317.10 (1.39)

BERGEPAINT 8984800 15.20 702.00 (1.28)

BSOFT 8208000 14.96 519.45 (2.38)

RBLBANK 46055000 11.84 233.80 (2.54)

APOLLOTYRE 10347900 10.49 383.30 (1.03)

Weekly change in OI

Long Formation

Scrip

Futures

Chg (%)

Price

Chg(%)

IEX 72806250 41.54 142.70 7.54

CONCOR 6620000 39.75 709.95 2.94

GLENMARK 8212800 39.30 778.30 2.48

NATIONALUM 71812500 38.21 99.95 1.89

COFORGE 1610100 33.94 5553.70 2.10

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Technical and Derivatives Review |September 11, 2023

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

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Technical and Derivatives Review |September 11, 2023

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