For Private Circulation Only
Technical and Derivatives Review |April 13, 2023
Winning streak continues for the third consecutive week; Nifty reclaims 17800
Sensex (60431) / Nifty (17828)
Source: Tradingview.com
Future outlook
After an extended weekend, our markets started with a small upside gap on Monday; however, post the opening there was no major
traction within the key indices. As the week progressed, the optimism was back, as Nifty continued with its northward journey
where the bulls capitalized on every Intra-week dip. The winning streak continued for the third consecutive week as Nifty reclaimed
17800 on a weekly basis.
Despite being a truncated week, the bulls added another 1.30% to their kitty on a week-on-week basis. With this, prices have
comfortably closed above the March swing high of 17800. This is a very positive development because prices have broken above a
major swing high for the first time in this calendar year. From a technical perspective, there is a ‘Rounding Bottom’ formation visible
on the daily time frame chart, which augurs well for the bulls. In addition, if we observe the weekly chart, we can see a fresh buy
signal in the RSI smoothened with its signal line. This indicates a continuation of up move in the near term. Having said that, one
should avoid being complacent as this recent up-move has been very steep without any breather and hence, some in-between
pause or mild profit booking cannot be ruled out. Hence, traders should prefer to take some money off the table at higher levels,
whereas, in case of any dips, one should use it as an opportunity to add bullish bets. With the continuous nine days winning streak,
the support level continues to shift higher as we now see immediate support in the zone of 17700 - 17600; whereas 200-SMA
around 17500 is likely to act as a sacrosanct level. On the flip side, the next set of resistance is seen at the psychological level of
18000 followed by the next swing high of 18137.
The major action during the week was seen outside the index as many front-line and mid-cap counters gave mesmerizing moves.
Traders should continue to focus on such potential movers; however, one needs to be very selective as the low-hanging fruit is
already gone.
For Private Circulation Only
Technical and Derivatives Review |April 13, 2023
rt Form
Encouraging F&O data; Long Short Ratio soared to 39%
Nifty spot closed at 17828.00 this week, against a close of 17599.15 last week. The Put-Call Ratio has decreased from 1.20 to 1.19 on
Weekly basis. The annualized Cost of Carry is positive at 7.55%. The Open Interest of Nifty Futures decreased by 6.59%.
Derivatives View
Nifty current month’s future closed with a premium of 51.65 against a premium of 45.05 points to its spot in the previous week.
Next month’s future is trading at a premium of 106.10 points.
The Indian equity markets had a splendid move for the third consecutive week, wherein Nifty had a winning streak for nine
consecutive sessions and settled above 17800, procuring 1.30 percent in the week. On the derivatives front, we noticed a
meaningful short covering of positions in both key indices as the week went by. The stronger hands continued to curtail their shorts
in the system, leading advancement in the ‘Long Short Ratio’ to 39% from 18% on a weekly basis. On the options front, fresh writing
was seen in the 17800 put strike, followed by considerable piling in 17700-17500 PE, indicating an upward shift in the support base.
On the flip side, the highest OI concentration is seen at the 18000-call strike, which is likely to be seen as the major hurdle for the
time being. Considering the above data point, we remain upbeat and expect any intra-week blip to be utilized to add fresh longs in
the system.
Chg (%)
INFY 38411600 15.55 1390.05 (2.52)
PETRONET 14841000 15.34 228.50 (3.34)
LICHSGFIN 16554000 15.33 328.60 (2.64)
INDUSTOWER 33202400 12.05 136.65 (3.50)
LTIM 1662000 10.78 4649.50 (2.97)
Weekly change in OI
Long Formation
Chg (%)
BAJAJ-AUTO 2746250 41.87 4269.45 6.07
AUBANK 16710000 36.25 673.60 19.37
ONGC 54720050 26.45 159.45 5.35
TVSMOTOR 6684300 18.99 1161.80 5.74
GODREJPROP 5323975 16.49 1284.85 13.62
For Private Circulation Only
Technical and Derivatives Review |April 13, 2023
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 Website: www.angelone.in
For Technical Queries E-mail: technicalresearch-cso@angelone.in
For Derivative Queries E-mail: derivatives.desk@angelone.in
Angel One Limited (hereinafter referred to as Angel”) is a registered Member of National Stock Exchange of India Limited, Bombay
Stock Exchange Limited and Metropolitan Stock Exchange Limited. It is also registered as a Depository Participant with CDSL and
Portfolio Manager and investment advisor with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel One
Limited is a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration
number INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for
accessing /dealing in securities Market.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Angel or its associates or research analyst or his relative may have actual/beneficial ownership of 1% or more in the securities of the
subject company at the end of the month immediately preceding the date of publication of the research report. Neither Angel or its
associates nor Research Analysts or his relative has any material conflict of interest at the time of publication of research report.
Angel or its associates might have received any compensation from the companies mentioned in the report during the period
preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate
finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in
the normal course of business. Angel or its associates did not receive any compensation or other benefits from the companies
mentioned in the report or third party in connection with the research report. Neither Angel nor its research analyst entity has been
engaged in market making activity for the subject company.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
For Private Circulation Only
Technical and Derivatives Review |April 13, 2023
fundamentals. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate
the contrary view, if any.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel One Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this
report. Angel One Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this
document. While Angel One Limited endeavors to update on a reasonable basis the information discussed in this material, there
may be regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel One Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information. Angel or its associates or Research Analyst or his relative might have financial interest in
the subject company. Research analyst has not served as an officer, director or employee of the subject company.