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Technical and Derivatives Review |November 20, 2023
Nifty soared for third week amidst improved global sentiments
Sensex (65795) / Nifty (19732)
Source: Tradingview.com
Future Outlook
The Samvat 2080 had a positive start for our equity market, wherein the improved global sentiments provided the much-needed
impetus to trigger momentum into the ongoing boredom. The benchmark index Nifty50 soared over a percent to continue its
winning spree for the third consecutive week and, importantly, eloped above the descending trendline, which was a daunting task in
the recent period. Eventually, the truncated yet eventful week concluded on a cheerful note, with Nifty reclaiming the zone of
Technically speaking, the recent developments construe a robust setup on the price charts for Nifty, and as we move ahead, it is
anticipated to have a follow-up move. Also, the breakout of the sloping trendline and the re-testing of the swing high portrays the
bullish undertone. But at the same time, one should avoid complacency and maintain a pragmatic approach as the high-beta index,
which is also the major contributor to Nifty, still struggles to keep up the momentum. On the technical levels front, the 19650-19620
zone is likely to cushion short-term blips while the sacrosanct support shifts to the bullish gap of 19580-19500. On the higher end,
19850-19900 holds intermediate resistance and a decisive move beyond could trigger the next leg of rally to test the ATH zone in the
comparable period.
At the current juncture, till the time we do not get convinced with the direction, we will use one step at a time approach. Also, one
must closely watch global developments alongside the domestic overview for the immediate trend setup. Simultaneously, we expect
strong moves in the broader market; hence, one needs to have a stock-centric approach for better trading opportunities.
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Technical and Derivatives Review |November 20, 2023
Short Formation
FIIs curtailed short positions; LSR slightly improved to 21%
Nifty spot closed at 19731.80 this week, against a close of 19425.35 last week. The Put-Call Ratio has decreased to 1.02 from 1.04 on
a weekly basis. The annualized Cost of Carry is at 10.63%. The Open Interest of Nifty Futures increased by 1.14%.
Derivatives View
Nifty current month’s future closed with a premium of 74.70 against a premium of 57.30 points to its spot in the previous week.
Next month’s future is trading at a premium of 185.90 points.
The Indian Equity market witnessed a volatile weekly week. The improved global sentiments help to push the index beyond 19700
on a weekly basis. On the derivatives front, we observed the addition of some fresh longs in Nifty during the week, whereas the
banking index underperformed with a decline in open interest. On the options front, for the coming weekly series highest open
interest concentration is visible at 19700 put and 19900 call options. FIIs turned net sellers in equities and unwounded longs in index
futures on Friday. On a net basis, FIIs curtailed short positions; Long Short Ratio slightly improved to 21% from 18% WoW. For now,
any move beyond the resistance zone of 19850-19900 shall be an encouraging sign and on the downside, 19600-19650 remains an
immediate support zone.
Chg (%)
SBICARD 17004800 49.70 726.95 (3.86)
RBLBANK 63465000 40.86 235.55 (2.10)
SBIN 117478500 36.94 565.10 (2.91)
ABCAPITAL 58935600 20.07 171.35 (2.45)
BAJFINANCE 6138750 13.30 7251.10 (2.78)
Weekly change in OI
Long Formation
Chg (%)
ONGC 58069550 39.33 197.10 1.15
MCX 3834800 32.89 2869.00 13.43
OFSS 347200 23.56 4184.85 3.63
BEL 63138900 23.02 146.75 5.31
POWERGRID 63108000 19.65 210.10 0.94
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Technical and Derivatives Review |November 20, 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
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