Technical & Derivatives Report
June 24, 2020
Sensex (35430) / Nifty (10471) Exhibit 1: Nifty Daily Chart
Nifty started trading marginally positive in yesterday’s session.
The initial dip around 10300 in first hour of the trade was bought
into and then we witnessed a gradual upmove throughout the
day. The momentum accelerated in the last hour of the trade with
support of index heavyweights and Nifty ended the day with gains
of over one and a half percent.
The index has been forming a ‘Higher Top Higher Bottom’
structure and the broader markets have done considerably well in
last few sessions. The upmove in index supported by a broader
market participation is certainly an encouraging sign and hence,
we have been optimistic on the market and have been advising to
use dips as buying opportunity. Last few day’s have been traders
delight as the midcap and small cap names (along with the
banking and NBFC space) have provided good trading
opportunities. As of now, there are no signs on reversal and hence,
one should keep focusing on stock picking from a momentum
perspective. Just one caveat that we would like to highlight is the
formation of a ‘Wolfe Wave’ structure on daily chart of Nifty and
resistance according to the pattern is seen around 10550-10600.
We would see how the index behaves around this juncture in next
couple of sessions. Until any reversal signs seen, traders are
advised to take a stock specific approach and trade with a positive
bias. The intraday supports for Nifty are placed around 10390 and
10300 whereas resistance is seen in the range of 10550-10600.
Key Levels
Support 1 – 10390 Resistance 1 – 10550
Support 2 – 10300 Resistance 2 – 10600
Nifty Bank Outlook - (22265) Exhibit 2: Nifty Bank Daily Chart
The banking index opened marginally in the green along with the
benchmark index. Without wasting any time, we witnessed
continuation of the northward trajectory, courtesy to some of the
heavyweight banking names. In fact the momentum kept on
accelerating as the day progressed to eventually conclude the day
with over couple of percent gains. The Bank Nifty finally managed
to surpass its recent high and thereby marking a higher close in
last three months. Also, it’s about to traverse it ‘89-day EMA’,
which would then reinforce the upward momentum. Hence the
coming session would be quite crucial for this high beta tradable
index. We continue to remain upbeat and advocate buying on
declines around 22000-21800. The strong support zone would
now be seen at 21600-21400 and on the flipside, 22500-22800
would be the levels to watch out for.
Key Levels
Support 1 – 22000 Resistance 1 – 22500
Support 2 – 21800 Resistance 2 – 22800
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Technical & Derivatives Report
June 24, 2020
Comments Nifty Vs OI
The Nifty futures open interest has increased by 7.98% (`000) Openinterest Nifty
13,000 10600
Bank Nifty futures open interest has decreased by 3.13%
as market closed at 10471 levels.
12,500 10400
The Nifty June future closed with a discount of 3.3 point
against a discount of 23 point in last trading session. The
12,000 10200
July series closed at a discount of 19.55 point.
The INDIA VIX has decreased from 30.46 to 29.34 11,500 10000
At the same time, the PCR-OI of Nifty increased from 1.53
to 1.63. 11,000 9800
Few of the liquid counters where we have seen high cost
of carry are IDEA, JINDALSTEL, GMRINFRA, SAIL and 10,500 9600
BANDHANBNK.
10,000 9400
6/9 6/10 6/11 6/12 6/15 6/16 6/17 6/18 6/19 6/22 6/23
Views
After opening on a mild positive note, Nifty continued
with its northward trajectory and ended with gains of OI Gainers
1.55% at 10471. OI PRICE
SCRIP OI PRICE
CHG. (%) CHG. (%)
FIIs were net buyers in the cash market segment to the JUSTDIAL 2825200 47.95 389.75 8.28
tune of Rs. 169 crores. In index futures, they sold RAMCOCEM 1374950 24.54 645.70 2.26
worth 115 crores with a increase in open interest by 5 VOLTAS 4770000 18.66 547.45 -0.57
percent, indicating formation of some short positions. BAJFINANCE 8259250 13.16 3025.65 6.37
PETRONET 13116000 11.50 259.65 -1.25
The indices continued its upmove and rallied towards ONGC 69467000 11.16 85.65 1.25
the 10500 mark. Nifty futures witnessed addition of SAIL 46786800 10.79 32.50 3.82
fresh longs as price upmove was supported with rise in COLPAL 2168600 9.90 1407.95 2.16
open interest. In options front, 10500 call option has
decent open interest outstanding indicating
resistance. It would be crucial to see how the call OI Losers
writers position themselves ahead of the expiry. On OI PRICE
SCRIP OI PRICE
the flipside, 10300 will be seen as the immediate CHG. (%) CHG. (%)
ESCORTS 2043800 -24.62 970.65 -1.10
support. It is advisable to continue to trade with a
CENTURYTEX 3711600 -17.00 316.50 -2.51
positive bias and use intraday dips as buying
CANBK 12011400 -14.51 113.75 1.88
opportunity.
NCC 22464000 -13.54 32.05 3.06
IDEA 308042000 -13.16 10.25 1.97
INFRATEL 11535200 -12.34 232.35 3.97
BALKRISIND 1424000 -11.00 1243.70 -0.30
IDFCFIRSTB 116550000 -10.53 28.40 0.35
Historical Volatility Put-Call Ratio
SCRIP HV SCRIP PCR-OI PCR-VOL
LT 48.59 NIFTY 1.63 0.94
NTPC 39.22 BANKNIFTY 1.26 0.75
POWERGRID 38.99 RELIANCE 0.81 0.62
BANDHANBNK 99.32 ICICIBANK 0.75 0.47
NAUKRI 60.07 INFY 0.81 0.76
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Technical & Derivatives Report
June 24, 2020
FII Statistics for June 23, 2020 Turnover on June 23, 2020
Open Interest
No. of Turnover Change
Detail Buy Sell Net Instrument
Value Change Contracts ( in Cr. ) (%)
Contracts
(in Cr.) (%)
INDEX
6395.78 6510.48 (114.70) 138573 9608.50 5.44 Index Futures 6,71,057 38498.04 0.09
FUTURES
INDEX
219220.19 219539.91 (319.72) 868220 61817.16 1.48 Index Options 1,92,87,844 11,32,645.14 10.83
OPTIONS
STOCK
43940.84 43824.37 116.47 1472548 90694.18 (5.18) Stock Futures 20,56,417 1,21,347.95 16.29
FUTURES
STOCK
4823.36 4622.08 201.28 87077 4938.81 (10.20) Stock Options 14,95,905 90211.10 -11.52
OPTIONS
Total 274380.17 274496.84 (116.67) 2566418 167058.65 (2.67) Total 2,35,11,223 13,82,702.23 9.15
Nifty Spot = 10471
Bull-Call Spreads Bear-Put Spreads
Action Strike Price Risk Reward BEP Action Strike Price Risk Reward BEP
Buy 10500 64.75 Buy 10500 97.65
35.30 64.70 10535.30 44.55 55.45 10455.45
Sell 10600 29.45 Sell 10400 53.10
Buy 10500 64.75 Buy 10500 97.65
52.55 147.45 10552.55 68.70 131.30 10431.30
Sell 10700 12.20 Sell 10300 28.95
Buy 10600 29.45 Buy 10400 53.10
17.25 82.75 10617.25 24.15 75.85 10375.85
Sell 10300 28.95
Sell 10700 12.20
Note: Above mentioned Bullish or Bearish Spreads in Nifty (June Series) are given as an information and not as a recommendation.
Nifty Put-Call Analysis
5000,000
Call Put
4500,000
4000,000
3500,000
3000,000
2500,000
2000,000
1500,000
1000,000
500,000
,0
9700 9800 9900 10000 10100 10200 10300 10400 10500 10600 10700 10800 10900 11000
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Technical & Derivatives Report
June 24, 2020
Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 343 349 353 360 364
ASIANPAINT 1,623 1,654 1,671 1,702 1,719
AXISBANK 425 434 440 449 454
BAJAJ-AUTO 2,807 2,835 2,872 2,900 2,938
BAJFINANCE 2,713 2,869 2,989 3,146 3,266
BAJAJFINSV 5,973 6,146 6,264 6,438 6,555
BPCL 378 385 389 396 400
BHARTIARTL 569 574 579 584 590
INFRATEL 221 227 230 236 239
BRITANNIA 3,387 3,427 3,466 3,506 3,545
CIPLA 644 652 663 671 682
COALINDIA 141 142 145 146 148
DRREDDY 4,003 4,056 4,093 4,146 4,183
EICHERMOT 17,444 17,667 17,834 18,057 18,224
GAIL 97 98 99 100 102
GRASIM 602 612 623 633 645
HCLTECH 556 568 576 588 596
HDFCBANK 1,006 1,024 1,035 1,053 1,063
HDFC 1,787 1,812 1,829 1,854 1,871
HEROMOTOCO 2,384 2,401 2,423 2,441 2,462
HINDALCO 147 153 156 162 165
HINDUNILVR 2,073 2,114 2,143 2,185 2,214
ICICIBANK 359 367 373 382 387
IOC 87 88 89 91 92
INDUSINDBK 487 504 514 531 541
INFY 680 700 712 733 745
ITC 183 185 186 187 189
JSW STEEL 195 199 201 204 207
KOTAKBANK 1,333 1,361 1,379 1,407 1,424
LT 888 928 949 989 1,010
M&M 489 503 511 525 534
MARUTI 5,774 5,830 5,919 5,975 6,063
NESTLEIND 15,983 16,266 16,493 16,776 17,003
NTPC 93 97 99 103 105
ONGC 83 85 86 87 88
POWERGRID 175 181 185 191 195
RELIANCE 1,686 1,703 1,734 1,751 1,781
SHREECEM 21,690 22,223 22,583 23,116 23,476
SBIN 186 189 191 194 196
SUNPHARMA 484 492 498 506 511
TCS 1,996 2,016 2,030 2,050 2,064
TATAMOTORS 100 102 104 106 108
TATASTEEL 323 328 331 335 338
TECHM 539 549 554 564 570
TITAN 970 985 996 1,011 1,023
ULTRACEMCO 3,790 3,866 3,910 3,987 4,031
UPL 445 454 462 471 478
VEDANTA 107 109 110 112 113
WIPRO 209 215 219 224 228
ZEEL 171 176 182 187 192
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Technical & Derivatives Report
June 24, 2020
Technical and Derivatives Team:
Sameet Chavan Chief Analyst - Technical & Derivatives [email protected]
Ruchit Jain Senior Analyst - Technical & Derivatives [email protected]
Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com
For Technical & Derivatives Queries E-mail: [email protected]
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