Technical & Derivatives Report

July 23, 2020

Sensex (37872) / Nifty (11133) Exhibit 1: Nifty Daily Chart

Nifty started trading with another gap up above the 11200 mark,
however, the index corrected from the opening ticks in the first half
an hour of trade. It then faced resistance during intraday pullback
towards 11200 and corrected in the later half to register a low of
11060. Due to some recovery from the low at the end, Nifty
registered a marginal loss and ended at 11132.60.

As the Nifty approached the 78.6% retracement level, it seemed that

traders preferred for some profit booking as the index showed signs
of boredom and corrected from the higher levels. However, the
banking and the financial space kept the market on toes as some of
the stocks from this space outperformed the broader markets which Next couple of sessions would be crucial to determine the near term
led to a relative outperformance in Bank Nifty. As mentioned in our trend and traders are advised to trade with a stock specific approach
previous article, Nifty is trading near the crucial hurdle and hence it and keep booking timely profits. The near term supports for the
is wise for traders to book profits and take some money off the table. index are placed around 11040 and 10960 whereas resistance is
However, as of now, there are no signs of reversal and hence, we do seen in the range of 11200-11250.
not advise taking any contra trades.

Key Levels
Support 1 – 11040 Resistance 1 – 11200
Support 2 – 10960 Resistance 2 – 11250

Nifty Bank Outlook - (22883) Exhibit 2: Nifty Bank Daily Chart

In last couple of days, the banking index has started
outperforming our benchmark and yesterday too, the opening
was strong above 23000, courtesy to bumper start in AXIS BANK
post it’s stellar quarterly numbers. However, within blink of an eye,
the early morning lead disappeared in both major indices. In fact,
after regaining some momentum, our markets took a nosedive on
the back of sell off seen in global peers. Fortunately the banking
space once again saw decent recovery to conclude the volatile day
on a positive note.

Unlike recent trend, the Bank Nifty is showing strength, which

certainly is an encouraging sign for our markets. Practically our
markets are extremely overbought but they are reluctant to fall. In
a normal scenario, we would have expected some correction from
current levels; but the way Banknifty is shaped up, we will not be
surprised to see extended move from hereon. If Banknifty
manages to stay beyond 23000-23100 we could see banking
space leading the charge in next leg of the rally. On the flip side,
22600-22500 is likely to provide strong support. However having
said that one shouldn’t be too complacent and hence, should
ideally keep booking profits in rallies.

Key Levels
Support 1 – 22600 Resistance 1 – 23000
Support 2 – 22500 Resistance 2 – 23100

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Comments Nifty Vs OI
 The Nifty futures open interest has decreased by 0.59% (`000) Openinterest Nifty
Bank Nifty futures open interest has increased by 6.83% 14,000 11400

as market closed at 11132.60 levels. 13,500 11200

 The Nifty July future closed with a discount of 22.05 point
against a premium of 8.3 point in last trading session. The 13,000
11000
August series closed at a discount of 16.65 point. 12,500
 The INDIA VIX has increased from 24.43 to 24.88 10800
12,000
At the same time, the PCR-OI of Nifty decreased from
10600
1.87 to 1.68. 11,500
 Few of the liquid counters where we have seen high cost 10400
11,000
of carry are L&TFH, ZEEL, GMRINFRA, TORNTPHARMA,
AND NATIONALUM. 10,500 10200

10,000 10000
7/1 7/3 7/7 7/9 7/13 7/15 7/17 7/21

Views
Once again our markets started with a gap up opening
OI Gainers

however from the word go Nifty witnessed some
OI PRICE
pressure from the higher levels. Subsequently, Index SCRIP OI PRICE
CHG. (%) CHG. (%)
traded choppy within a range to end with loss of 0.27% M&MFIN 25227300 38.65 153.85 14.34
at 11132.60. GMRINFRA 144000000 24.71 20.75 4.25
IDEA 370720000 23.68 8.55 2.40
 FIIs were net buyers in the cash market segment to the
BALKRISIND 2267200 20.60 1257.50 0.78
tune of Rs. 1666 crores. In index futures, they bought
CANBK 12140000 20.08 102.10 -2.57
worth 337 crores with increase in open interest
ZEEL 31263000 15.39 157.00 2.27
indicating long formations in yesterday’s session. KOTAKBANK 10772400 11.07 1342.35 -1.99
CHOLAFIN 7395000 10.66 220.90 4.98
 Post a positive opening, Nifty witnessed some
correction but Bank Nifty showed strength and
outperformed the benchmark. Some long formations
were seen in the Bank Nifty index yesterday. FII's bought OI Losers
OI PRICE
equities worth more than 1600 crores while they formed SCRIP OI PRICE
CHG. (%) CHG. (%)
some longs in index futures as well. The put call ratio of
JINDALSTEL 17855000 -17.74 173.40 -3.01
Nifty which was in overbought zone at 1.87 has cooled-
ESCORTS 2900700 -14.38 1203.75 2.75
off a bit upto 1.68. In options segment, 11100-11300
UJJIVAN 2937000 -10.40 253.45 1.30
calls options added open interest while 11000 and
POWERGRID 28164000 -6.63 179.65 3.45
11050 put option too added fresh open interest.
CENTURYTEX 2602600 -6.58 308.15 0.42
Options data indicates support in the range of 11100-
HEROMOTOCO 2193600 -6.22 2768.00 -2.81
11050 and resistance around 11200. Traders can look
BHARATFORG 5731500 -6.03 387.20 0.56
for buying opportunity in Bank Nifty on dips for today's
APOLLOHOSP 905500 -5.63 1481.15 -0.71
expiry.

Historical Volatility Put-Call Ratio

SCRIP HV SCRIP PCR-OI PCR-VOL
M&MFIN 83.15 NIFTY 1.68 1.12
MUTHOOTFIN 65.54 BANKNIFTY 1.16 0.91
PVR 64.06 RELIANCE 0.82 0.49
AXISBANK 76.54 ICICIBANK 0.58 0.50
POWERGRID 39.51 INFY 1.28 0.97

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FII Statistics for July 22, 2020 Turnover on July 22, 2020
Open Interest
No. of Turnover Change
Detail Buy Sell Net Instrument
Value Change Contracts ( in Cr. ) (%)
Contracts
(in Cr.) (%)
INDEX
4570.03 4232.63 337.40 133040 9963.45 2.82 Index Futures 4,87,092 32671.07 17.19
FUTURES
INDEX
308021.92 307318.52 703.40 866829 65450.74 4.92 Index Options 2,92,91,512 17,74,211.33 60.80
OPTIONS
STOCK
17077.06 17438.95 (361.89) 1318313 91212.28 0.12 Stock Futures 10,35,659 72669.73 4.52
FUTURES
STOCK
6732.63 6507.86 224.77 103581 7203.80 (8.31) Stock Options 15,77,631 1,19,229.68 2.57
OPTIONS

Total 336401.64 335497.96 903.68 2421763 173830.27 1.53 Total 3,23,91,894 19,98,781.81 51.77

Nifty Spot = 11132.60

Bull-Call Spreads Bear-Put Spreads

Action Strike Price Risk Reward BEP Action Strike Price Risk Reward BEP

Buy 11200 147.60 Buy 11100 138.00

49.95 50.05 11249.95 39.15 60.85 11060.85
Sell 11300 97.65 Sell 11000 98.85

Buy 11200 147.60 Buy 11100 138.00

86.95 113.05 11286.95 67.00 133.00 11033.00
Sell 11400 60.65 Sell 10900 71.00

Buy 11300 97.65 Buy 11000 98.85

37.00 63.00 11337.00 27.85 72.15 10972.15
Sell 10900 71.00
Sell 11400 60.65

Note: Above mentioned Bullish or Bearish Spreads in Nifty (July Series) are given as an information and not as a recommendation.

Nifty Put-Call Analysis

3500,000

Call Put
3000,000

2500,000

2000,000

1500,000

1000,000

500,000

,0
10500 10600 10700 10800 10900 11000 11100 11200 11300 11400 11500 11600 11700 11800

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Daily Pivot Levels for Nifty Constituents

Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 304 308 313 317 323
ASIANPAINT 1,662 1,679 1,708 1,724 1,753
AXISBANK 450 465 475 489 499
BAJAJ-AUTO 2,850 2,918 2,974 3,042 3,098
BAJFINANCE 3,116 3,184 3,262 3,331 3,409
BAJAJFINSV 6,078 6,213 6,406 6,541 6,734
BPCL 437 444 454 461 472
BHARTIARTL 556 563 569 576 582
INFRATEL 195 198 201 204 207
BRITANNIA 3,707 3,756 3,840 3,889 3,974
CIPLA 645 654 666 674 686
COALINDIA 131 132 135 136 138
DRREDDY 3,967 4,014 4,072 4,119 4,177
EICHERMOT 19,420 19,655 19,978 20,213 20,536
GAIL 98 100 103 104 107
GRASIM 585 593 603 611 621
HCLTECH 636 643 650 658 665
HDFCBANK 1,103 1,114 1,129 1,141 1,156
HDFC 1,830 1,855 1,877 1,903 1,925
HEROMOTOCO 2,687 2,727 2,794 2,834 2,901
HINDALCO 154 157 160 163 167
HINDUNILVR 2,185 2,217 2,273 2,305 2,362
ICICIBANK 368 374 382 389 396
IOC 90 91 93 94 95
INDUSINDBK 496 505 517 525 537
INFY 893 906 922 935 951
ITC 190 193 196 199 201
JSW STEEL 198 203 208 213 218
KOTAKBANK 1,311 1,327 1,347 1,362 1,382
LT 893 907 924 938 955
M&M 565 579 595 609 625
MARUTI 5,835 5,919 6,024 6,108 6,213
NESTLEIND 16,759 16,955 17,198 17,394 17,637
NTPC 87 89 91 92 94
ONGC 81 82 83 84 84
POWERGRID 171 175 178 183 186
RELIANCE 1,942 1,973 1,992 2,022 2,041
SHREECEM 21,529 21,754 22,145 22,370 22,760
SBIN 186 189 193 196 200
SUNPHARMA 462 468 478 484 494
TCS 2,155 2,173 2,202 2,220 2,249
TATAMOTORS 101 103 106 109 112
TATASTEEL 337 343 353 360 369
TECHM 604 611 619 626 634
TITAN 996 1,027 1,046 1,077 1,097
ULTRACEMCO 3,801 3,832 3,869 3,899 3,936
UPL 441 450 457 467 474
VEDANTA 105 109 113 117 121
WIPRO 258 262 268 271 277
ZEEL 145 151 155 161 165

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Technical and Derivatives Team:

Sameet Chavan Chief Analyst - Technical & Derivatives sameet.chavan@angelbroking.com

Ruchit Jain Senior Analyst - Technical & Derivatives ruchit.jain@angelbroking.com

Rajesh Bhosale Technical Analyst rajesh.bhosle@angelbroking.com

Sneha Seth Derivatives Analyst sneha.seth@angelbroking.com

Research Team Tel: 022 – 39357600 (Extn. 6844) Website: www.angelbroking.com

For Technical & Derivatives Queries E-mail: technicalresearch-cso@angelbroking.com

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