Technical Picks | November 28, 2015

Ongoing bounce to extend towards 8050 - 8100

Sensex (26128) / Nifty (7943)
Trading for the week began on Monday with a mildly positive

Exhibit 1: Nifty Weekly chart

bias amid mixed global cues. However, the Nifty came off a bit
from the day's high and then traded within a narrow range
throughout the session. It concluded the day with negligible
losses. On Tuesday, the Nifty opened on a soft note and after a
small dip managed to recover during the remaining part of the
day. Thursday's session, coinciding with the derivative's expiry,
witnessed bullish momentum and the Nifty gained nearly half
a percent over its previous close. The last trading session of the
week too traded on a cheerful note and led the Nifty to conclude
the week above the 7900 mark. Barring negligible losses from
the FMCG pack, all other sectoral indices ended inside the

Source: Falcon

Exhibit 2: Nifty Daily chart

positive territory, amongst which the Oil & Gas, Banking and
Realty stocks were among the major gainers. The Nifty ended
the week with a modest gain of 1.10% over the previous week's
closing.

Pattern formation:

The '89-day EMA' and the '89-week EMA' for the Sensex/
Nifty are placed at 26645 / 8072 and 26010 / 7851 levels,
respectively.

Source: Falcon

The '20-day EMA' and the '20-week EMA' for the Sensex/
Nifty are placed at 26086 / 7912 and 26654 / 8084 levels,
respectively.

territory. Historically, this technical evidence has proved its

significance on many occasions and thus, it commands some
weightage. In addition, the Nifty has confirmed an 'Inverted
Hammer' (by closing a tad above the high of the pattern) formed

Future outlook
The Nifty traded within a narrow range throughout the first half
of the concluded week, similar as in the previous week. However,
the last couple of trading sessions showed some encouraging
price action as far as the bulls are concerned. Despite the small
trading range, we are witnessing few key developments on the
charts. Firstly, it's the confirmation of a 'Higher Top Higher
Bottom' formation on the hourly chart for the first time in the

during the penultimate week on the weekly chart. Thus, in the

forthcoming week, we expect this up move in the Nifty to continue
towards 8050 - 8150 levels. On the flipside, 7810 - 7700 are
now seen as strong support levels for the Nifty. Meanwhile, a
lot of individual stocks have done well during the concluded
week and we expect continuation of the same in the forthcoming
week as well.

last four weeks and more importantly, a positive crossover in

the daily 'RSI-Smoothened' oscillator well inside the positive

For Private Circulation Only |

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP00000154 6 Angel Securities Ltd:BSE: INB010994639/
INF010994639
NSE:
INB230994635/INF230994635
Membership
numbers:
BSE
028/NSE:09946

Technical Picks | November 28, 2015

Weekly Pivot Levels For Nifty 50 Stocks

SCRIPS

S2

S1

PIV
OT
PIVO

R1

R2

SENSEX

25,525

25,826

26,006

26,307

26,486

7,758

7,850

7,905

7,997

8,052

16,808

17,089

17,247

17,528

17,685
1,386

NIFTY
NIFTY BANK

1,312

1,333

1,349

1,370

ADANIPORTS

260

264

271

276

283

AMBUJACEM

197

200

202

205

208

ACC

ASIANPAINT

822

841

853

872

884

AXISBANK

452

461

468

478

485
2,606

2,326

2,387

2,466

2,527

BANKBARODA

163

171

176

184

189

BHEL

170

173

176

179

182

BAJAJ-AUTO

BPCL

873

887

905

919

936

BHARTIARTL

330

336

341

347

352
19,813

17,638

18,251

18,725

19,338

CAIRN

132

134

138

140

144

CIPLA

627

635

642

650

656

BOSCH

COALINDIA
DRREDDY
GAIL
GRASIM

325

331

336

342

347

2,813

2,956

3,190

3,333

3,567

334

351

361

378

388

3,608

3,671

3,711

3,774

3,813

850

861

868

880

886

HDFC

1,040

1,060

1,071

1,091

1,102

HDFCBANK

1,161

1,196

1,219

1,254

1,277

HEROMOTOCO

2,521

2,613

2,664

2,755

2,806

71

74

77

80

83

774

795

808

829

843

HCLTECH

HINDALCO
HINDUNILVR
ICICIBANK

252

261

266

275

280

IDEA

128

136

143

151

158

INDUSINDBK
INFY

902

913

921

932

941

1,025

1,046

1,058

1,079

1,091

ITC

328

336

341

349

353

KOTAKBANK

665

682

692

709

720

LT

1,306

1,335

1,360

1,389

1,413

LUPIN

1,766

1,789

1,829

1,852

1,891

M&M

1,279

1,315

1,343

1,380

1,408

MARUTI

4,409

4,494

4,642

4,728

4,876

NTPC

129

131

133

135

137

ONGC

226

231

235

240

244

POWERGRID

129

131

133

135

137

PNB

134

139

143

148

151
1,019

RELIANCE

926

953

973

999

SBIN

237

243

247

253

257

SUNPHARMA

690

715

729

753

767

2,286

2,319

2,366

2,400

2,447

380

399

415

434

451

65

66

67

67

68

217

224

230

237

242

TCS
TATAMOTORS
TATAPOWER
TATASTEEL
TECHM
ULTRACEMCO
VEDL
WIPRO

518

526

535

544

553

2,699

2,765

2,806

2,872

2,913

87

90

92

94

96

550

560

569

579

587

YESBANK

717

740

755

778

792

ZEEL

389

401

408

419

426

Technical Research Team

For Private Circulation Only |

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP00000154 6 Angel Securities Ltd:BSE: INB010994639/
INF010994639
NSE:
INB230994635/INF230994635
Membership
numbers:
BSE
028/NSE:09946

Derivatives Review | November 28, 2015

Implied volatility may rise irrespective of market direction

Nifty spot closed at 7942.70 this week against a close of 7856.55 last week. The Put-Call Ratio has increased from 0.79 to 0.91 levels
and the annualized Cost of Carry is positive at 3.99%
3.99%. The Open Interest of Nifty Futures decreased by 12.03%
12.03%.

Put-Call Ratio Analysis

Implied Volatility Analysis

PCR-OI has increased from 0.79 to 0.91 levels mainly due to

Implied Volatility (IV) for NIFTY has decreased from 12.36% to

open interest addition in put options. Being start of new series

14.64%. Historical volatility (HV) of NIFTY is at 16.35% and

build-up is quite scattered in 7900 to 8300 call options and of

that for BANKNIFTY is trading at 22.90%. Liquid counters having

put options is seen in the range of 7300-7900 strike price.

very high HV are DRREDDY, RCOM, JINDALSTEL, GMRINFRA

Maximum buildup in current series is seen in 8500 call & 7500

and KSCL. Stocks where HV are on lower side are WIPRO,

put options.

HDFCBANK, L&TFH, GRASIM and ACC.

Open Interest Analysis

Cost-of-Carry Analysis

Total open interest of market has decreased from

Nifty current month futures closed at a premium of 29.50 points

`2,45,850/- cr. to `1,77,748/- cr. Stock futures open interest

against a premium of 32.45 points to its spot. Next month

has decreased from `65,162/- cr. to `59,844/- cr. Liquid

future is trading with premium of 67.10 points. Liquid counters

counters names which added significant positions last week

where CoC is high are UNITECH, GMRINFRA, JPASSOCIAT,

are HEROMOTOCO, SUNPHARMA, TCS, DRREDDY AND

NHPC and SOUTHBANK. Stocks with negative CoC are IDEA,

WIPRO. On the other hand unwinding was visible in counters

BATAINDIA, JUSTDIAL, VOLTAS and GAIL.

like ACC, MARUTI, TECHM, KOTAKBANK and GAIL.

Derivative Strategy
Scrip : LLT
T

CMP : ``1368.80/1368.80/-

View: Mildly Bearish

Lot Size : 300

Strategy: Long Put

Expected Payoff

Buy/Sell

Qty

Scrip

Strike
Price

Series

Option
Type

Buy/Sell Rate
(`)

BUY

300

LT

1350

DEC

PE

30.00

BEP

- `1320/-

Max. Risk: `9,000/If LT closes on or above BEP on expiry.

Max. PProfit:
rofit: Unlimited
If LT closes on or below BEP on expiry.

NOTE: Profit can be booked before expiry if LT moves in favorable direction and implied volatility increases

For Private Circulation Only |

Exercise Date (F & O) :

31st Dec 2015

Closing PPrice
rice
((Rs
Rs
Rs))

Expected
Profit/Loss

1200

`120.00

1250

`70.00

1300

`20.00

1350

(`30.00)

1400

(`30.00)

1450

(`30.00)

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP00000154 6 Angel Securities Ltd:BSE: INB010994639/
INF010994639
NSE:
INB230994635/INF230994635
Membership
numbers:
BSE
028/NSE:09946

Weekly
Research Team Tel: 022 - 39357800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

Disclaimer
Angel Broking Private 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 of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private 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. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the
company covered by Analyst. Angel or its associates/analyst has not received any compensation / managed or co-managed public
offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst has not served as an officer, director
or employee of company covered by Analyst and has not been engaged in market making activity of the company covered by Analyst.
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.
Reports based on technical and derivative analysis center on studying charts of a stocks price movement, outstanding positions and
trading volume, as opposed to focusing on a companys fundamentals and, as such, may not match with a report on a companys
fundamentals.
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 Broking Pvt. 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 Broking Pvt. 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 Broking Pvt. 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 Broking Pvt. 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.
Note: Please refer to the important Stock Holding Disclosure report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have
investment positions in the stocks recommended in this report.

Ratings (Based on expected returns

over 12 months investment period):

Buy (> 15%)

Accumulate (5% to 15%)

Reduce (-5% to -15%)

Neutral (-5 to 5%)

Sell (< -15)