Technical & Derivatives Report

August 24, 2020

Sensex (38435) / Nifty (11372) Exhibit 1: Nifty Daily Chart

We kick started the last week higher on Monday on the back of a

cheerful mood across the globe. This was followed by a strong
trading session where we witnessed some robust moves in index
heavyweights as well as the broader market. During the remaining
part of the week, index just trapped in a range and had extremely
lethargic moves to register its highest weekly close after February
20, 2020.

Barring the first couple of days, it was once again a boring week for
index specific traders. Although, the Banking, Metal and Capital
Goods managed to chip in to some extent, but the real outshining
space has been the mid and small cap universe. Clearly, there has
been no stopping for this space and especially the way these stocks
just took off in the last three weeks. When midcap rally starts, it
generally creates a euphoric situation and this is clearly what we are
experiencing for the past few days. Nobody knows when and where
it’s going to stop and at the same time, it’s hard not to participate
also. The overall structure remains sturdy; but we believe that sooner
or later, the market is likely to witness some correction, which would
be healthy in the longer run. In the last five months, forget bearish,
we did not even sound cautious and used all dips to get into the
market. But now looking at a few observations, we do not want to
maintain similar optimism purely with the short-term view.
Key Levels
Support 1 – 11300 Resistance 1 – 11460
Support 2 – 11250 Resistance 2 – 11500
On the daily chart, we can see a small ‘Rising Wedge’ and ‘Bearish
Wolfe Wave’ pattern and a move below 11250-11200 would
confirm a near term reversal to undergo some price correction in
coming days. As far as the NIFTY MIDCAP 50 index is concerned,
although it has surpassed the weekly ‘200-SMA’ marginally, we
advise taking some money off the table now and aggressive bets
should ideally be avoided overnight. Adding to all this, we would like
to draw attention towards an important development in ‘US DOLLAR
INDEX’. We have seen massive correction in this over the past few
months, which has triggered some gravity defying moves in equity
markets; but now this index seems to have rebounded from key
supports along with the ‘Positive Divergence’ in RSI. Hence, further
pullback in the DOLLAR index can lead to some corrective moves
going forward. By mentioning all these points, we do not expect a
complete reversal, rather such intermediate correction is considered
a healthy development and provides better opportunities for those
who have missed the bus in the last few months.

Nifty Bank Outlook - (22300) Exhibit 2: Nifty Bank Daily Chart

On Friday, Bank Nifty started with a gap up opening and it
remained within a range throughout the session to end with gains
of 1.36% tad at 22300 levels.

On the daily chart, the bank index for the last one month is trading
in a range of 21000 and 22500. With the last week's activity, the
base has now shifted higher towards 21400 and we sense the next
directional move can only be seen on a breakout from 21400 -
22500 levels. Till then traders are advised to focus on individual
stocks within the basket as they are giving trading opportunities
on both sides of the trend. Immediate support is placed around
Friday's gap at 22080 followed by Thursday's low at 21886.

Key Levels
Support 1 – 22080 Resistance 1 – 22500
Support 2 – 21886 Resistance 2 – 22670

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August 24, 2020

Comments Nifty Vs OI
 The Nifty futures open interest has increased by 2.17% (`000) Openinterest Nifty
Bank Nifty futures open interest has decreased by 3.36% 12,000 11450

as market closed at 11371.6 levels. 11,900 11400

 The Nifty August future closed with a premium of 5.6 11,800 11350
point against a discount of 6.8 point in last trading 11,700
11300
session. The September series closed at a premium of 11,600
11250
17.6 point. 11,500
 The INDIA VIX has decreased from 20.62 to 19.94 11,400
11200

At the same time, the PCR-OI of Nifty increased from 1.32 11,300
11150

to 1.54. 11,200 11100

 Few of the liquid counters where we have seen high cost 11,100 11050
of carry are BANKBARODA, RBLBANK, JINDALSTEL,
11,000 11000
GMRINFRA AND IDEA. 8/10 8/11 8/12 8/13 8/14 8/17 8/18 8/19 8/20 8/21

Views
OI Gainers
 Nifty rallied higher during the week upto 11460, and
OI PRICE
then consolidated at the end of the week to register SCRIP OI PRICE
CHG. (%) CHG. (%)
weekly gains of about 200 points. BHEL 84777000 52.00 40.65 6.10
GMRINFRA 120060000 32.80 24.30 9.64
 FIIs were net buyers in the cash market segment to the
SAIL 60420000 18.75 42.45 1.91
tune of Rs. 410 crores. In index futures, they bought
MFSL 2637700 17.22 557.35 3.87
worth 1236 crores with increase in open interest
PNB 87444000 13.15 35.65 1.42
indicating long formations and short covering on
Friday.
BOSCHLTD 112850 10.69 14196.95 3.05
L&TFH 36964800 10.38 67.75 -1.45
 During the week, FIIs added net longs in index futures MOTHERSUMI 26453000 8.47 117.55 -1.67
and 60% of their positions are on the long side. The
options data hints at a resistance around the 11500
mark while supports are placed at 11300 and 11200. OI Losers
The index could consolidate within this range and OI PRICE
SCRIP OI PRICE
hence, traders are advised to trade with a stock specific CHG. (%) CHG. (%)
approach at the start of this week and watch for further RBLBANK 19968000 -23.15 184.15 1.76
developments as we approach the monthly expiry day. UJJIVAN 1643400 -21.53 251.45 -1.16
EQUITAS 12828800 -14.49 56.40 -0.53
CENTURYTEX 2080400 -11.60 340.90 0.95
TORNTPOWER 2598000 -10.91 355.15 -1.68
MUTHOOTFIN 3754500 -10.70 1182.00 -0.68
VOLTAS 2695000 -9.75 659.30 -1.42
NTPC 53466000 -8.68 105.95 4.74

Historical Volatility Put-Call Ratio

SCRIP HV SCRIP PCR-OI PCR-VOL
GMRINFRA 54.54 NIFTY 1.54 0.94
PAGEIND 48.07 BANKNIFTY 0.97 0.84
NTPC 39.94 RELIANCE 0.57 0.43
POWERGRID 38.40 ICICIBANK 0.48 0.53
ASIANPAINT 40.83 INFY 0.54 0.48

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August 24, 2020

FII Statistics for August 21, 2020 Turnover on August 21, 2020
Open Interest
No. of Turnover Change
Detail Buy Sell Net Instrument
Value Change Contracts ( in Cr. ) (%)
Contracts
(in Cr.) (%)
INDEX
3369.00 2132.56 1236.44 129709 10121.76 2.64 Index Futures 2,86,857 19562.75 -26.60
FUTURES
INDEX
83722.67 83041.46 681.21 663153 52648.36 15.98 Index Options 98,02,989 6,84,142.05 -79.38
OPTIONS
STOCK
19275.76 18960.41 315.35 1287766 90472.57 (0.14) Stock Futures 9,91,801 70976.45 15.34
FUTURES
STOCK
7087.22 7122.11 (34.89) 96319 6852.74 (3.55) Stock Options 14,64,969 1,10,815.00 20.13
OPTIONS

Total 113454.65 111256.54 2198.11 2176947 160095.43 4.28 Total 1,25,46,616 8,85,496.25 -74.69

Nifty Spot = 11371.60

Bull-Call Spreads Bear-Put Spreads

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

Buy 11400 75.35 Buy 11300 57.40

41.05 58.95 11441.05 23.15 76.85 11276.85
Sell 11500 34.30 Sell 11200 34.25

Buy 11400 75.35 Buy 11300 57.40

62.70 137.30 11462.70 36.00 164.00 11264.00
Sell 11600 12.65 Sell 11100 21.40

Buy 11500 34.30 Buy 11200 34.25

21.65 78.35 11521.65 12.85 87.15 11187.15
Sell 11100 21.40
Sell 11600 12.65

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

Nifty Put-Call Analysis

4000,000

Call Put
3500,000

3000,000

2500,000

2000,000

1500,000

1000,000

500,000

,0
10700 10800 10900 11000 11100 11200 11300 11400 11500 11600 11700 11800 11900 12000

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Daily Pivot Levels for Nifty Constituents

Scrips S2 S1 PIVOT R1 R2
ADANIPORTS 349 352 356 358 362
ASIANPAINT 1,845 1,901 1,937 1,994 2,030
AXISBANK 432 436 441 445 449
BAJAJ-AUTO 3,018 3,036 3,055 3,073 3,092
BAJFINANCE 3,343 3,366 3,403 3,426 3,463
BAJAJFINSV 6,197 6,240 6,303 6,346 6,409
BPCL 402 406 412 417 423
BHARTIARTL 508 514 522 528 536
INFRATEL 196 198 199 201 203
BRITANNIA 3,840 3,861 3,887 3,908 3,934
CIPLA 752 756 763 768 775
COALINDIA 137 138 140 141 143
DRREDDY 4,448 4,469 4,494 4,515 4,541
EICHERMOT 21,311 21,507 21,675 21,871 22,039
GAIL 100 101 102 103 104
GRASIM 662 670 676 684 691
HCLTECH 696 701 708 713 720
HDFCBANK 1,055 1,071 1,080 1,095 1,104
HDFC 588 593 601 606 614
HEROMOTOCO 1,768 1,786 1,805 1,823 1,843
HINDALCO 2,921 2,977 3,013 3,070 3,106
HINDUNILVR 190 193 198 201 206
ICICIBANK 2,178 2,190 2,199 2,211 2,221
IOC 364 368 370 374 376
INDUSINDBK 87 88 89 90 91
INFY 507 510 516 519 525
ITC 936 942 953 959 970
JSW STEEL 195 196 197 199 200
KOTAKBANK 276 279 283 286 291
LT 1,320 1,330 1,341 1,351 1,362
M&M 981 987 999 1,005 1,017
MARUTI 600 605 613 618 626
NESTLEIND 6,882 6,928 6,996 7,042 7,110
NTPC 16,061 16,311 16,501 16,751 16,941
ONGC 99 102 105 109 111
POWERGRID 79 80 82 83 85
RELIANCE 180 184 187 192 195
SHREECEM 2,049 2,065 2,094 2,110 2,139
SBIN 21,928 22,123 22,295 22,490 22,663
SUNPHARMA 195 197 199 201 203
TCS 517 525 532 539 546
TATAMOTORS 2,224 2,236 2,254 2,266 2,284
TATASTEEL 118 119 122 123 126
TECHM 417 423 432 438 448
TITAN 726 730 733 736 740
ULTRACEMCO 1,122 1,130 1,137 1,145 1,152
UPL 4,114 4,151 4,177 4,214 4,239
VEDANTA 483 488 496 501 509
WIPRO 269 271 275 277 281
ZEEL 180 186 195 201 210

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 Technical & Derivatives Report
August 24, 2020

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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