Technical & Derivatives Report

June 11, 2024

Sensex (76490) / Nifty (23259) Exhibit 1: Nifty Daily Chart

The trading week began positively, with prices hitting new highs
and surpassing 23400 within the first few minutes. However, the
momentum soon faded, and prices fluctuated within a range for
most of the session. In the last hour, some profit-taking erased
the morning gains, resulting in a minor decline of 0.13%, ending
just above the 23250 mark.

Last week was eventful with significant price swings, but after
major events concluded, we saw a low-activity session for key Going ahead, while key indices may move within a range,
indices. This is reflected in the daily chart, showing a small attention should shift to themes that could benefit from the
negative candle near last week’s high. Traders shifted focus to upcoming budget. Traders should focus on sectors likely to
broader markets, which remained active. Moving forward, outperform in this context.
maintaining a positive outlook is advised, but traders should be
selective and avoid complacent bets. The ideal strategy is to buy Key Levels
on dips and take regular profits, as the index is likely to
Support 1 – 23130 Resistance 1 – 23400
consolidate after last week’s sharp rise from panic lows.
Support 2 – 23000 Resistance 2 – 23500
Immediate support is around 23130, with crucial support at
23000, while resistance lies between 23400 and 23500 in
uncharted territory. Traders should monitor these levels and
plan their trades accordingly.

Nifty Bank Outlook (49781) Exhibit 2: Nifty Bank Daily Chart

The trading week for the heavy weight index started on a quiet
note, with the index opened unchanged. An initial burst of
optimism gave the impression that the index might break out of
its slumber of the past 2-3 days, but the optimism quickly faded
as it faced selling pressure around elevated levels. Throughout
the day, sellers maintained their grip, refuting any efforts from
buyers to push the index higher. The index wrapped up the day
on a disappointing note, closing around the day’s low at the
49780 level.
As highlighted in our prior commentary Unless we get clarity
Technically, few changes were observed, as there was minimal on the direction, adopting a wait and watch approach is the
price action in BANKNIFTY. The index remains cautious and most prudent stance to take. In terms of levels, the heavy
tentatively poised at higher levels, with its hesitation to climb weight index is likely to face hurdles in the 50000-50500
higher clearly visible. The formation of a “Doji” like candle, with zone, with a more potent resistance at the 50800 level. Short
prices approaching a crucial short-term hurdle, underscores the term support might be found in the 49300 - 49000 zone.
tentativeness. While the broader markets are performing well
and recovering most of their previous losses, there remains a
lack of clarity regarding the direction of the rate-sensitive index. Key Levels
Support 1 – 49300 Resistance 1 – 50000
Support 2 – 49000 Resistance 2 – 50500

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Nifty Vs OI
Comments
20,000 24000
 The Nifty futures open interest has decreased by 1.11% Openinterest Nifty
and Bank Nifty futures open interest has decreased by 23500
18,000
5.30% as the market closed at 23259.20.
23000
 The Nifty June future closed with a discount of 12.05
16,000 22500
points against a premium of 35 points in the last trading
session. The July series closed at a premium of 123.65 22000
14,000
points.
21500
 The INDIA VIX has increased from 16.40 to 16.88. At the 12,000
same time, the PCR-OI of Nifty has decreased to 0.97 from 21000

1.15. 10,000 20500

 A few of the liquid counters where we have seen high cost 5-28 5-30 6-3 6-5 6-7
of carry are RAMCOCEM, SHREECEM, COROMANDEL, UBL,
ULTRACEMCO.
OI Gainers
View OI PRICE
SCRIP OI PRICE
CHG. (%) CHG. (%)
MPHASIS 4786100 67.01 2394.60 -3.13
 The Indian equity market witnessed some tentativeness RAMCOCEM 11373000 36.16 876.75 5.57
at highs, wherein the benchmark index remained under INDIACEM 30113600 22.51 218.16 1.65
a slender range throughout. Eventually, the Nifty50 COFORGE 2227950 19.76 5220.10 -3.84
settled a tad above the 23250 zone with a mere loss of PIIND 1537000 16.46 3640.50 -0.04
0.13 percent. COROMANDEL 2858100 13.89 1439.50 4.19

 FIIs were net buyers in the cash market segment to the UBL 1891200 13.27 2146.30 3.73

tune of Rs. 2572 crore. Simultaneously, they bought MGL 2240800 13.08 1412.20 1.95

worth Rs. 3064 crore in Index futures with a fall in open

interest, suggesting short covering.

 In the derivatives market, we observed a mixed bag of OI Losers

trade in both key indices. On the options front, a decent OI PRICE
SCRIP OI PRICE
CHG. (%) CHG. (%)
accumulation of OI is seen at 23200 PE, followed by the
SYNGENE 17600 -7.00 710.30 2.01
highest OI at 23000 PE, suggesting a nearby support
BHARATFORG 5901000 -6.21 1580.80 -0.29
zone. On the other hand, significant piling of OI is
evident at 23500 CE, suggesting a sturdy hurdle for ICICIBANK 74547900 -5.81 1123.85 -0.18

Nifty. Stronger hands added longs in cash and curtailed MANAPPURAM 47130000 -5.50 177.60 -1.00

shorts in the index futures segment, advancing the Long DIVISLAB 2450000 -5.21 4536.35 0.07

Short Ratio to 34% from 30%. Considering these GODREJCP 6041500 -5.06 1423.05 -0.63

developments, our market seems buoyant with an MFSL 5464800 -4.78 954.00 1.45
immediate range of 23000-23500, and dips are BALRAMCHIN 14147200 -4.75 396.80 -1.33

expected to augur well for the bulls.

Historical Volatility Put-Call Ratio

SCRIP PCR (OI) PCR (VOL)
SCRIP HV
SAIL 60.48 NIFTY 0.97 0.89

NMDC 46.98 BANKNIFTY 0.74 0.89

SYNGENE 29.69 RELIANCE 0.46 0.49

NATIONALUM 60.14 ICICIBANK 0.44 0.54

MCX 52.23 INFY 0.49 0.65

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June 11, 2024

FII Statistics for June 10, 2024 Turnover on June 10, 2024
OI Value
Detail Buy Contracts No. of Turnover Change
(in Cr.) Instrument
Sell Net CHANGE
Contracts (in Cr.) (%)
INDEX
6856.20 3792.33 3063.87 456778 29691.72 (3.37)
FUTURES
Index Futures 564852 36787.28 -30.18
INDEX
1735729.56 1735684.22 45.34 5955889 380951.43 6.96
OPTIONS
STOCK Index Options 322003832 66254.86 15.12
26352.54 31751.45 (5398.91) 3681481 279562.92 (1.58)
FUTURES
STOCK Stock Futures 1542959 122927.62 -14.30
49556.07 49777.38 (221.31) 625694 48772.30 4.37
OPTIONS
Stock Options 5505811 8733.24 -20.12
Total 1818494.37 1821005.38 (2511.01) 10719842 738978.37 36.50
Total 55,05,811 8733.24 -11.30

Nifty Spot = 23259.20

Bull-Call Spreads Bear-Put Spreads

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

Buy 49.30 50.70 23249.30 55.90 44.10 23344.10

23200 338.75 Buy 23400 388.90

Sell 23300 289.45 Sell 23300 333.00

Buy 101.70 98.30 23301.70 96.05 103.95 23303.95

23200 338.75 Buy 23400 388.90

Sell 23400 237.05 Sell 23200 292.85

Buy 52.40 47.60 23352.40 40.15 59.85 23259.85

23300 289.45 Buy 23300 333.00

Sell 23400 237.05 Sell 23200 292.85

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

4000,000

Call Put
3500,000

3000,000

2500,000

2000,000

1500,000

1000,000

500,000

,0
22500 22600 22700 22800 22900 23000 23100 23200 23300 23400 23500 23600 23700 23800

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Daily Pivot Levels for Nifty Constituents `

Scrips S2 S1 PIVOT R1 R2
ADANIENT 3,158 3,189 3,237 3,268 3,316
ADANIPORTS 1,359 1,372 1,394 1,406 1,428
APOLLOHOSP 5,958 6,008 6,041 6,090 6,124
ASIANPAINT 2,898 2,918 2,935 2,955 2,972
AXISBANK 1,172 1,186 1,199 1,213 1,227
BAJAJ-AUTO 9,538 9,638 9,781 9,880 10,023
BAJFINANCE 6,963 7,026 7,138 7,201 7,313
BAJAJFINSV 1,542 1,554 1,571 1,583 1,601
BPCL 595 599 604 608 614
BHARTIARTL 1,412 1,419 1,428 1,435 1,444
BRITANNIA 5,330 5,409 5,485 5,564 5,640
CIPLA 1,487 1,511 1,526 1,549 1,565
COALINDIA 468 473 480 485 493
DIVISLAB 4,479 4,508 4,544 4,572 4,608
DRREDDY 5,936 6,021 6,089 6,175 6,243
EICHERMOT 4,737 4,760 4,780 4,803 4,823
GRASIM 2,335 2,391 2,431 2,487 2,528
HCLTECH 1,375 1,397 1,419 1,441 1,464
HDFCBANK 1,543 1,552 1,567 1,575 1,590
HDFCLIFE 555 562 568 575 582
HEROMOTOCO 5,492 5,607 5,696 5,811 5,900
HINDALCO 666 671 678 683 690
HINDUNILVR 2,521 2,543 2,568 2,591 2,616
ICICIBANK 1,106 1,115 1,124 1,133 1,142
INDUSINDBK 1,465 1,475 1,491 1,501 1,516
INFY 1,476 1,488 1,509 1,521 1,541
ITC 433 435 438 440 443
JSW STEEL 893 904 912 924 931
KOTAKBANK 1,714 1,730 1,752 1,767 1,789
LT 3,486 3,515 3,550 3,579 3,614
LTIMINDTREE 4,802 4,853 4,916 4,967 5,030
M&M 2,745 2,776 2,831 2,862 2,917
12,46
MARUTI 12,590 12,755 12,882 13,047
3
NESTLEIND 2,482 2,515 2,540 2,573 2,598
NTPC 357 361 366 369 374
ONGC 254 257 260 263 266
POWERGRID 305 310 317 322 329
RELIANCE 2,905 2,924 2,955 2,974 3,006
SBILIFE 1,401 1,416 1,434 1,450 1,468
SHRIRAMFIN 2,452 2,485 2,519 2,553 2,586
SBIN 819 826 835 842 852
SUNPHARMA 1,497 1,505 1,513 1,522 1,530
TCS 3,805 3,832 3,869 3,896 3,933
TATACONSUM 1,116 1,125 1,134 1,142 1,152
TATAMOTORS 961 968 976 984 992
TATASTEEL 175 178 180 182 185
TECHM 1,308 1,324 1,351 1,367 1,394
TITAN 3,359 3,391 3,421 3,453 3,483
10,28
ULTRACEMCO 10,557 10,732 11,002 11,177
8
WIPRO 464 470 479 485 494

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Technical and Derivatives Team:

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

Research Team Tel: 022 – 39357600 Website: www.angelone.in

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