Technical Picks | March 25, 2017

Market in a consolidation mode, 9000 to act as a sheet anchor

Sensex (29421) / Nifty (9108)
After a remarkable up move in the previous week, the Nifty Exhibit 1: Nifty Weekly chart
index started trading on Monday on a flat note. Although the
Nifty index traded in a narrow range during the first two
trading sessions of the week, there was stock specific profit
booking seen in the broader market which led to the
breadth favouring the declines. The Nifty index opened with
a gap down opening on Wednesday and tested the gap
area created during the gap up opening last Tuesday. The
gap area acted as a support and as a result, the index
rebounded higher in last two trading sessions. The index
eventually recovered some of the losses and ended the week
with a marginal loss of 0.57 percent over its previous week's
close.
Source: Company, Angel Research
Key Moving Averages:
The 89-day EMA and the 89-week EMA for the Exhibit 2: Nifty Daily chart
Sensex/Nifty are placed at 28051 / 8674 and
26920 / 8255 levels, respectively.

The 20-day EMA and the 20-week EMA for the

Sensex/Nifty are placed at 29095 / 9006 and
28098 / 8682 levels, respectively.

Future outlook
In the week gone by, we witnessed some tussle between the
market participants as the market remained under pressure
during the first half; whereas we saw a decent recovery in
the latter one. At the end, the Nifty managed to regain the
9100 mark on a closing basis, which is an encouraging sign
Source: Company, Angel Research
for our market.
Its difficult to give a time-wise prediction; but price-wise, we
Looking at the weekly chart, we do not see any major
reiterate that the Nifty is likely to head towards 9400 9600
change in the chart structure as it still looks very much
sturdy. This weeks corrective move can be construed as a (price extension of previous up move from recent low of
breather after a relentless run we have witnessed in last 7893.80) over the next few weeks. Traders waiting for dips
three months. Technically speaking, we witnessed a small to initiate fresh longs post the UP election outcome should
attempt of retesting the previous resistance of 9000. not hesitate to create longs in such kind of corrective moves.
However, as per the gap theory and Change of Polarity The chart structure remains positive as long as 8850
rule, 9050 8992 acted as a sheet anchor for the Nifty and remains unbroken on a closing basis.
as a result, we witnessed a modest recovery in last couple of
trading sessions. Now, looking at the rising slope of RSI-
Smoothened on weekly chart after surpassing the 70 mark,
we expect the index to resume the uptrend quite soon.

For Private Circulation Only 1

 Technical Picks | March 25, 2017

Weekly Pivot Levels For Nifty Constituents

SCRIPS S2 S1 PIVOT R1 R2
SENSEX 28,857 29,139 29,419 29,701 29,981
NIFTY 8,950 9,029 9,098 9,177 9,247
NIFTY BANK 20,578 20,850 21,026 21,299 21,475
ACC 1,359 1,378 1,399 1,418 1,440
ADANIPORTS 314 318 324 329 335
AMBUJACEM 223 226 232 236 242
ASIANPAINT 1,030 1,047 1,066 1,083 1,102
AUROPHARMA 659 674 692 707 725
AXISBANK 462 475 497 511 532
BAJAJ-AUTO 2,773 2,808 2,870 2,905 2,968
BANKBARODA 156 162 167 174 178
BHEL 160 164 168 171 175
BPCL 614 632 646 664 678
BHARTIARTL 313 327 340 353 366
INFRATEL 297 304 310 317 324
BOSCH 22,233 22,603 22,927 23,296 23,620
CIPLA 573 584 593 603 612
COALINDIA 283 291 295 303 307
DRREDDY 2,452 2,540 2,643 2,731 2,834
EICHERMOT 23,415 23,883 24,537 25,005 25,659
GAIL 361 371 377 387 393
GRASIM 999 1,029 1,063 1,093 1,128
HCLTECH 836 854 867 886 899
HDFCBANK 1,407 1,416 1,430 1,439 1,453
HDFC 1,417 1,440 1,457 1,479 1,496
HEROMOTOCO 3,261 3,318 3,349 3,406 3,437
HINDALCO 187 191 195 199 204
HINDUNILVR 874 887 901 914 928
ICICIBANK 258 266 273 281 288
IDEA 67 79 101 113 135
INDUSINDBK 1,353 1,371 1,388 1,406 1,423
INFY 1,001 1,016 1,030 1,045 1,059
ITC 268 275 282 288 295
KOTAKBANK 833 856 871 895 910
LT 1,499 1,525 1,545 1,571 1,591
LUPIN 1,421 1,455 1,476 1,510 1,531
M&M 1,225 1,250 1,283 1,309 1,342
MARUTI 5,825 5,915 6,067 6,157 6,310
NTPC 157 161 163 167 170
ONGC 187 190 192 194 197
POWERGRID 189 192 194 196 198
RELIANCE 1,220 1,253 1,280 1,313 1,340
SBIN 262 269 274 281 286
SUNPHARMA 673 688 700 715 727
TCS 2,356 2,392 2,459 2,494 2,561
TATAMTRDVR 270 275 282 288 295
TATAMOTORS 449 460 469 480 489
TATAPOWER 85 86 87 88 89
TATASTEEL 478 486 494 502 510
TECHM 460 467 479 486 498
ULTRACEMCO 3,846 3,910 3,976 4,040 4,106
WIPRO 484 499 506 521 528
YESBANK 1,427 1,478 1,511 1,562 1,596
ZEEL 509 514 520 525 531

Technical Research Team

For Private Circulation Only 2

 Derivatives Review | March 25, 2017

Market rebounded from strong support along with fresh longs

Nifty spot closed at 9108.00 this week, against a close of 9160.05 last week. The Put-Call Ratio has decreased from 1.14 to 1.06
levels and the annualized Cost of Carry is positive at 6.88%. The Open Interest of Nifty Futures increased by 7.08%.

Derivatives View Weekly OI gainers

OI OI Price
Nifty March month future closed with a premium of 10.30 Scrip Price
Futures Chg (%) Chg (%)
points against a premium of 24.15 points to its spot. April DIVISLAB 10539000 109.36 623.30 (18.44)
month future is trading with a premium of 42.50 points.
ICIL 9243500 99.62 203.30 9.04
PCR-OI has decreased from 1.14 to 1.06 levels. In call option,
M&M 5033000 32.92 1276.05 (2.36)
9100 and 9200 strikes added some fresh positions, followed
by unwinding in 9500 call option. While in put option, we ARVIND 7900000 32.06 391.60 (3.49)
hardly saw any strike price adding relevant buildup. However, JINDALSTEL 45864000 29.87 120.00 (8.19)
decent amount of unwinding was visible in 8800-9200 put
ABIRLANUVO 3358000 27.97 1537.45 1.29
options. Highest open interest in current series is placed at
9200 call and 8800 put options. PCJEWELLER 1168500 26.46 411.15 (1.13)

Stock that added longs last week are ICIL, CGPOWER, IGL 2566300 25.84 1007.95 (3.74)
ORIENTBANK, BANKINDIA and TATAGLOBAL. While, fresh
shorts were visible in DIVISLAB, IDEA, JINDALSTEL, AXISBANK
and ASHOKLEY. Liquid counters with higher CoC are TCS, Weekly OI losers
AMBUJACEM, GRASIM, ONGC and TECHM. Stocks with OI OI Price
Scrip Price
negative CoC are HINDZINC, ORIENTBANK, PFC, Futures Chg (%) Chg (%)
COALINDIA and RECLTD. JETAIRWAYS 5025000 (20.92) 493.65 3.05

After some consolidation, our benchmark index bounced back HINDZINC 12112000 (16.50) 295.30 0.22
from an important support zone of 9000-9050 last week that SINTEX 43847250 (16.07) 99.95 (0.99)
lead our weekly closing above 9100 mark. FIIs continued
RELCAPITAL 10893000 (15.83) 601.70 (0.23)
pouring liquidity in cash market segment throughout the week.
While, in index futures we witnessing fresh long additions LICHSGFIN 6009300 (13.42) 601.35 2.35
along with short covering. Thus, looking at the above data, we WOCKPHARMA 3320400 (12.27) 719.35 (3.55)
continue maintaining our bullish stance on market and would
TORNTPHARM 226800 (11.41) 1411.75 (2.88)
suggest traders to avoid shorting and employ dips to add on
fresh longs. GAIL 29630000 (11.32) 381.75 1.30

Weekly change in OI

For Private Circulation Only 3

 Research Team Tel: 022 39357800 Website: www.angelbroking.com
For Technical Queries E-mail: technicalresearch-cso@angelbroking.com
For Derivatives Queries E-mail: derivatives.desk@angelbroking.com

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