Technical & Derivatives Report

FEB 21, 2023

Sensex (60692) / Nifty (17845) Exhibit 1: Nifty Daily Chart

The Indian equity market had a decent start taking cues from mixed
global bourses, wherein the benchmark index started on a mild note
and tested the 18000 mark. However, the markets were hesitant to
carry the momentum and kept hustling near the psychological mark
in the initial hours. By mid-session, the bears showed their presence
by tightening their grip, which pared down the gains and dragged
Nifty to the lower grounds. Post all the hustles, Nifty settled the day
in red with a loss of 0.56 percent, a tad below the 17850 level.

Technically, the lack of buying emergence has led Nifty to fall back
into the same consolidation zone. As far as levels are concerned,
17700 is likely to act as the sacrosanct support zone and till it is
firmly held, the undertone is expected to remain upbeat. On the flip
side, 17900-18000 remains the sturdy wall for the bulls. In such a
market scenario, the apt approach which is likely to play well is to
buy on declines as near as the mentioned support and sell on the
rise. Going ahead, one needs to keep a close tab on the mentioned
levels and should avoid aggressive bets in the index for the time
being. Also, we advocate traders to stay very selective as only a
handful of stocks are providing good trading opportunities.

Key Levels

Support 1 – 17800 Resistance 1 – 17900

Support 2 – 17700 Resistance 2 – 18000

Nifty Bank Outlook (40702) Exhibit 2: Nifty Bank Daily Chart

The banking index started the week on a quiet note in tandem with
benchmark index. However, post the initial hour, the BANKNIFTY
started drifting lower which kept on continuing as the day
progressed. Eventually, the day ended with more than a percent
cut and importantly below the crucial psychological mark of 41000.

The financial space has been the real culprit in last three sessions.
Every meaningful bounce back is getting sold into; which certainly
is not a good sign for the bulls. The coming session is likely to be
the crucial one, because we are inching closer to the next
important support zone of 40500-40300. As of now we expect the
buying to emerge at lower levels. Let’s see how things pan out. On
the higher side, the strength would come only after surpassing the
41000 mark.

Key Levels
Support 1 – 40500 Resistance 1 – 41000
Support 2 – 40300 Resistance 2 – 41300

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Comments Nifty Vs OI
 The Nifty futures open interest has increased by 2.21%
and Bank Nifty futures open interest has increased by 16,000 Openinterest Nifty 18200
4.35% as the market closed at 17844.60. 18100
14,000
 The Nifty FEB future closed with a premium of 18.05 18000
point against a premium of 6.80 point in the last trading 12,000
17900
session. The MARCH series closed at a premium of 10,000 17800
127.75 point.
17700
 The INDIA VIX increased from 13.08 to 13.38. At the 8,000
17600
same time, the PCR-OI of Nifty has decreased from 0.88 6,000
17500
to 0.74.
 Few of the liquid counters where we have seen high 4,000 17400
1/30 2/2 2/7 2/9 2/13 2/15 2/17
cost of carry are IBULHSGFIN, IDEA, ZYDUSLIFE,
DEEPAKNTR and TATACONSUM.

OI Gainers
View OI PRICE
SCRIP OI PRICE
CHG. (%) CHG. (%)
 The Indian benchmark index witnessed a slightly
PERSISTENT 1023925 17.77 5062.10 3.20
positive start for the week however due to absence
MPHASIS 1695925 17.22 2243.10 0.57
of buying, we saw index gradually inching lower
CUMMINSIND 3379200 10.84 1614.00 -0.37
towards 17800. Eventually, we ended the session tad
COFORGE 1563000 10.79 4335.45 3.24
below 17850 with a cut of 100 points.
GUJGASLTD 4302500 10.53 499.35 3.21
 FIIs were net sellers in the cash market segment to SHREECEM 415025 8.89 26513.35 3.54
the tune of Rs. 159 crores. Simultaneously, in Index DALBHARAT 1885500 8.83 1935.60 -0.56
futures, they sold worth Rs. 689 crores with an IDEA 724850000 8.43 7.05 -2.07
increase in open interest, indicating short addition.

 In the F&O space, we saw addition of fresh shorts in

both the key indices; however, quantum remained OI Losers
insignificant. On the options front, a decent piling of OI PRICE
SCRIP OI PRICE
OI is seen at 17900-18000 call strikes, suggesting CHG. (%) CHG. (%)
traders are not expecting monthly expiry beyond LTTS 1183200 -11.83 3746.65 1.96
18000. On the flip side, we hardly saw any relevant NAUKRI 1795000 -9.24 3510.20 0.09
build-up on put side. The stronger hands turned net AUBANK 11671000 -9.12 603.05 -1.12
sellers not only in equities but also in index futures HDFCLIFE 21876800 -9.02 507.95 1.12
segment. Considering the recent developments, we HEROMOTOCO 3102000 -8.74 2527.45 -0.14
need to keep a close tab on banking index which has BOSCHLTD 149950 -8.29 18183.40 0.78
been a major culprit of last two sessions selling. Any AARTIIND 5643150 -8.05 542.10 0.32
decisive move beyond 18000 for Nifty and 41500 for POLYCAB 869100 -7.89 3002.65 -0.22
BankNifty should be an encouraging sign.

Historical Volatility Put-Call Ratio

SCRIP PCR (OI) PCR (VOL)
SCRIP HV
CIPLA 28.58 NIFTY 0.74 1.00

SHREECEM 35.84 BANKNIFTY 0.54 1.08

GUJGASLTD 42.06 RELIANCE 0.64 0.50

PERSISTENT 45.05 ICICIBANK 0.56 0.60

ADANIENT 88.01 INFY 0.59 0.49

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 Technical & Derivatives Report
FEB 21, 2023

FII Statistics for February 20, 2023 Turnover on February 20, 2023
Open
Instrumen No. of Turnover Change
Interest
Detail Buy Net Contracts t Contracts ( in Cr. ) (%)
Value
Sell CHANGE
(in Cr.)
Index Futures 370880 35602.91 -17.99
INDEX
4757.41 5446.65 (689.24) 157783 14703.97 4.47
FUTURES Index
163036923 48969.34 6.27
INDEX Options
1126362.78 1121665.19 4697.59 2804722 260081.20 13.73
OPTIONS
Stock Futures 2124055 140780.87 90.85
STOCK
56423.58 55698.37 725.21 2218706 147680.06 (0.18) Stock
FUTURES
4620889 2865.08 -12.93
STOCK Options
14681.73 14439.42 242.31 225282 14701.06 (0.77)
OPTIONS Total 4,620,889 2865.08 37.03
Total 1202225.50 1197249.63 4975.87 5406493 437166.29 6.71

Nifty Spot = 17844.60

0900 Lot Size = 75
Bull-Call Spreads Bear-Put Spreads
Action Strike Price Risk Reward BEP Action Strike Price Risk Reward BEP

Buy 17900 69.20 31.95 68.05 17931.95 Buy 18000 106.50 48.20 51.80 17951.80

Sell 18000 37.25 Sell 17900 58.30

Buy 17900 69.20 50.10 149.90 17950.10 Buy 18000 106.50 77.55 122.45 17922.45
Sell 18100 19.10 17800 28.95
Sell
Buy 18000 37.25 18.15 81.85 18018.15 Buy 17900 58.30 29.35 70.65 17870.65

Sell 18100 19.10 Sell 17800 28.95

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

Nifty Put-Call Analysis

18000,000

16000,000 Call Put

14000,000

12000,000

10000,000

8000,000

6000,000

4000,000

2000,000

,0
17300 17400 17500 17600 17700 17800 17900 18000 18100 18200 18300 18400 18500 18600

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Daily Pivot Levels for Nifty Constituents

`
Scrips S2 S1 PIVOT R1 R2
ADANIENT 1,498 1,560 1,622 1,684 1,747
ADANIPORTS 552 566 574 588 595
APOLLOHOSP 4,537 4,574 4,612 4,649 4,687
ASIANPAINT 2,790 2,808 2,830 2,848 2,870
AXISBANK 831 839 850 858 869
BAJAJ-AUTO 3,869 3,886 3,911 3,928 3,952
BAJFINANCE 6,284 6,326 6,385 6,426 6,485
BAJAJFINSV 1,385 1,395 1,410 1,420 1,435
BPCL 321 324 329 331 336
BHARTIARTL 767 773 783 790 800
BRITANNIA 4,380 4,417 4,481 4,518 4,582
CIPLA 930 947 972 990 1,015
COALINDIA 215 217 218 220 221
DIVISLAB 2,754 2,827 2,873 2,946 2,992
DRREDDY 4,424 4,449 4,494 4,519 4,564
EICHERMOT 3,247 3,269 3,302 3,324 3,357
GRASIM 1,607 1,619 1,635 1,647 1,663
HCLTECH 1,092 1,104 1,119 1,131 1,146
HDFCBANK 1,614 1,627 1,648 1,662 1,683
HDFCLIFE 488 498 510 520 533
HDFC 2,614 2,635 2,670 2,691 2,726
HEROMOTOCO 2,498 2,513 2,529 2,543 2,559
HINDALCO 426 430 433 437 439
HINDUNILVR 2,486 2,499 2,521 2,534 2,556
ICICIBANK 840 846 856 862 873
INDUSINDBK 1,093 1,101 1,112 1,120 1,131
INFY 1,572 1,582 1,593 1,603 1,613
ITC 378 381 384 387 390
JSW STEEL 714 719 726 730 738
KOTAKBANK 1,707 1,722 1,745 1,760 1,783
LT 2,194 2,210 2,231 2,247 2,268
M&M 1,322 1,334 1,345 1,357 1,367
MARUTI 8,566 8,630 8,739 8,803 8,913
NESTLEIND 18,551 18,687 18,916 19,052 19,281
NTPC 166 167 168 170 171
ONGC 152 154 156 157 159
POWERGRID 213 214 216 217 218
RELIANCE 2,385 2,400 2,425 2,439 2,464
SBILIFE 1,127 1,143 1,157 1,172 1,186
SBIN 515 520 527 532 539
SUNPHARMA 967 976 984 992 1,000
TCS 3,448 3,468 3,495 3,515 3,542
TATACONSUM 712 717 723 728 734
TATAMOTORS 432 438 442 447 451
TATASTEEL 110 111 112 113 114
TECHM 1,104 1,124 1,140 1,161 1,177
TITAN 2,442 2,458 2,483 2,499 2,524
ULTRACEMCO 7,216 7,321 7,407 7,512 7,598
UPL 746 752 761 767 776
WIPRO 400 404 406 409 411

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FEB 21, 2023

Technical and Derivatives Team:

Sameet Chavan Chief Analyst – Technical & Derivatives sameet.chavan@angelone.in

Sneha Seth Senior Analyst – Technical & Derivatives sneha.seth@angelone.in

Rajesh Bhosale Technical Analyst rajesh.bhosle@angelone.in

Osho Krishan Senior Analyst – Technical & Derivatives osho.krishan@angelone.in

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

For Technical Queries E-mail: technicalresearch-cso@angelone.in

For Derivatives Queries E-mail: derivatives.desk@angelone.in

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