Technical & Derivatives Report

FEB 22, 2023

Sensex (60673) / Nifty (17827) Exhibit 1: Nifty Daily Chart

We had a positive start to the session, however, post the strong

opening there was a tug of war between the bulls and bears as there
were choppy moves on both sides of the trend. Nifty eventually
ended the indecisive session with a negligible loss tad above the
17800 levels.

After a head start the bulls had a great chance to make a comeback
however bears continued to defend their levels and intraday
bounce were getting sold into. Nifty slipped for the third
consecutive session however the momentum of the fall has eased
down considering the prices are approaching the lower band of the
recent consolidation phase. Going ahead, 17800 – 17700 remains a The entire February month has been into a consolidation phase
sacrosanct support zone and we remain hopeful for the bulls as long and very soon prices may break these shackles. Traders are
these key levels are held. On the flip side, 17900 – 18000 seems a waiting for some triggers and with key events lined up on the
stiff hurdle and for the broad base rally to trigger these levels needs global front; markets are likely to react more to the global
to be surpassed with some authority. cues. Hence keep an eye on these developments and keep
focusing on identifying apt themes for outperforming
Key Levels opportunities.
Support 1 – 17800 Resistance 1 – 17900

Support 2 – 17700 Resistance 2 – 18000

Nifty Bank Outlook (40674) Exhibit 2: Nifty Bank Daily Chart

We started the session slightly in the green and after initial trades,
the BANKNIFTY settled in the negative territory. Thereafter, the
direction as well as momentum was clearly missing in the market.
The banking index eventually ended the session on a flat note.

In last couple of days, BANKNIFTY remained below 41000 which

ideally is a sign of weakness; but at the same time, if we take a
glance at the daily chart, we can see 50% Fibonacci retracement
coinciding around 40600-40500. Last two days’ low is precisely
around the same zone; indicating strong support zone for the
index. Hence, the coming session is likely to be the crucial one. If
things have to get worsened, we would slide below these key
pivotal points. Whereas on the other hand, if any buying has to
emerge, there wouldn’t be a better spot than this. As far as
resistances are concerned, 40900 - 41100 are to be seen major
hurdles, above which a sharp short covering cannot be ruled out.

Key Levels
Support 1 – 40600 Resistance 1 – 40900
Support 2 – 40500 Resistance 2 – 41100

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FEB 22, 2023

Comments Nifty Vs OI
 The Nifty futures open interest has increased by 2.31%
and Bank Nifty futures open interest has decreased by 16,000 Openinterest Nifty 18200
5.94% as the market closed at 17826.70. 18100
14,000
 The Nifty FEB future closed with a premium of 13.40 18000
point against a premium of 18.05 point in the last 12,000
17900
trading session. The MARCH series closed at a premium 10,000 17800
of 119.40 point.
17700
 The INDIA VIX increased from 13.38 to 14.00. At the 8,000
17600
same time, the PCR-OI of Nifty has increased from 0.74 6,000
17500
to 0.83.
 Few of the liquid counters where we have seen high 4,000 17400
1/31 2/6 2/8 2/10 2/14 2/16 2/20
cost of carry are COALINDIA, AARTIIND, CUB,
RAMCOCEM and CANBK.

OI Gainers
View OI PRICE
SCRIP OI PRICE
CHG. (%) CHG. (%)
 We had a head start for the day but global
MCX 1460000 21.46 1376.70 -0.03
uncertainly lead some profit booking to drag index
NAVINFLUOR 545100 16.62 4244.50 -0.84
towards 17800. Eventually, we concluded the day
POLYCAB 962700 10.77 3041.40 1.01
tad above 17800 with marginal cut.
COALINDIA 46809000 10.29 214.05 -1.33
 FIIs were net buyers in the cash market segment to NMDC 46228500 8.93 119.30 0.34
the tune of Rs. 526 crores. Simultaneously, in Index HAL 3505200 8.60 2622.30 1.21
futures, they bought worth Rs. 966 crores with fall in PETRONET 13461000 7.37 213.45 -1.16
open interest, indicating short covering. OFSS 392000 6.29 3200.70 -1.31

 In the F&O space, we saw mixed bets in Nifty;

whereas, long unwinding was seen in banking index.
On the options front, a decent piling of OI is seen at OI Losers
17750-17800 put strikes, suggesting nearby support OI PRICE
SCRIP OI PRICE
for Nifty. On the flip side, call writers of 18000 CHG. (%) CHG. (%)
unwounded decent positions, which is a positive GUJGASLTD 3550000 -17.49 506.55 1.22
indication. The stronger hands turned net buyers not LALPATHLAB 955250 -12.76 1982.70 0.85
only in equities but also in index futures segment. UBL 1744800 -11.68 1464.35 0.10
Considering the recent developments, we expect LTIM 1321650 -9.29 4878.90 -0.53
some short covering move any time soon in Nifty; LTTS 1074600 -9.18 3754.15 0.09
hence traders should lighten up bearish bets if any. DEEPAKNTR 1646750 -8.86 1804.40 -0.67
IPCALAB 2135900 -8.80 813.60 -2.18
APOLLOTYRE 13426000 -8.47 329.25 -0.35

Historical Volatility Put-Call Ratio

SCRIP PCR (OI) PCR (VOL)
SCRIP HV
ABFRL 41.00 NIFTY 0.83 1.00

NTPC 29.78 BANKNIFTY 0.61 1.04

IEX 42.89 RELIANCE 0.69 0.45

SIEMENS 32.29 ICICIBANK 0.62 0.59

MARICO 27.34 INFY 0.55 0.52

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 Technical & Derivatives Report
FEB 22, 2023

FII Statistics for February 21, 2023 Turnover on February 21, 2023
Open
Instrumen No. of Turnover Change
Interest
Detail Buy Net Contracts t Contracts ( in Cr. ) (%)
Value
Sell CHANGE
(in Cr.)
Index Futures 437878 41806.12 437878
INDEX
7299.52 6333.52 966.00 146844 13696.73 (6.93)
FUTURES 2720559
Index Options 53035.97 272055940
40
INDEX
1591160.20 1595138.87 (3978.67) 2477153 232706.15 (11.68)
OPTIONS Stock Futures 2205252 146431.20 2205252
STOCK
56027.41 55620.96 406.45 2218239 147218.56 (0.02) Stock Options 3902886 2486.15 3902886
FUTURES
STOCK 3,902,88
Total 2486.15 3,902,886
11476.87 11517.45 (40.58) 213769 13863.93 (5.11) 6
OPTIONS

Total 1665964.00 1668610.80 (2646.80) 5056005 407485.37 (6.48)

Nifty Spot = 17826.70

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

Buy 17800 89.45 46.35 53.65 17846.35 Buy 17800 50.25 29.75 70.25 17770.25

Sell 17900 43.10 Sell 17700 20.50

Buy 17800 89.45 70.80 129.20 17870.80 Buy 17800 50.25 42.40 157.60 17757.60
Sell 18000 18.65 17600 7.85
Sell
Buy 17900 43.10 24.45 75.55 17924.45 Buy 17700 20.50 12.65 87.35 17687.35

Sell 18000 18.65 Sell 17600 7.85

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

16000,000

Call Put
14000,000

12000,000

10000,000

8000,000

6000,000

4000,000

2000,000

,0
17200 17300 17400 17500 17600 17700 17800 17900 18000 18100 18200 18300 18400 18500

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 Technical & Derivatives Report
FEB 22, 2023

Daily Pivot Levels for Nifty Constituents

`
Scrips S2 S1 PIVOT R1 R2
ADANIENT 1,509 1,540 1,592 1,623 1,675
ADANIPORTS 571 577 585 592 600
APOLLOHOSP 4,395 4,449 4,544 4,598 4,693
ASIANPAINT 2,787 2,802 2,820 2,836 2,854
AXISBANK 832 838 843 850 855
BAJAJ-AUTO 3,761 3,799 3,863 3,901 3,965
BAJFINANCE 6,324 6,351 6,380 6,408 6,436
BAJAJFINSV 1,379 1,386 1,398 1,406 1,417
BPCL 318 321 325 327 331
BHARTIARTL 772 775 782 785 792
BRITANNIA 4,417 4,460 4,494 4,537 4,571
CIPLA 954 960 970 976 985
COALINDIA 210 212 216 218 221
DIVISLAB 2,865 2,892 2,910 2,937 2,955
DRREDDY 4,438 4,462 4,483 4,507 4,529
EICHERMOT 3,246 3,260 3,279 3,293 3,312
GRASIM 1,605 1,619 1,639 1,653 1,673
HCLTECH 1,091 1,098 1,110 1,117 1,129
HDFCBANK 1,619 1,633 1,648 1,661 1,676
HDFCLIFE 491 496 505 511 520
HDFC 2,628 2,647 2,669 2,688 2,709
HEROMOTOCO 2,499 2,510 2,527 2,538 2,556
HINDALCO 425 428 433 437 442
HINDUNILVR 2,492 2,504 2,524 2,536 2,556
ICICIBANK 841 848 854 860 866
INDUSINDBK 1,087 1,094 1,103 1,111 1,119
INFY 1,560 1,570 1,586 1,595 1,611
ITC 379 381 383 385 387
JSW STEEL 706 713 724 732 743
KOTAKBANK 1,713 1,722 1,733 1,742 1,753
LT 2,199 2,214 2,238 2,253 2,277
M&M 1,330 1,341 1,352 1,363 1,373
MARUTI 8,595 8,632 8,676 8,714 8,758
NESTLEIND 18,674 18,761 18,848 18,935 19,021
NTPC 167 170 172 175 177
ONGC 152 153 154 156 157
POWERGRID 215 216 217 219 220
RELIANCE 2,397 2,415 2,431 2,450 2,466
SBILIFE 1,130 1,140 1,154 1,164 1,178
SBIN 518 521 525 527 531
SUNPHARMA 956 964 977 985 999
TCS 3,404 3,428 3,468 3,492 3,532
TATACONSUM 718 722 726 730 734
TATAMOTORS 429 433 439 443 449
TATASTEEL 112 113 113 114 115
TECHM 1,118 1,126 1,139 1,147 1,160
TITAN 2,431 2,447 2,467 2,483 2,502
ULTRACEMCO 7,218 7,279 7,382 7,443 7,546
UPL 732 740 752 759 772
WIPRO 398 401 404 406 410

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 Technical & Derivatives Report
FEB 22, 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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