Technical & Derivatives Report

April 03, 2024

Sensex (73904) / Nifty (22453) Exhibit 1: Nifty Daily Chart

The benchmark index started the session on a mild note, taking cues
from the mixed global cues and stayed in a tight range throughout the
day with no clarity in the trend. Technically, it had been a lackluster day
for the benchmark indices, but the broader market kept a strong buzz.
Eventually, the Nifty50 index had a muted closure with insignificant
developments from the last close, settling a tad above the 22450 level.

From a technical point of view, there have been no significant

alterations on the price front for Nifty, and the ‘Doji’ candlestick
formation certainly portrays indecisiveness at the elevated zone. As far
as levels are concerned, the 22500 mark remains a daunting task for
the bulls, and a deceive surpass could only trigger the next leg of the
rally for another 200-300 odd points. On the lower end, 22350-22300
should cushion any intraday blips, while the sacrosanct support stays at
22200. Going ahead, it is prudent to focus on global developments as
they might provide some triggers for our markets in the comparable
period. Simultaneously, the broader market seems poised to bullish
biases with strong thematic moves, and one needs to maintain a stock-
centric approach for outperformance. Meanwhile, looking at the
undertone, dips are likely to augur well for the indices; hence, we must
act accordingly with appropriate risk management.

Key Levels

Support 1 – 22300 Resistance 1 – 22500

Support 2 – 22200 Resistance 2 – 22680

Nifty Bank Outlook (47545) Exhibit 2: Nifty Bank Daily Chart

Post a nervous start to the day’s proceedings, it was an uneventful day

for the rate-sensitive index. The index moved around in a narrow
range of less than 200 points, with little activity to show. The day
wrapped with small losses of around 30 points, just under the 47550
level.

On its daily charts, there no visible change from earlier day as the
index, for most part of the day traded inside the range of prior day.
However, the tentativeness and cautiousness at higher levels persists,
suggested by BANKNIFTY not making much headway above its
previous session high. Another notable observation on its daily charts, Short term supports for BANKNIFTY are now placed in the 47000-
is the disparity that exists between its major EMA’s (20DEMA and 50 46750 zone, while a more sacrosanct support is placed in the zone
DEMA) and its current price. Such a disparity suggests that the price, of 46000-45750. On the flip side immediate resistance is now
should continue to hover around or consolidate for some more time, placed around 47800-47900, with a more significant hurdle placed
until the moving averages catches up with price. This observation in the 48100-48250 zone.
reiterates our stance in earlier commentaries, emphasizing that the
index is likely to remain sideways. Participants should adopt a buy the Key Levels
dip and sell the rally strategy in such a situation. Support 1 – 47000 Resistance 1 – 47900
Support 2 – 46800 Resistance 2 – 48100

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Nifty Vs OI
Comments
20,000 22800
 The Nifty futures open interest has increased by 1.42% Openinterest Nifty
and Bank Nifty futures open interest has increased by
18,000
1.31% as the market closed at 22453.30. 22500
 The Nifty April future closed with a premium of 124.20 16,000
points against a premium of 140.60 points in the last 22200
trading session. The May series closed at a premium of 14,000
266 points.
21900
 The INDIA VIX has decreased from 12.08 to 11.65 At the 12,000
same time, the PCR-OI of Nifty has decreased from 1.07 to
1.00. 10,000 21600
3-14 3-18 3-20 3-26 3-28 4-2
 A few of the liquid counters where we have seen high cost
of carry are CUB, DALBHARAT, ABCAPITAL, HDFCBANK and
OBEROIRLTY.
OI Gainers
OI PRICE
SCRIP OI PRICE
View CHG. (%) CHG. (%)
 After a fabulous run on Thursday, the Nifty experienced RAMCOCEM 6211800 32.03 860.50 1.88
its second consecutive choppy session. Post some initial HAVELLS 7651500 27.21 1544.15 2.37
hiccups, the index entered a consolidation phase, with HINDCOPPER 40863000 21.97 309.00 -0.08
22500 once again acting as a strong hurdle. With some INDIAMART 944700 17.85 2620.65 -4.78
buying interest in the final hour of trade, the Nifty SAIL 172920000 14.95 147.85 5.11
concluded the day on a flat note around the 22450 DALBHARAT 3519500 10.28 2028.35 1.68
mark. UBL 2402400 9.16 1804.75 1.69
ZEEL 144402000 8.75 153.35 4.42
 FIIs were net sellers in the cash market segment to the
tune of Rs. 1623 crore. Simultaneously, they bought
worth Rs. 678 crore in Index futures with a rise in open
interest, indicating long formation. OI Losers
OI PRICE
 On the derivatives front, we merely observed any SCRIP OI PRICE
CHG. (%) CHG. (%)
relevant build-up in key indices. The call writers
GUJGASLTD 17600 -12.81 540.90 -2.11
remained adamant and added fresh bets. On the flip
LT 13407600 -8.93 3807.40 -0.79
side, the 22400 put strike remained active. Foreign
ABFRL 42832400 -5.81 236.15 11.22
Institutional Investors have added some fresh longs in
ADANIENT 13887600 -5.10 3268.70 0.48
the index futures segment but were net sellers in
LTTS 580600 -4.98 5582.50 0.06
equities. For now, 22200-22000 is likely to provide a
GODREJPROP 4148650 -4.70 2497.70 4.54
cushion in case of intra-week declines, and on the
COALINDIA 61047000 -4.06 443.20 0.46
upside, 22500 remains the intermediate resistance;
IEX 62055000 -4.06 142.40 1.35
breaching the same on a closing basis shall propel the
next leg of the rally.

Historical Volatility Put-Call Ratio

SCRIP PCR (OI) PCR (VOL)
SCRIP HV
ABFRL 42.44 NIFTY 1.00 0.92

ABCAPITAL 42.44 BANKNIFTY 0.93 0.87

TATACONSUM 26.93 RELIANCE 0.63 0.49

INDIAMART 39.52 ICICIBANK 0.47 0.52

BEL 37.15 INFY 0.59 0.48

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FII Statistics for April 02, 2024 Turnover on April 02, 2024
OI Value
Detail Buy Contracts No. of Turnover Change
(in Cr.) Instrument
Sell Net CHANGE
Contracts (in Cr.) (%)
INDEX
3235.99 2558.08 677.91 243565 22594.89 1.81
FUTURES
Index Futures 220846 19649.99 -54.36
INDEX
2257790.21 2247399.88 10390.33 4013156 357862.25 13.72
OPTIONS Index Options 467799659 47698.78 22.15
STOCK
22919.24 24529.43 (1610.19) 3124434 258664.39 0.66
FUTURES Stock Futures 1232455 109649.34 12.66
STOCK
36091.73 35984.13 107.60 193579 16887.56 22.00 Stock Options 4172743 8036.02 22.82
OPTIONS
Total 41,72,743 8036.02 -0.50
Total 2320037.17 2310471.52 9565.65 7574734 656009.09 (3.55)

Nifty Spot = 22453.30

Bull-Call Spreads Bear-Put Spreads

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

Buy 57.00 43.00 22557.00 37.70 62.30 22462.30

22500 292.75 Buy 22500 217.65

Sell 22600 235.75 Sell 22400 179.95

Buy 104.55 95.45 22604.55 71.00 129.00 22429.00

22500 292.75 Buy 22500 217.65

Sell 22700 188.20 Sell 22300 146.65

Buy 47.55 52.45 22647.55 33.30 66.70 22366.70

22600 235.75 Buy 22400 179.95

Sell 22700 188.20 Sell 22300 146.65

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

Nifty Put-Call Analysis

3000,000

Call Put
2500,000

2000,000

1500,000

1000,000

500,000

,0
21700 21800 21900 22000 22100 22200 22300 22400 22500 22600 22700 22800 22900 23000

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`
Daily Pivot Levels for Nifty Constituents
Scrips S2 S1 PIVOT R1 R2
ADANIENT 3,219 3,243 3,264 3,288 3,309
ADANIPORTS 1,369 1,386 1,405 1,422 1,442
APOLLOHOSP 6,363 6,386 6,428 6,452 6,493
ASIANPAINT 2,839 2,858 2,875 2,894 2,912
AXISBANK 1,033 1,042 1,049 1,057 1,064
BAJAJ-AUTO 9,038 9,154 9,256 9,373 9,475
BAJFINANCE 7,084 7,154 7,204 7,274 7,324
BAJAJFINSV 1,610 1,632 1,648 1,669 1,685
BPCL 592 604 612 624 632
BHARTIARTL 1,189 1,200 1,214 1,224 1,238
BRITANNIA 4,849 4,873 4,894 4,918 4,939
CIPLA 1,472 1,481 1,492 1,501 1,512
COALINDIA 430 437 443 449 455
DIVISLAB 3,519 3,564 3,600 3,645 3,681
DRREDDY 6,175 6,208 6,238 6,271 6,301
EICHERMOT 3,866 3,894 3,942 3,970 4,018
GRASIM 2,256 2,278 2,297 2,319 2,338
HCLTECH 1,501 1,516 1,541 1,556 1,581
HDFCBANK 1,448 1,464 1,479 1,495 1,511
HDFCLIFE 625 629 635 639 646
HEROMOTOCO 4,428 4,497 4,591 4,661 4,755
HINDALCO 557 564 568 574 579
HINDUNILVR 2,266 2,277 2,287 2,298 2,308
ICICIBANK 1,070 1,077 1,086 1,092 1,101
INDUSINDBK 1,522 1,540 1,556 1,574 1,590
INFY 1,474 1,479 1,486 1,491 1,498
ITC 422 424 426 428 430
JSW STEEL 853 865 873 885 894
KOTAKBANK 1,726 1,741 1,770 1,785 1,813
LT 3,726 3,769 3,814 3,857 3,903
LTIMINDTREE 4,842 4,868 4,893 4,920 4,945
M&M 1,874 1,922 1,950 1,998 2,026
MARUTI 12,365 12,453 12,550 12,639 12,736
NESTLEIND 2,565 2,593 2,612 2,640 2,659
NTPC 339 342 344 347 349
ONGC 267 270 272 275 277
POWERGRID 277 278 280 281 283
RELIANCE 2,934 2,955 2,972 2,993 3,010
SBILIFE 1,446 1,458 1,477 1,489 1,508
SHRIRAMFIN 2,414 2,439 2,455 2,480 2,496
SBIN 747 757 763 772 778
SUNPHARMA 1,600 1,612 1,623 1,635 1,646
TCS 3,854 3,872 3,891 3,909 3,928
TATACONSUM 1,068 1,100 1,116 1,148 1,165
TATAMOTORS 988 997 1,003 1,012 1,017
TATASTEEL 160 162 164 166 168
TECHM 1,225 1,232 1,242 1,248 1,259
TITAN 3,710 3,732 3,757 3,780 3,804
ULTRACEMCO 9,756 9,907 9,995 10,146 10,235
WIPRO 478 480 481 483 484

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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

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