Technical and Derivatives Reports - March 31, 2023

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Technical and Derivatives Review |March 31, 2023

Nifty adieu FY-23 on a positive note, reclaimed 17350

Sensex (58992) / Nifty (17360)

Source: Tradingview.com

Future outlook

The financial year 2023 adieu on a positive note, wherein the benchmark index finally headway to emerge from the slumber phase

on the very last day of the year. Overall, the truncated week was quite challenging as the market initially stayed within a slender

range, but the last two sessions were surprisingly buoyant, which levitated the sentiments and led to the hope of revival in the

coming period. Amidst all the whipsaw moves throughout the week, the Nifty50 index concluded on a positive note, procuring

nearly 2.50 percent from its previous closure and settled a tad above the 17350 level.

Technically speaking, the last two trading sessions construe positive developments and it is highly anticipated to continue the

cheerful run in the upcoming financial year. The broad-based buying has levitated market sentiments and can be seen as a sign of

progression as we emerged from the slumber phase. As far as levels are concerned, the bullish gap of the 17200-17130 odd zone is

expected to cushion any short-term blip, with the sacrosanct support placed around the psychological mark of 17000 for the time

being. While on the higher end, a decisive move beyond the bearish gap of 17450-17580 would affirm the trend reversal in the

market.

Going forward, we remain sanguine with the current momentum and would advocate the traders to utilize the dips to add long

positions in the index in the comparable period. Simultaneously, one should stay abreast with global and domestic developments

regularly and continue with a buy on decline strategy for the time being. Also, we expect strong moves in the broader market, so

one needs to have a stock-centric approach for better trading opportunities.

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Technical and Derivatives Review |March 31, 2023

Sho

rt Form

ion

Short covering led to a strong rebound in market

Nifty spot closed at 17359.75 this week, against a close of 16945.05 last week. The Put-Call Ratio has increased from 0.78 to 1.27 on

Weekly basis. The annualized Cost of Carry is positive at 6.46%. The Open Interest of Nifty Futures decreased by 21.79%.

Derivatives View

Nifty current month’s future closed with a premium of 82.90 against a premium of 102.85 points to its spot in the previous week.

Next month’s future is trading at a premium of 137.90 points.

The last week of the financial year witnessed a splendid move in our market, wherein the benchmark index Nifty50 rebounded

nearly 2.50 percent amid robust short covering. On the derivatives front, we noticed a mixed bag of trade, which was eventually

followed by a strong short-covering rally amid the monthly expiry in both indices. The stronger hands curtailed some of their shorts

in the system by the weekend; however, the ‘Long Short Ratio’ shrunk a bit to 11% from 13% WoW. On the options front, a decent

piling of OI is seen at 17200-17300 put strikes, followed by the highest OI concentration at the 17000 PE, suggesting an upward shift

in the support base. On the flip side, a decent piling of OI is seen at 17500-17700 call strikes, indicating an upsurge in the resistance

for Nifty in the comparable period. With the start of the new financial year, we remain sanguine and expect any intra-week blip to

augur well for the bulls.

Scrip

Futures

Chg (%)

Price

Chg(%)

IEX 46391250 17.35 128.90 (10.02)

LAURUSLABS 11271700 10.42 295.20 (1.37)

BHEL 80619000 10.22 70.60 (1.74)

BANDHANBNK 50070600 8.52 197.00 (3.03)

ACC 4942750 1.00 1677.25 (1.50)

Weekly change in OI

Long Formation

Scrip

Futures

Chg (%)

Price

Chg(%)

GLENMARK 6664200 16.71 468.05 9.79

SYNGENE 2603000 9.78 598.95 4.12

JKCEMENT 457250 4.45 2940.45 4.79

TRENT 3508400 1.55 1380.20 5.31

NESTLEIND 217400 1.27 19621.15 3.62

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Technical and Derivatives Review |March 31, 2023

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 Derivative Queries E-mail: derivatives.desk@angelone.in

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Technical and Derivatives Review |March 31, 2023

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