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1. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
27 May 2019
Nifty Futures View Volatility FII Activity
Nifty Active Futures 11869.4 India VIX Index 16.47 INDEX FUTURES -9
Nifty Active Futures OI 17352150 Nifty ATM Call IV 14.33 INDEX OPTIONS 3013
Change in OI 12225 Nifty ATM Put IV 13.44 STOCK FUTURES -365
Premium / Discount 25.30 PCR Index Options 1.23 STOCK OPTIONS 41
Inference Long Build Up PCR F&O Total 0.78 FII Net Activity 2679
NNiiffttyy OOppttiioonnss OOII DDiissttrriibbuuttiioonn HIGHLIGHTS: Nifty futures closed at 11869.40 on a positive
note with 0.07% increase in open interest indicating Long Build
Up. Nifty Futures closed at a premium of 25 points compared
to previous day premium of 35 points.
FII's were Sellers in Index Futures to the tune of 9 crores and
were Buyers in Index Options to the tune of 3013 crores, Stock
Futures were Sellers to the tune of 365 crores.
FII's were Net Buyers in derivative segment to the tune of 2679
crores.
India VIX index is at 16.47 Nifty ATM call option IV is currently
at 14.33 whereas Nifty ATM put option IV is quoting at 13.44
Index options PCR is at 1.23 and F&O Total PCR is at 0.78.
NNiiffttyy OOppttiioonnss --CChhaannggee iinn OOII
Among stock futures MANAPPURAM, BALKRISHNA, CEAT &
BERGERPAINT have witnessed long build up and may show
strength in coming session.
Stock which witnessed short build up are BATAINDIA,
KAJRIACER, SUNTV & TORNTPHARMA witnessed short
build up may remain weak in coming session.
Nifty Put options OI distribution shows that 11000 has highest
OI concentration followed by 11500 & 11700 which may act
as support for current expiry.
Nifty Call strike 12500 followed by 12000 witnessed significant
OI concentration and may act as resistance for current expiry.
SSEECCUURRIITTIIEESS IINN BBAANN PPEERRIIOODD::
AADDAANNIIPPOOWWEERR,, IIDDBBII
__________________________________________________________________________________________________________________
SSttoocckk FFuuttuurreess -- LLoonngg BBuuiilldd
______________________________________________________________________________________________________________
SSttoocckk FFuuttuurreess -- SShhoorrtt BBuuiilldd UUpp
Symbol
Fut
Price
% Chg Open Interest % Chg
MANAPPURAM 138.15 8.06% 11274000.00 22.89%
BALKRISIND 803.10 3.39% 2597600.00 19.99%
CEATLTD 1045.30 5.87% 910400.00 18.17%
BERGEPAINT 312.10 1.04% 1795200.00 16.41%
Symbol
Fut
Price
% Chg
Open
Interest
% Chg
BATAINDIA 1338.30 -1.88% 2156000.00 20.13%
KAJARIACER 604.20 -2.21% 1771900.00 17.20%
SUNTV 533.00 -2.95% 7249000.00 13.50%
TORNTPHARM 1533.75 -1.45% 681000.00 10.37%
0
100
200
300
400
11500
11600
11700
11800
11900
12000
12100
12200
12300
12400
x10000
Call Put
-150
-100
-50
0
50
100
150
11500
11600
11700
11800
11900
12000
12100
12200
12300
12400
x10000
Call Put

2. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
Week ended 27 May 2019
NNIIFFTTYY HHIIGGHHLLIIGGHHTTSS::
 Nifty Futures has increased by 3.88% to close at 11,869 from previous week close of 11,426.
 Nifty annualized volatility index India Vix has decreased to 16.47% from 28.08% down by 41.34%.
 The total open interest (OI) in the Nifty stood at Rs 19,126cr.Where as stock futures OI is at 55,294cr.
 The open interest position of FII in Index Futures is at Rs 26,131Cr and in Stock futures is at Rs 92,365Cr.
Nifty PCR OI  PCR OI has come down from 1.36 to
close at 1.23 levels.
 PCR OI currently is at 1.23 levels which is
well above the median line indicating that
we might see some cautiousness in Nifty at
current levels.
OOppeenn IInntteerreesstt AAnnaallyyssiiss
 Options Built up Shows that now for
nifty has strong support at 11,700
followed by 11,500 and resistance at
12,000 levels followed by 12,500.
 12,000 & 12,500 strike call and 11,700
put followed by 11,500 put has highest
open interest concentration which
suggests that Nifty is likely to remain
&trade between this levels.
CChhaannggee iinn OOppeenn IInntteerreesstt
 This week major addition was seen on the
Put front with 11,500 and 11,700 strikes
adding 14.99 and 16.07 lakh in OI
respectively.
 On the Call front we have seen addition at
12,200 strike with increase in OI of 14.28
lakh shares, while addition of 24.67 lakh
shares was witnessed in 12,500 strike.
1.00
1.20
1.40
1.60
1.80
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
13-
May
14-
May
15-
May
16-
May
17-
May
20-
May
21-
May
22-
May
23-
May
24-
May
PUTCALLRATIO
OIincr.
Call OI Put OI
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
11300
11400
11500
11600
11700
11800
11900
12000
12100
12200
12300
12400
12500
OpenInterest
Open Interest Put OI Call OI
-1,000,000
0
1,000,000
2,000,000
3,000,000
11300
11400
11500
11600
11700
11800
11900
12000
12100
12200
12300
12400
12500
OpenInterest
Change in Open Interest Call OI Put OI

3. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
VVoollaattiilliittyy AAnnaallyyssiiss
 IV differential between call and put has
substantially decreased from last week level
post results of loksabha election, which
implies that nifty will continue to trade with
current momentum.
 Call IV’s currently at 15.83%, while Put IV’s are
at 18.55%.
 Implied Volatility of option for the May series is at
17.02% and has seen decreasing trajectory this
week.
WWeeeekkllyy PPaarrttiicciippaanntt WWiissee OOppeenn IInntteerreesstt
Participant
FUT IDX
Long
(contracts)
Net Chg
FUT IDX
Short
(contracts)
Net Chg
Client 159842 37994 173977 39382
DII 50030 11975 38903 -4275
FII 164013 36566 154099 51668
Pro 32496 5991 39402 5751
Participant
FUT STK
Long
(contracts)
Net Chg
FUT STK
Short
(contracts)
Net
Chg
Client 921936 101296 273103 67822
DII 33623 14739 952249 -1134
FII 879017 -13787 631509 5735
Pro 177809 13225 155524 43050
FFIIII IInnddeexx FFuuttuurreess
 FII activity in the index futures had seen mixed
activity during this week.
 FII have been net sellers in Index future to the
tune of 302 crore during this week.
FFIIII SSttoocckk FFuuttuurreess
 FII activity in Stock futures had been on sell side
during the last week.
 This week FII have been net sellers in stock future
segment to the tune 1,308 crore.
9.00
14.00
19.00
24.00
29.00
34.00
39.00
44.00
13-
May-19
14-
May-19
15-
May-19
16-
May-19
17-
May-19
20-
May-19
21-
May-19
22-
May-19
23-
May-19
24-
May-19
Implied volatility(IV) IV Call Iv Put Historic volatility
0
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
250,000
275,000
300,000
325,000
350,000
20-May 21-May 22-May 23-May 24-May
-2,000
-1,500
-1,000
-500
0
500
1,000
1,500
InCrores
NET AMT OI IN CONTRACT
1,500,000
1,515,000
1,530,000
20-May 21-May 22-May 23-May 24-May
-1,200
-800
-400
0
400
800
1,200
InCrores
NET AMT OI IN CONTRACT

4. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
SSeeccttoorr WWiissee OOppeenn IInntteerreesstt AAnndd PPrriiccee DDaattaa
WWeeeekkllyy PPrriiccee CChhaannggee WWeeeekkllyy OOII CChhaannggee WWeeeekkllyy PPCCRR CChhaannggee
WWeeeekkllyy OOppeenn IInntteerreesstt GGaaiinneerr WWeeeekkllyy OOppeenn IInntteerreesstt LLoosseerr
Script ID Price % Chg OI Futures % Chg
BALKRISIND 803.1 1.09% 2597600 56.03%
BANKNIFTY 31222.8 5.90% 2049600 52.32%
HDFCBANK 2380.05 0.58% 16350250 46.11%
MANAPPURAM 138.15 12.68% 11274000 44.10%
ENGINERSIN 120.4 10.87% 9744500 42.60%
Script ID Price % Chg OI Futures % Chg
KSCL 488.8 7.80% 556500 -26.53%
ADANIENT 157.3 31.85% 31708000 -25.92%
CGPOWER 39.45 10.35% 19428000 -23.38%
INFIBEAM 46.3 8.81% 10316000 -22.88%
UJJIVAN 348.25 12.67% 2817600 -18.59%
WWeeeekkllyy PPrriiccee GGaaiinneerr WWeeeekkllyy PPrriiccee LLoosseerr
Script ID Price % Chg OI Futures % Chg
ADANIENT 157.3 31.85% 31708000 -25.92%
JETAIRWAYS 137.7 27.15% 4866400 -5.23%
RPOWER 7.6 26.67% 91408000 -5.71%
BANKBARODA 137.6 22.47% 55563000 20.59%
BHARATFIN 1033.1 21.36% 6386000 -17.30%
Script ID Price % Chg OI Futures % Chg
TORNTPHARM 1533.75 -6.92% 681000 -7.09%
TECHM 737.9 -6.29% 11452800 9.88%
GLENMARK 560.85 -3.68% 4140000 -0.93%
PAGEIND 21987.85 -3.27% 150875 2.60%
DRREDDY 2670.5 -3.06% 3848750 -1.52%
3.38%
2.75%
7.18%
16.36%
-1.00%
2.65%
8.15%
5.57%
6.05%
16.10%
2.96%
0.92%
2.28%
-1.47%
8.63%
7.93%
4.26%
3.74%
-1.79%
Wkly Price change
Textile
Fertilisers
Oil_Gas
Cement
Capital_Good
s
Media
FMCG
Pharma
Automobile
Infrastructure
Finance
Others
Power
Metals
Technology
Realty
Banking
Telecom
Index 33.32%
5.56%
27.98%
22.40%
6.30%
10.28%
12.50%
14.11%
6.08%
31.92%
8.94%
0.90%
5.00%
12.38%
27.54%
21.58%
12.63%
-1.34%
7.06%
Wkly OI change
Textile
Fertilisers
Oil_Gas
Cement
Capital_Good
s
Media
FMCG
Pharma
Automobile
Infrastructure
Finance
Others
Power
Metals
Technology
Realty
Banking
Telecom
Index
12.68%
4.89%
8.73%
13.07%
5.48%
8.97%
8.28%
8.98%
9.05%
8.91%
8.11%
8.13%
6.77%
8.99%
7.97%
8.67%
7.39%
4.94%
5.57%
Wkly Roll Over change
Textile
Fertilisers
Oil_Gas
Cement
Capital_Good
s
Media
FMCG
Pharma
Automobile
Infrastructure
Finance
Others
Power
Metals
Technology
Realty
Banking
Telecom
Index

5. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
SSttoocckk wwiissee OOppeenn IInntteerreesstt DDiissttrriibbuuttiioonn iinn BBaannkkiinngg SSeeccttoorr
BBaannkk NNiiffttyy OOppeenn IInntteerreesstt ffoorr PPSSUU BBaannkkss VV//ss PPrriivvaattee BBaannkkss
BBaannkk NNiiffttyy SSttrriikkee wwiissee ooppeenn iinntteerreesstt ddiissttrriibbuuttiioonn
CANBNK, ICICIBANK and BANKINDIA can see some POSITIVE move in this week.
Bank Nifty has a very strong support at 31,000 with 30,500 PE strike having highest OI concentration
followed by 31,000 and on the call front 31,500 CE strike has highest OI concentration indicating strong
resistance level followed by 32,000.
ALBK
AXISBANK
BANKBARODA
BANKINDIA
CANBK
DCBBANK
FEDERALBNK
HDFCBANK
ICICIBANK
IDBI, 3%
IDFCFIRSTB
INDIANB, 0% INDUSINDBKKOTAKBANK KTKBANK ORIENTBANK
PNB
RBLBANK, 1%
SBIN
SOUTHBANK, 10%
SYNDIBANK,2%
UNIONBANK YESBANK
36%
64%
Open Interest
Psu Bank Private Bank
0
100,000
200,000
300,000
400,000
500,000
600,000
30200
30300
30400
30500
30600
30700
30800
30900
31000
31100
31200
31300
31400
31500
31600
31700
31800
31900
32000
32100
32200
OpenInterest
Open Interest
Call OI Put OI

6. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the
Regulations).
1. Axis Securities Ltd. (ASL) is a SEBI Registered Research Analyst having registration no. INH000000297. ASL, the Research Entity (RE) as
defined in the Regulations, is engaged in the business of providing Stock broking services, Depository participant services & distribution
of various financial products. ASL is a subsidiary company of Axis Bank Ltd. Axis Bank Ltd. is a listed public company and one of India’s
largest private sector bank and has its various subsidiaries engaged in businesses of Asset management, NBFC, Merchant Banking,
Trusteeship, Venture Capital, Stock Broking, the details in respect of which are available on www.axisbank.com.
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report accurately reflect my/our views about the subject issuer(s) or securities. I/We also certify that no part of my/our compensation was,
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Research Team
Sr. No Name Designation E-mail
1 Rajesh Palviya Technical & DerivativeAnalyst - (Head) rajesh.palviya@axissecurities.in
2 Vaishnavi Jagtap Technical Analyst vaishnavi.jagtap@axissecurities.in
3 Hemang Gor Derivative Analyst hemang.gor@axissecurities.in
4 Hiren Trivedi Research Associate hiren.trivedi@axissecurities.in
5 Kiran Gawle Associate kiran.gawle@axissecurities.in
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ASL or any of its associates may have:
i. Received compensation for investment banking, merchant banking or stock broking services or for any other services from the
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7. 27 May 2019 For private circulation only
WEEKLY DERIVATIVE REPORT
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