SENSEX: 35808.95 -67.27

NIFTY: 10724.40 -21.65

Market Outlook

Ventura Securities,

12.00 AM Jan 28th

Support comes in at the 10665, 10550, 10490 levels while resistance comes in at the 10783, 10878, 10979 levels.

The Nifty has moved exactly on expected lines ..... Bank Nifty has remained weak; 11000 hasn't been taken out; Reliance Ind has moved up; the IT Index has moved up; Vix has remained strong ..... All of the above points were highlighted last week while nothing has changed much and the situation remains almost identical. Maximum call open interest comes in at 11000 followed by 10800 while maximum put open interest comes in at 10000 followed by 10200 indicating a wide and random range (not surprising that we have now entered the last week of a long series) but the situation remains fluid with movements expected on either side. Nifty has seen some reduction in open interest during the week to end at 2.37 cr (rounded off) and has seen more reduction of nearly 2.48% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some significant open interest reduction (it stands at 17.54 lakh) compared to the last week; has seen some minor reduction in open interest (01.40%) on the last trading session of the week. The Vix has spent almost the entire week in a range bound movement above the 17.40 level (in terms of closing) except that it ended at 17.69 (higher from an intra week high of 12.02) which has resulted in a weaker market. The Nifty has flattered to deceive and despite a brief close above 10930, the 11000 level has turned out to be a tough nut to crack. Firmness in the Vix is obviously an impediment. The outlook is opaque, further clouded by the derivatives expiry and an event risk in form of the union budget and it would be prudent to stay on the sidelines for a clearer picture to emerge. Support comes in at the 10665, 10550, 10490 levels while resistance comes in at the 10783, 10878, 10979 levels.

Market Action


S&P BSE Auto18262.97-224.14
S&P BSE BANKEX29972.02-206.75
NIFTY BANK26794.25-176.35
S&P BSE Capital Goods16411.2367.93
S&P BSE Consumer Durables21092.00-62.25
S&P BSE FMCG11358.81-50.40
S&P BSE Healthcare13432.98-311.49
S&P BSE IT15378.44-33.48
S&P BSE Metals10014.34-237.96
S&P BSE Oil and Gas13073.34185.38
S&P BSE PSU6437.1436.44
S&P BSE TECk7601.07-8.91
S&P BSE Smallcap13252.81-111.18
S&P BSE Midcap13940.54-167.07
Nifty MID100 Free16214.70-157.60



How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 19th Feb. 2019
Time - 13.00hrs

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