12.00 AM Aug 19th
Support comes in at the 10979, 10878, 10783 while resistance comes in at 11078, 11143, 11235, 11340, 11495.
The Nifty has moved on expected lines and the truncated week hasnt done much in terms of a directional bias but the oversold situation has capped the downside and despite a struggle, a vaunted recovery still remains scrappy but seems to be underway nevertheless. Maximum call open interest comes in at 11000 followed by 11500 while maximum put open interest comes in at 11000 followed by 10700 indicating a rather steady trading range (not very surprising as this is now the fourth week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some nominal gain in open interest during the week to end at 1.82 cr (rounded off) and has seen addition of nearly 04.45% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some decent open interest being added (it stands at 15.99 lakh - rounded off) compared to the last week; has seen some minor increase in open interest (00.82%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a rather mixed bias) above the 16.00 level (in terms of closing) except that it ended at 16.65 (higher from an intra week low of 15.12) which has resulted in a volatile market. The Nifty has remained rangebound and within the trading range of the previous week but the bias at least in the short term is turning positive indicating the possibility of a bounce. Overcoming of the 11078 could be construed as a positive and 11200 or more seems to be on the cards while a close below 10878 would negative the above anticipated positives. Time to go selectively long (stoploss in place) seems to be way ahead. Support comes in at the 10979, 10878, 10783 while resistance comes in at 11078, 11143, 11235, 11340, 11495.
|S&P BSE Auto||15783.39||-622.86|
|S&P BSE BANKEX||30594.99||-812.03|
|S&P BSE Capital Goods||16954.36||-346.88|
|S&P BSE Consumer Durables||23844.98||-29.28|
|S&P BSE FMCG||10908.21||-44.06|
|S&P BSE Healthcare||12847.65||-223.37|
|S&P BSE IT||15903.83||-90.11|
|S&P BSE Metals||8828.96||-246.53|
|S&P BSE Oil and Gas||13231.42||-188.24|
|S&P BSE PSU||6420.58||-154.62|
|S&P BSE TECk||7722.50||-52.30|
|S&P BSE Smallcap||12855.36||-240.70|
|S&P BSE Midcap||13386.86||-241.21|
|Nifty MID100 Free||15630.20||-313.20|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 17th Sep. 2019
Time - 13.00hrs
- Buy Bharat Electronics; target of Rs 140: Sharekhan
- Hold Zydus Wellness; target of Rs 1840: Sharekhan
- Ideas for Profit: Why this AC company should not be overlooked
- Motherson Sumi – Does it deserve investors’ attention now?
- Investors should consider this niche play on animal healthcare value chain