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SENSEX: 36481.09 -642.22

NIFTY: 10817.60 -185.90

Market Outlook

Ventura Securities,

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.

Market Action

INDIAN INDICES

S&P BSE Auto15783.39-622.86
S&P BSE BANKEX30594.99-812.03
NIFTY BANK27131.80-723.20
S&P BSE Capital Goods16954.36-346.88
S&P BSE Consumer Durables23844.98-29.28
S&P BSE FMCG10908.21-44.06
S&P BSE Healthcare12847.65-223.37
S&P BSE IT15903.83-90.11
S&P BSE Metals8828.96-246.53
S&P BSE Oil and Gas13231.42-188.24
S&P BSE PSU6420.58-154.62
S&P BSE TECk7722.50-52.30
S&P BSE Smallcap12855.36-240.70
S&P BSE Midcap13386.86-241.21
Nifty MID100 Free15630.20-313.20

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 17th Sep. 2019
Time - 13.00hrs

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