12.00 AM Aug 26th
Support comes in at the 10783, 10665, 10550, 10490 while resistance comes in at 10878, 10979, 11078, 11143, 11235, 11340, 11495.
The Nifty hasnt been able to sustain above the 11078 level in terms of closing and faced resistance at the 11150 level indicating inherent weakness while once again an oversold situation seems to indicate the possibility of a recovery the sustainability of which still remains questionable. Maximum call open interest comes in at 11000 followed by 11100 while maximum put open interest comes in at 10500 followed by 10700 indicating a rather steady trading range (not very surprising as this is now the final 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 loss in open interest during the week to end at 1.81 cr (rounded off) and has seen reduction of nearly 04.54% (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 16.62 lakh - rounded off) compared to the last week; has seen some clear decrease in open interest (04.52%) 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 16.60 level (in terms of closing) except that it ended at 17.35 (higher from an intra week low of 13.72) which has resulted in a volatile market. The Nifty has remained volatile with a distinct negative bias and a short term oversold situation could mean a bounce but the lower top, lower bottom scenario still continues, Vix remains elevated and an expiry week could add to the chaos make any upside slightly suspect. Support comes in at the 10783, 10665, 10550, 10490 while resistance comes in at 10878, 10979, 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
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