12.00 AM Sep 3rd
Support comes in at the 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11078, 11143, 11235, 11340, 11495.
The Nifty hasn't been able to sustain above the 11078 level in terms of closing and faced resistance around the 11150 level indicating latent weakness while once again an oversold situation on the short term charts would seem to indicate the possibility of a recovery the sustainability of which still remains questionable. Maximum call open interest comes in at 111000 followed by 112100 while maximum put open interest comes in at 11000 followed by 10900 indicating a rather tight but rough trading range (not very surprising as this is now the first 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 decent loss in open interest during the week to end at 1.74 cr (rounded off) and has seen reduction of nearly 00.46% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some sizeable open interest being reduced (it stands at 14.50 lakh - rounded off) compared to the last week; has seen some clear decrease in open interest (03.96%) 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 16.28 (higher from an intra week low of 13.70) which has resulted in a volatile market. The Nifty continues to remain in a flux, there have been movements on either side and the outlook also remains a bit similar; a short term oversold situation seems to indicate the possibility of a bounce of sorts and a close above the 11078 level could open the doors for an upside past the 11150 level while resistance come sin at 11235, 11340. It still looks like a recovery and not a rally. Support comes in at the 10979, 10878, 10783, 10665, 10550, 10490 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
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