12.00 AM Sep 23rd
Support comes in at the 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11235, 11340, 11495, 11605.
The Nifty has moved on expected lines to give a sizzling bounce back (despite breaching the 10878 level) and has also finally closed above 11078 making it an important level to keep in mind in terms of sustainability of the current upmove. Maximum call open interest comes in at 11500 followed by 11300 while maximum put open interest comes in at 11000 followed by 10800 indicating a rather large trading range (not very surprising considering the sharp upmove on the last trading session of the week and this is now the last 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 addition in open interest during the week to end at 1.75 cr (rounded off) and has seen reduction of nearly 01.40% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some open interest being reduced (it stands at 13.29 lakh - rounded off) compared to the last week; has seen some clear decrease in open interest (11.41%) 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 14.50 level (in terms of closing) except that it ended at 15.40 (lower from an intra week high of 17.05) which has resulted in a stronger market. The Nifty has staged a stupendous comeback to clock in mid boggling gains in a single trading session to overcome and close above significant resistance levels thereby continuing with the positive outlook. The sharp upmove could lead to a cooling off in the near term combined with the volatility which accompanies a derivatives expiry. Its still time to buy first (albeit on declines) and then sell later. Support comes in at the 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11235, 11340, 11495, 11605.
|S&P BSE Auto||18020.12||210.66|
|S&P BSE BANKEX||33303.96||56.37|
|S&P BSE Capital Goods||18430.72||-79.79|
|S&P BSE Consumer Durables||27191.42||216.08|
|S&P BSE FMCG||12071.68||63.63|
|S&P BSE Healthcare||12860.61||28.75|
|S&P BSE IT||14535.04||164.73|
|S&P BSE Metals||9061.60||-30.10|
|S&P BSE Oil and Gas||15208.17||-224.12|
|S&P BSE PSU||6896.37||6.98|
|S&P BSE TECk||7133.58||37.02|
|S&P BSE Smallcap||13223.06||32.69|
|S&P BSE Midcap||14395.58||-11.78|
|Nifty MID100 Free||16247.70||21.20|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 23rd Oct. 2019
Time - 13.00hrs