12.00 AM Sep 30th
Support comes in at the 11495, 11340, 11235, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11605,, 11753, 11856, 11959.
The Nifty has moved on expected lines to start cooling off as the 1000 point rise is a bit too much to digest without a consolidation. The outlook still remains positive but a sideways movement with a mixed bias could play out as a truncated week coupled with the credit policy could make market participants a bit cautious. Maximum call open interest comes in at 11500 followed by 11200 while maximum put open interest comes in at 11000 followed by 11500 indicating a rather odd trading range (not very surprising considering the sharp upmove and that we are in the beginning of a new series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen solid reduction in open interest during the week to end at 1.46 cr (rounded off) and has seen reduction of nearly 01.59% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen enormous interest being reduced (it stands at 09.67 lakh - rounded off) compared to the last week; has seen some clear increase in open interest (08.86%) 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 16.11 (lower from an intra week high of 18.53) which has resulted in a mixed market. The Nifty has gained ground but only to stagnate which isn't entirely surprising keeping in mind the stupendous rise seen in just 2 trading sessions. Despite a positive outlook, a period of hibernation is envisaged with swings on both sides but no significant upside is currently apparent with a curtailed trading week coupled with an event risk. Tit would be prudent to wait on the sidelines for a clearer picture to emerge and a stock specific approach is advocated. Support comes in at the 11495, 11340, 11235, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11605,, 11753, 11856, 11959.
|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