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SENSEX: 40284.19 -72.50

NIFTY: 11884.50 -10.95

Market Outlook

Ventura Securities,

12.00 AM Oct 22nd

Support comes in at the 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11753, 11856, 11959.

The Nifty has moved up for 6 trading sessions in a row and has also overcome the 11550 level with rather surprising ease and while most of the oscillators are supporting the current upmove, resistance from its recent swing high of 11694.85 posted on 23rd September 2019 could lead to a small bout of consolidation/correction. Maximum call open interest comes in at 11700 followed by 12000 while maximum put open interest comes in at 11000 followed by 11400 indicating a rather large trading range (not very surprising considering the sharp upmove and that we are in the fourth week of a new series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some reduction in open interest during the week to end at 1.37 cr (rounded off) and has seen shedding of nearly 02.86% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some interest being reduced (it stands at 12.95 lakh - rounded off) compared to the last week; has seen some clear decrease in open interest (09.09%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a rather negative bias) above the 15.50 level (in terms of closing) except that it ended at 15.93 (higher from an intra week low of 14.99) which has resulted in a strong market. The Nifty has given a scintillating move without any cooling off and is probably just a tad bit overbought indicating probable hesitancy of a further upside without taking a breather. The bias in the short term retains its positive hue, a cautiously optimistic approach is recommended. A further decline in the Vix could mean a more stable and positive market. Support comes in at the 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11753, 11856, 11959.

Market Action

INDIAN INDICES

S&P BSE Auto18175.62-100.32
S&P BSE BANKEX35158.4015.76
NIFTY BANK30992.10-16.30
S&P BSE Capital Goods17710.52-121.78
S&P BSE Consumer Durables25345.6264.91
S&P BSE FMCG11789.01-39.60
S&P BSE Healthcare13160.07157.32
S&P BSE IT15210.81-42.83
S&P BSE Metals9460.34158.83
S&P BSE Oil and Gas15111.953.36
S&P BSE PSU6967.4248.08
S&P BSE TECk7495.8317.68
S&P BSE Smallcap13362.6136.21
S&P BSE Midcap14837.5364.54
Nifty MID100 Free16931.50127.70

GLOBAL INDICES

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Hemen Kapadia, Technical Analyst

Day - 12th Nov. 2019
Time - 13.00hrs

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