12.00 AM Oct 29th
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 exactly on expected lines to walk into a minor consolidation phase and has spent the whole (truncated) week moving sideways in a rangebound movement. Though the undercurrent remains positive, the correction might not yet be over and resistance from its recent swing high of 11694.85 posted on 23rd September 2019 needs to be overcome from a closing point of view for a further upside to unfold. Maximum call open interest comes in at 12000 followed by 11700 while maximum put open interest comes in at 11000 followed by 11500 indicating a rather large trading range (a bit surprising considering the tight range and that we are in the fifth 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 addition in open interest during the week to end at 1.39 cr (rounded off) and has seen increase of nearly 00.17% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen major interest being reduced (it stands at 09.97 lakh - rounded off) compared to the last week; has seen some decrease in open interest (00.33%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a slight negative bias) above the 15.00 level (in terms of closing) except that it ended at 15.58 (higher from an intra week low of 13.57) which has resulted in a lacklustre market. The Nifty is taking its own sweet time to take a breather and it would be premature to conclude if there is more of the same rangebound movement to follow. 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.
|S&P BSE Auto||18175.62||-100.32|
|S&P BSE BANKEX||35158.40||15.76|
|S&P BSE Capital Goods||17710.52||-121.78|
|S&P BSE Consumer Durables||25345.62||64.91|
|S&P BSE FMCG||11789.01||-39.60|
|S&P BSE Healthcare||13160.07||157.32|
|S&P BSE IT||15210.81||-42.83|
|S&P BSE Metals||9460.34||158.83|
|S&P BSE Oil and Gas||15111.95||3.36|
|S&P BSE PSU||6967.42||48.08|
|S&P BSE TECk||7495.83||17.68|
|S&P BSE Smallcap||13362.61||36.21|
|S&P BSE Midcap||14837.53||64.54|
|Nifty MID100 Free||16931.50||127.70|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 12th Nov. 2019
Time - 13.00hrs