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SENSEX: 40284.19 -72.50

NIFTY: 11884.50 -10.95

Market Outlook

Ventura Securities,

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.

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

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 12th Nov. 2019
Time - 13.00hrs

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