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SENSEX: 40620.15 -159.44

NIFTY: 11971.60 -46.80

Market Outlook

Ventura Securities,

12.00 AM Nov 18th

Support comes in at the 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11959, 12100.

The Nifty has more or less moved on expected lines, hasnt done much, closed just once below the 11856 level but bounced back, hasnt been able to overcome the 12000 level to remain range bound with a mild negative bias. The same view holds, resistance at 12000-12100, support at 11800-11856 and a stock specific market. Maximum call open interest comes in at 12000 followed by 12200 while maximum put open interest comes in at 11600 followed by 11500 indicating a slight broader trading range (not very bit surprising considering that we are in the third 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 1.55 cr (rounded off) and has seen an increase of nearly 01.38% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen major interest being added (it stands at 18.01 lakh - rounded off) compared to the last week; has seen some solid increase in open interest (04.70%) 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 15.03 (higher from an intra week low of 12.52) which has resulted in a lacklustre market. The Nifty seems to have slipped into a minor corrective phase and isnt expected to do much but buoyancy from the Bank Nifty could keep it at elevated levels while a familiar headache in terms of the 12000-12100 level. The Vix has cooled off a tad bit but the divergence between the Nifty and Bank Nifty could mean muddy waters, it would be prudent to remain stock specific at the moment. Support comes in at the 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 11959, 12100.

Market Action

INDIAN INDICES

S&P BSE Auto17606.30-203.87
S&P BSE BANKEX35955.65-191.66
NIFTY BANK31507.30-205.70
S&P BSE Capital Goods16921.75-123.47
S&P BSE Consumer Durables25061.67-191.17
S&P BSE FMCG11606.98-60.97
S&P BSE Healthcare13483.1310.79
S&P BSE IT15234.6239.42
S&P BSE Metals9443.11-25.97
S&P BSE Oil and Gas14695.59-95.61
S&P BSE PSU6782.40-111.16
S&P BSE TECk7604.449.58
S&P BSE Smallcap13389.84-65.39
S&P BSE Midcap14740.21-114.83
Nifty MID100 Free16814.70-165.70

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 10th Dec. 2019
Time - 13.00hrs

View last chat transcript