12.00 AM Nov 25th
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 near the 12000 level (11999.10 to be precise) but has cooled off, hasnt been able to overcome the 12000 level to remain range bound with a mild negative bias. The same view holds, resistance at 12000-12040, support at 11800-11856 and a stock specific market. Maximum call open interest comes in at 12000 followed by 11900 while maximum put open interest comes in at 11500 followed by 11900 indicating a slight lower trading range (not very surprising considering that we are in the last week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some significant reduction in open interest during the week to end at 1.32 cr (rounded off) and has seen a decrease of nearly 08.61% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen major interest being reduced (it stands at 16.44 lakh - rounded off) compared to the last week; has seen some solid decrease in open interest (08.36%) 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 14.50 level (in terms of closing) except that it ended at 14.87 (higher from an intra week low of 11.61) which has resulted in a lacklustre market. The Nifty continues to remain corrective, the negative bias has refused to go away, the trading range remains the same and some pressure can be expected especially since the Bank Nifty which is now overbought and the current ongoing outperformance could begin to peter out. The derivative expiry is going to bring some volatility but the large open interest at the Nifty 12000 call option would mean a plateau at that level and some downside. 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.
|S&P BSE Auto||17579.16||-231.01|
|S&P BSE BANKEX||35924.41||-222.90|
|S&P BSE Capital Goods||16905.52||-139.70|
|S&P BSE Consumer Durables||25067.20||-185.64|
|S&P BSE FMCG||11602.08||-65.87|
|S&P BSE Healthcare||13452.53||-19.81|
|S&P BSE IT||15201.12||5.92|
|S&P BSE Metals||9424.85||-44.23|
|S&P BSE Oil and Gas||14666.63||-124.57|
|S&P BSE PSU||6765.07||-128.49|
|S&P BSE TECk||7591.71||-3.15|
|S&P BSE Smallcap||13376.85||-78.38|
|S&P BSE Midcap||14709.42||-145.62|
|Nifty MID100 Free||16780.20||-200.20|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 10th Dec. 2019
Time - 13.00hrs