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SENSEX: 41115.38 -208.43

NIFTY: 12106.90 -62.95

Market Outlook

Ventura Securities,

12.00 AM Dec 23rd 2019

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

The Nifty has more or less moved on expected lines, the slight positive bias has turned into a short term uptrend which in turn has led to a resumption of its intermediate uptrend indicating the possibility of a further upside as long as it sustains above the 12150 level. Maximum call open interest comes in at 12300 followed by 12500 while maximum put open interest comes in at 12200 followed by 12000 indicating a clearly higher 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 decent reduction in open interest during the week to end at 1.27 cr (rounded off) and has seen a decrease of nearly 04.32% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some open interest being reduced (it stands at 12.45 lakh - rounded off) compared to the last week; has actually seen nominal decrease in open interest (00.64%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear negative bias) above the 12.00 level (in terms of closing) except that it ended at 12.32 (higher from an intra week low of 11.32) which has resulted in a strong market. The Nifty has finally made its intentions crystal clear, has given an upward breakout from its multiple week trading range (read as 11800 - 12150) to not only post but also close at a fresh all time high; with no known resistance levels, more progress seems to be on the cards while the 12150 levels needs to remains sacrosanct. Support comes in at the 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078, 10979, 10878, 10783, 10665, 10550, 10490 while resistance comes in at 12100.

Market Action

INDIAN INDICES

S&P BSE Auto18348.94-158.69
S&P BSE BANKEX34971.31-330.35
NIFTY BANK30701.50-246.00
S&P BSE Capital Goods17066.57-156.54
S&P BSE Consumer Durables25627.90-25.69
S&P BSE FMCG11824.90-5.36
S&P BSE Healthcare14003.34-2.11
S&P BSE IT16097.99172.88
S&P BSE Metals10218.23-163.30
S&P BSE Oil and Gas14336.99-216.59
S&P BSE PSU6707.60-93.12
S&P BSE TECk8060.3984.45
S&P BSE Smallcap14633.16-18.60
S&P BSE Midcap15536.63-50.04
Nifty MID100 Free17931.00-21.00

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 14th Jan. 2020
Time - 13.00hrs

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