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SENSEX: 41115.38 -208.43

NIFTY: 12106.90 -62.95

Market Outlook

Ventura Securities,

12.00 AM Jan 6th

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 12292.

The Nifty hasnt been able to make more upside, has found resistance from the 12292 level and seems to have entered another range between 12041-12150-12292; the bias remains mixed while a close above 12300 level is a must if a notable upside has to unfold but on the other hand geo political tensions could keep things on a boil. Maximum call open interest comes in at 12500 followed by 12200 while maximum put open interest comes in at 12000 followed by 12200 indicating a skewed but an identical trading range (a bit surprising considering that we are in the second 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 nominal reduction in open interest during the week to end at 1.19 cr (rounded off) and has seen a decrease of nearly 04.55% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some major open interest being reduced (it stands at 12.49 lakh - rounded off) compared to the last week; has actually seen significant decrease in open interest (03.34%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear positive bias) above the 10.90 level (in terms of closing) except that it ended at 12.70 (higher from an intra week low of 09.62) which has resulted in a mixed market. The Nifty seems to have entered a small consolidation phase although the medium and long term charts still retain a positive sheen but a close above the 12300 level is a must for a further upside to unfold. The stock specific outlook remains positive while even the mid caps and small caps seem upbeat, the Bse Healthcare Index can spring a positive surprise. 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 12292.

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!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 14th Jan. 2020
Time - 13.00hrs

View last chat transcript