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SENSEX: 41089.77 -167.97

NIFTY: 12057.15 -56.30

Market Outlook

Ventura Securities,

12.00 AM Jan 27th

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 has flattered to deceive, despite posting a fresh all time high, has slipped below the 12292 level to briefly breach the 12100 level and bounce back almost immediately but this has resulted in a downward bar reversal on the weekly chart thereby sounding a slight note of caution. Maximum call open interest comes in at 12500 followed by 12300 while maximum put open interest comes in at 12000 followed by 12200 indicating a skewed but an almost identical trading range (a bit 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 solid reduction in open interest during the week to end at 1.24 cr (rounded off) and has seen a decrease of nearly 01.61% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some decent open interest being added (it stands at 13.05 lakh - rounded off) compared to the last week; has actually seen notable decrease in open interest (04.02%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clearly positive bias) above the 15.30 level (in terms of closing) except that it ended at 15.56 (higher from an intra week low of 12.46) which has resulted in a mixed market. The Nifty has been in a roller coaster ride and a surging Vix has added fuel to the fire; an upcoming expiry is going to keep the market on boil while the impending budget is going to keep the Vix elevated. It would be prudent to stay on the sidelines waiting for a clearer picture to emerge as such a major event risk could make or mar the market. 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 Auto17551.09-38.31
S&P BSE BANKEX35211.85-147.80
NIFTY BANK30671.20-163.60
S&P BSE Capital Goods16579.17-202.59
S&P BSE Consumer Durables27399.69437.38
S&P BSE FMCG11483.76-48.13
S&P BSE Healthcare14224.00-191.00
S&P BSE IT16397.1264.23
S&P BSE Metals9567.23-71.98
S&P BSE Oil and Gas13769.32-314.06
S&P BSE PSU6319.33-138.56
S&P BSE TECk8227.2226.86
S&P BSE Smallcap14547.24-135.41
S&P BSE Midcap15539.12-122.98
Nifty MID100 Free17840.80-138.00

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 18th Feb. 2020
Time - 13.00hrs

View last chat transcript