12.00 AM Mar 16th
Support comes in at the 9925, 9830 while resistance comes in at 10025, 10129, 10250, 10380, 10490, 10550, 10665, 10783, 10878, 10979, 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.
The Nifty has moved on expected lines with the Vix heading for the stratosphere and the market tumbling big time thereby making it a nightmare for traders and investors alike. The outlook remains unpredictable and volatile and if there isnt a thaw in the Vix, the Nifty will remain a veritable minefield. Maximum call open interest comes in at 10000 followed by 10500 while maximum put open interest comes in at 9500 followed by 10000 indicating a clearly lower but a large trading range (tad bit surprising considering that we are in the third week of the new series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some major reduction in open interest during the week to end at 1.55 cr (rounded off) and has seen a decrease of nearly 04.70% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some solid open interest being shed (it stands at 10.79 lakh - rounded off) compared to the last week; has actually seen some major decrease in open interest (26.45%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a out and out positive bias) above the 30.00 level (in terms of closing) except that it ended at 51.47 (higher from an intra week low of 21.42) which has resulted in an extremely volatile market. The Nifty has staged a lopsided recovery after hitting the lower circuit make it an untradeable market driven by a bunch of factors and overseas cues. A recovery cannot be ruled out but a choppy and dicey one at that is what could be on the platter while it is too early to conclude whether a panic bottom has been formed, leveraged positions can and should still be avoided. Support comes in at the 9925, 9830 while resistance comes in at 10025, 10129, 10250, 10380, 10490, 10550, 10665, 10783, 10878, 10979, 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.
|S&P BSE Auto||11243.97||974.47|
|S&P BSE BANKEX||21868.34||2114.50|
|S&P BSE Capital Goods||10916.76||332.42|
|S&P BSE Consumer Durables||19759.45||989.42|
|S&P BSE FMCG||10804.25||822.25|
|S&P BSE Healthcare||13504.01||1109.04|
|S&P BSE IT||12715.69||934.81|
|S&P BSE Metals||5911.08||444.69|
|S&P BSE Oil and Gas||10742.55||735.35|
|S&P BSE PSU||4467.63||183.63|
|S&P BSE TECk||6408.36||493.92|
|S&P BSE Smallcap||9797.21||388.17|
|S&P BSE Midcap||10771.38||552.33|
|Nifty MID100 Free||11929.50||612.70|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 14th Apr. 2020
Time - 13.00hrs
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