moneycontrol.com network18online.com

 

SENSEX: 33980.70 0.00

NIFTY: 10029.10 0.00

Market Outlook

Ventura Securities,

12.00 AM May 11th

Support comes in at the 9218, 9119, 9030, 8988, 8893, 8810, 8731, 8620, 8531, 8448, 8369, 8290, 8150, 8055, 7979, 7924 while resistance comes in at 9367, 9450, 9533, 9700, 9830, 9925, 10025, 10129, 10250, 10380, 10490, 10550, 10665, 10783, 10878, 10979, 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.

The Nifty upmove has fizzled out real fast and the 50% retracement level has provided picture perfect resistance to send the index reeling, losing almost 6% in a jiffy. This movement has clear reiterated what has been maintained, its a recovery and not a rally. Incoherent moves by the Vix also hasnt had a telling impact on the Nifty as random noise seems to have taken over. Maximum call open interest comes in at 10000 followed by 9500 while maximum put open interest comes in at 9000 followed by 9500 indicating a slightly awkward trading range (a bit surprising considering the fact that we are in the first week of a new series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some solid addition in open interest during the week to end at 0.80 cr (rounded off) and has seen barely an increase of nearly 0.75% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some major open interest being added (it stands at 13.97 lakh - rounded off) compared to the last week; has actually seen some notable increase in open interest (06.74%) 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 38.00 level (in terms of closing) except that it ended at 38.41 (lower from an intra week high of 43.92) which has resulted in a rather wayward market. The Nifty continues its roller coaster ride without a clear defining trend and the outlook remains opaque. It would be better to maintain a stock specific approach while a breach of 9100 could mean some weakness and a close above 9550 could mean some upside. It would be prudent to wait on the sidelines for a clearer picture to emerge. Support comes in at the 9218, 9119, 9030, 8988, 8893, 8810, 8731, 8620, 8531, 8448, 8369, 8290, 8150, 8055, 7979, 7924 while resistance comes in at 9367, 9450, 9533, 9700, 9830, 9925, 10025, 10129, 10250, 10380, 10490, 10550, 10665, 10783, 10878, 10979, 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.

Market Action

INDIAN INDICES

S&P BSE Auto14749.2530.37
S&P BSE BANKEX23437.28-651.32
NIFTY BANK20390.45-550.25
S&P BSE Capital Goods12604.14-222.44
S&P BSE Consumer Durables20580.03-262.23
S&P BSE FMCG11070.4333.60
S&P BSE Healthcare16098.86261.28
S&P BSE IT14683.09267.66
S&P BSE Metals7159.7586.31
S&P BSE Oil and Gas12358.77106.54
S&P BSE PSU4695.709.06
S&P BSE TECk7539.60167.86
S&P BSE Smallcap11564.79-5.86
S&P BSE Midcap12333.29-7.36
Nifty MID100 Free13912.80-11.50

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 2nd Jun. 2020
Time - 13.00hrs

View last chat transcript

IPO NEWS