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SENSEX: 36033.06 -660.63

NIFTY: 10607.35 -195.35

Market Outlook

Ventura Securities,

12.00 AM Jun 15th

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

The Nifty has declined sharply and the anticipated minor correction was anything but minor but the Nifty has staged a bounce back to end the week on not such a significant loss while the outlook remains grey as a seesaw move coupled with a jump in volatility would need some introspection. Maximum call open interest comes in at 10000 followed by 10500 while maximum put open interest comes in at 9500 followed by 9600 indicating a similar range (not very surprising considering the fact that we are in the third 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 addition in open interest during the week to end at 1.07 cr (rounded off) and has seen a decrease of nearly 1.83% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some solid open interest being added (it stands at 20.21 lakh - rounded off) compared to the last week; has actually seen some notable increase in open interest (26.11%) 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 28.00 level (in terms of closing) except that it ended at 30.82 (higher from an intra week low of 27.24) which has resulted in a rather shaky market. The Nifty has had a rollercoaster ride and though the losses have been minimal, the run has had a mini breakdown (a decline was expected but this was a sharp cut and an equally sharp recovery) and it would be prudent to wait on the sidelines for a clearer picture to emerge while the new range is 9550 - 10300. A stock specific approach is advocated. Support comes in at the 9925, 9830, 9700, 9533, 9450, 9367, 9218, 9119, 9030, 8988, 8893, 8810, 8731, 8620, 8531, 8448, 8369, 8290, 8150, 8055, 7979, 7924 while resistance comes in at 10025, 10129, 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 Auto15661.29-389.61
S&P BSE BANKEX24230.15-765.07
NIFTY BANK21392.20-697.10
S&P BSE Capital Goods12792.72-230.82
S&P BSE Consumer Durables20555.89-39.94
S&P BSE FMCG11421.97-105.46
S&P BSE Healthcare16655.591.82
S&P BSE IT15741.34-254.88
S&P BSE Metals7442.26-190.19
S&P BSE Oil and Gas12827.90-104.10
S&P BSE PSU4821.99-121.50
S&P BSE TECk7955.23-108.24
S&P BSE Smallcap12665.18-119.01
S&P BSE Midcap13276.60-127.14
Nifty MID100 Free15052.40-164.80

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 21st Jul. 2020
Time - 00.00hrs

View last chat transcript