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SENSEX: 36074.71 -618.98

NIFTY: 10618.35 -184.35

Market Outlook

Ventura Securities,

12.00 AM Jun 22nd

Support comes in at the 10129, 10025, 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 10250, 10380, 10490, 10550, 10665, 10783, 10878, 10979, 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.

The Nifty has staged another one of its trademark bounce backs and status quo has been re-established while the range remains almost the same, 9550 - 10300 (it has come within striking distance of the latter level) and unless and until there is a decisive breach of this range, the current intra-range movement is expected to continue. Maximum call open interest comes in at 10500 followed by 10300 while maximum put open interest comes in at 10000 followed by 9900 indicating a higher range (not very surprising considering the fact that we are in the fourth 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 0.91 cr (rounded off) and has seen an increase of nearly 0.14% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some solid open interest being reduced (it stands at 18.22 lakh - rounded off) compared to the last week; has actually seen some notable decrease in open interest (08.71%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a rather mixed bias) above the 28.00 level (in terms of closing) except that it ended at 29.96 (lower from an intra week high of 35.31) which has resulted in a volatile but upbeat market. The Vix above 30 could bring some volatility. The Nifty has almost recovered the entire ground which it lost during the previous week bring things back on an even keel. The short term outlook is turning positive but a close above the 9300 level is a must for a further upside to unfold. The Bank Nifty has the potential to spring a positive surprise once the 21500 - 22000 level is overcome. Support comes in at the 10129, 10025, 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 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 Auto15689.32-361.58
S&P BSE BANKEX24211.47-783.75
NIFTY BANK21372.40-716.90
S&P BSE Capital Goods12793.58-229.96
S&P BSE Consumer Durables20524.37-71.46
S&P BSE FMCG11446.63-80.80
S&P BSE Healthcare16659.966.19
S&P BSE IT15820.02-176.20
S&P BSE Metals7459.43-173.02
S&P BSE Oil and Gas12881.92-50.08
S&P BSE PSU4829.24-114.25
S&P BSE TECk7997.48-65.99
S&P BSE Smallcap12657.26-126.93
S&P BSE Midcap13280.32-123.42
Nifty MID100 Free15057.50-159.70

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 14th Jul. 2020
Time - 13.00hrs

View last chat transcript