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SENSEX: 38040.57 15.12

NIFTY: 11214.05 13.90

Market Outlook

Ventura Securities,

12.00 AM Jul 13th

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

The Nifty has flattened so to speak, hasnt done much, has remained in a tight range between 10665 - 10850 and only a close above or below this range will determine the direction of the immediate future trend at least from a short term point of view. A perk up in the Bank Nifty could help provide some positive traction to the Nifty. Maximum call open interest comes in at 11000 followed by 11200 while maximum put open interest comes in at 10500 followed by 10600 indicating a rather normal 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 1.17 cr (rounded off) and has seen an increase of nearly 0.15% (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 16.16 lakh - rounded off) compared to the last week; has actually seen some notable increase in open interest (10.77%) 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) below the 28.00 level (in terms of closing) except that it ended at 24.94 (lower from an intra week high of 27.66) which has resulted in a somnolent but staid market. The Nifty seems to have taken a small breather, is waiting for a cue for a directional move while a Bank Nifty close above the 23000 level could provide the necessary push for an upside move. A stock specific approach is advocated till there is a clear directional move from the Nifty while the midcaps and smallcaps remain a bright spot. Support comes in at the 10665, 10550, 10490, 10380, 10250, 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 10783, 10878, 10979, 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.

Market Action

INDIAN INDICES

S&P BSE Auto17100.01127.61
S&P BSE BANKEX24696.2492.98
NIFTY BANK21754.00111.40
S&P BSE Capital Goods12975.0562.20
S&P BSE Consumer Durables22070.09-389.12
S&P BSE FMCG11674.5874.48
S&P BSE Healthcare18760.84-60.40
S&P BSE IT18161.65-212.16
S&P BSE Metals8439.3762.19
S&P BSE Oil and Gas13281.5591.17
S&P BSE PSU4947.4414.86
S&P BSE TECk8811.88-76.28
S&P BSE Smallcap13668.69106.46
S&P BSE Midcap14218.87202.02
Nifty MID100 Free16103.40198.20

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 4th Aug. 2020
Time - 13.00hrs

View last chat transcript