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SENSEX: 38040.57 0.00

NIFTY: 11214.05 0.00

Market Outlook

Ventura Securities,

12.00 AM Jul 20th

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

The Nifty has remained static so to speak and has spent the entire week in a range between 10550 - 10950 but has ended the week on a distinctly positive note at a new 4 month high. Sustainability above 10850 could be a direct pointer on the Nifty intentions of further appreciation. Maximum call open interest comes in at 11000 followed by 10800 while maximum put open interest comes in at 10500 followed by 10600 indicating a 500 point 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 1.05 cr (rounded off) and has seen a decrease of nearly 0.34% (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 14.69 lakh - rounded off) compared to the last week; has actually seen some nominal decrease in open interest (02.19%) 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 24.16 (lower from an intra week high of 27.26) which has resulted in a mixed but positive market. The Nifty has made a move on the upward side, has posted a new high, seems to be setting the stage for a further upside from its 10550-10950 range and while the Bank Nifty was tepid lat week, its participation is a must for the aforesaid anticipated positives to unfold. A sector/stock specific approach seems to be the way ahead while 10550 is an important support. Support comes in at the 10878, 10783, 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 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

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