12.00 AM Sep 28th
Support comes in at the 10979, 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 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.
The Nifty has more or less behaved on expected lines; the correction has continued to play out and this time around it finally breached the 11153 level to fall sharply to a low of 10790 but recovered a bit to close the week above the 11000 level. The outlook is similar, the correction might not yet be over and a lower top lower bottom has creped in on the weekly chart. Maximum call open interest comes in at 11500 followed by 11000 while maximum put open interest comes in at 10500 followed by 11000 indicating a clearly lower (but rough) trading range (not very 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 major decline in open interest during the week to end at 78.15 lakh (rounded off) and has seen a decrease of nearly 02.85% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen nominal open interest being reduced (it stands at 15.32 lakh - rounded off) compared to the last week; has actually seen some notable decrease in open interest (07.85%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with no bias) above the 20.50 level (in terms of closing) except that it ended at 20.68 (higher from an intra week low of 15.76) which has resulted in a mixed market. The Nifty remains corrective and volatile and while positive price action early on in the week might not sustain all throughout; a small bounce in the Bank Nifty seems to be on the cards. The bias is still slightly negative and sustainability at higher levels seems a tad bit suspect; a cautious trading approach is suggested with dexterity to play both sides. Support comes in at the 10979, 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 11078, 11143, 11235, 11340, 11495, 11605, 11753, 11856, 11959, 12100, 12292.
|S&P BSE Auto||17855.68||50.06|
|S&P BSE BANKEX||27592.93||18.84|
|S&P BSE Capital Goods||13777.45||73.09|
|S&P BSE Consumer Durables||24427.99||170.50|
|S&P BSE FMCG||11099.79||-42.28|
|S&P BSE Healthcare||19772.27||29.54|
|S&P BSE IT||22040.59||292.10|
|S&P BSE Metals||8346.68||1.43|
|S&P BSE Oil and Gas||11965.16||-157.29|
|S&P BSE PSU||4524.74||-49.82|
|S&P BSE TECk||9994.58||161.41|
|S&P BSE Smallcap||14896.14||45.26|
|S&P BSE Midcap||14775.12||69.27|
|Nifty MID100 Free||17023.30||107.50|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 20th Oct. 2020
Time - 13.00hrs