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SENSEX: 40544.37 112.77

NIFTY: 11896.80 23.75

Market Outlook

Ventura Securities,

12.00 AM Oct 5th

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

The Nifty has been mixed, was expected to move up but has surprisingly sustained all throughout and as expected the Bank Nifty has bounced and how; gave a scintillating move while a bounce was envisaged. The outlook remains cautiously optimistic while a close above the 11600 level is a must for the current ongoing positives to continue. Maximum call open interest comes in at 12000 followed by 11500 while maximum put open interest comes in at 10500 followed by 11000 indicating a clearly higher (clearer) trading range (not very surprising considering the fact that we are in the second 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 increase in open interest during the week to end at 93.11 lakh (rounded off) and has seen a decrease of nearly 03.14% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some open interest being reduced (it stands at 14.70 lakh - rounded off) compared to the last week; has actually seen some notable decrease in open interest (13.25%) 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 18.00 level (in terms of closing) except that it ended at 18.35 (higher from an intra week low of 17.38) which has resulted in a mixed market. The Nifty is turning positive on the short term chart ably supported by the Bank Nifty and though further upside seems possible, itís probably not out of the woods yet and 11600 followed by 11800 both need to be taken out. A close below 11180 could spoil the picture a bit and there isnít a clear positive or negative price action visible yet; a nimble stock specific approach is suggested. Support comes in at the 11340, 11235, 11143, 11078, 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 11495, 11605, 11753, 11856, 11959, 12100, 12292.

Market Action

INDIAN INDICES

S&P BSE Auto17855.6850.06
S&P BSE BANKEX27592.9318.84
NIFTY BANK24311.8045.05
S&P BSE Capital Goods13777.4573.09
S&P BSE Consumer Durables24427.99170.50
S&P BSE FMCG11099.79-42.28
S&P BSE Healthcare19772.2729.54
S&P BSE IT22040.59292.10
S&P BSE Metals8346.681.43
S&P BSE Oil and Gas11965.16-157.29
S&P BSE PSU4524.74-49.82
S&P BSE TECk9994.58161.41
S&P BSE Smallcap14896.1445.26
S&P BSE Midcap14775.1269.27
Nifty MID100 Free17023.30107.50

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 20th Oct. 2020
Time - 13.00hrs

View last chat transcript