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SENSEX: 44149.72 -110.02

NIFTY: 12968.95 -18.05

Market Outlook

Ventura Securities,

12.00 AM Nov 2nd

Support comes in at the 11605, 11495, 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 11753, 11856, 11959, 12100, 12292.

The Nifty has more or less moved on expected lines, the 12000 level hasnít even been tested but the 11550 was tested and also provided the requisite support (Nifty posted an intraweek low of 11535) for a small recovery while the short term picture has tuned a bit negative; the rising Vix has clearly taken its toll on the market as foreseen. Maximum call open interest comes in at 12000 followed by 12500 while maximum put open interest comes in at 11000 followed by 11500 indicating a slightly lower but nascent 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 addition in open interest during the week to end at 01.10 cr (rounded off) and has seen an increase of nearly 09.84% (rounded off) on the last trading session of the week; the Bank Nifty open interest has seen some notable open interest being added (it stands at 17.36 lakh - rounded off) compared to the last week; has actually seen some notable increase in open interest (09.27%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear upward bias) above the 22.00 level (in terms of closing) except that it ended at 24.75 (higher from an intra week low of 20.08) which has resulted in a mixed market. The Nifty has posted a lower top, lower bottom formation on the weekly chart indicating a negative hue and while the 11550-11600 level has held out, it could be tested and possibly breached in the forthcoming week thereby inducing the need to observe a bit of caution. It would be prudent to wait on the sidelines for a clearer picture to emerge while an eye should be kept on the Vix as a further rise would confirm the near term technical negatives. Support comes in at the 11605, 11495, 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 11753, 11856, 11959, 12100, 12292.

Market Action

INDIAN INDICES

S&P BSE Auto20128.83297.81
S&P BSE BANKEX33884.0440.46
NIFTY BANK29609.0559.30
S&P BSE Capital Goods17022.4950.41
S&P BSE Consumer Durables27045.66644.74
S&P BSE FMCG11725.566.10
S&P BSE Healthcare20318.54195.38
S&P BSE IT21635.41-203.86
S&P BSE Metals10218.882.78
S&P BSE Oil and Gas13251.24-22.70
S&P BSE PSU5294.96-20.78
S&P BSE TECk9969.28-97.86
S&P BSE Smallcap16875.15395.09
S&P BSE Midcap16914.65316.59
Nifty MID100 Free19715.10518.60

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 24th Nov. 2020
Time - 13.00hrs

View last chat transcript