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.
|S&P BSE Auto||20128.83||297.81|
|S&P BSE BANKEX||33884.04||40.46|
|S&P BSE Capital Goods||17022.49||50.41|
|S&P BSE Consumer Durables||27045.66||644.74|
|S&P BSE FMCG||11725.56||6.10|
|S&P BSE Healthcare||20318.54||195.38|
|S&P BSE IT||21635.41||-203.86|
|S&P BSE Metals||10218.88||2.78|
|S&P BSE Oil and Gas||13251.24||-22.70|
|S&P BSE PSU||5294.96||-20.78|
|S&P BSE TECk||9969.28||-97.86|
|S&P BSE Smallcap||16875.15||395.09|
|S&P BSE Midcap||16914.65||316.59|
|Nifty MID100 Free||19715.10||518.60|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 24th Nov. 2020
Time - 13.00hrs