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SENSEX: 44149.72 -110.02

NIFTY: 12968.95 -18.05

Market Outlook

Ventura Securities,

12.00 AM Nov 9th

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

The Nifty has staged an amazing turnaround with chutzpah and alacrity to conquer the 12000 level instead of testing the 11550 level. The Vix flattered to deceive and rose only to fall sharply back to the 20 level which played a major role in a stunning market upmove thereby negating near term technical negatives. Maximum call open interest comes in at 12500 followed by 13000 while maximum put open interest comes in at 11500 followed by 12000 indicating a clearly higher 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 addition in open interest during the week to end at 01.12 cr (rounded off) and has seen a decrease of nearly 00.90% (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 19.31 lakh - rounded off) compared to the last week; has actually seen some nominal increase in open interest (02.88%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear downward bias) above the 20.00 level (in terms of closing) except that it ended at 20.50 (lower from an intra week high of 25.92) which has resulted in a mixed market. The Nifty has posted a perpendicular rise, brushing aside near term technical concerns while a distinctly lower VIx facilitated this. The 11550-12025 range has been broken out of and needless to say that the latter level has to remain sacrosanct in terms of closing for the current ongoing positive to continue. Metals, Auto and IT could surprise positively. Support comes in at the 12100, 11959, 11856, 11753, 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 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