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SENSEX: 50405.32 -440.76

NIFTY: 14938.10 -142.65

Market Outlook

Ventura Securities,

12.00 AM Feb 8th

Support comes in at the 14869, 14653, 14434, 14000, 13778, 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078 while resistance comes in at 15000.

The Nifty didn’t breach the 13598 level and staged a complete u-turn spurred on by a universally acclaimed budget to touch the 15000 mark and has not only posted a fresh all time high but has also closed at an all time high. The short term outlook has swung from negative to positive in a jiffy so to speak. Maximum call open interest comes in at 15500 followed by 15000 while maximum put open interest comes in at 14000 followed by 14200 indicating a better defined and clearly higher range (not very surprising considering the fact that we are in second week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some reduction in open interest during the week to end at 01.11 cr (rounded off) and has seen an addition of nearly 00.86% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being added during the week to end at 17.34 lakh (rounded off) compared to the last week; has actually seen some nominal reduction in open interest (00.40%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mixed bias) above the 23.00 level (in terms of closing) except that it ended at 23.42 (lower from an intra week high of 25.92) which has resulted in a rather bullish market. The Nifty has had a scorching week to touch the dizzying figure of 15000 with éclat while the outlook has turned positive, sustainability above the 14653 level is a must for the current ongoing positives to continue; a Vix below 26 is also important for a positive market. Support comes in at the 14869, 14653, 14434, 14000, 13778, 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078 while resistance comes in at 15000.

Market Action

INDIAN INDICES

S&P BSE Auto23740.00-212.09
S&P BSE BANKEX39692.34-546.45
NIFTY BANK35228.15-574.35
S&P BSE Capital Goods21889.05-308.87
S&P BSE Consumer Durables32749.32-225.49
S&P BSE FMCG12310.87-23.28
S&P BSE Healthcare21205.34-314.78
S&P BSE IT25432.41-375.19
S&P BSE Metals13905.84-306.81
S&P BSE Oil and Gas16090.8028.42
S&P BSE PSU7129.10-143.41
S&P BSE TECk11611.79-178.71
S&P BSE Smallcap20936.02-318.05
S&P BSE Midcap20587.80-396.39
Nifty MID100 Free24078.20-530.10

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 2nd Mar. 2021
Time - 13.00hrs

View last chat transcript