12.00 AM Mar 22nd
Support comes in at the 14653, 14434, 14250, 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 14869, 15064, 15257, 15432.
The Nifty has more or less moved on expected lines and has been within the confines of its trading range; despite a breakout attempt on the downside the close has been remarkably upbeat and the Nifty has given an upward key reversal (support from the 55 Day Ema also helped) on the daily chart to restore order so to speak. Maximum call open interest comes in at 15500 followed by 15000 while maximum put open interest comes in at 14500 followed by 14000 indicating a rather large but slightly similar range (not very surprising considering the fact that we are in fourth 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 notable reduction in open interest during the week to end at 00.88 cr (rounded off) and has seen a decrease of nearly 07.18% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being shed during the week to end at 13.50 lakh (rounded off) compared to the last week; has actually seen sharp decrease in open interest (10.18%) 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 19.50 level (in terms of closing) except that it ended at 19.99 (higher from an intra week low of 16.68) which has resulted in a slightly volatile market. The Nifty has been range bound (14336-15257) for six weeks and counting and despite multiple attempts at breakouts on either side, a clear push has been lacking and though the range may have expanded just a bit, the outlook remains similar. A close above or below the range is needed while a scrip specific approach seems to be the way forward. Support comes in at the 14653, 14434, 14250, 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 14869, 15064, 15257, 15432.
|S&P BSE Auto||22129.00||258.50|
|S&P BSE BANKEX||36287.32||-185.83|
|S&P BSE Capital Goods||20429.44||-80.13|
|S&P BSE Consumer Durables||32430.21||426.23|
|S&P BSE FMCG||12918.81||74.23|
|S&P BSE Healthcare||23006.94||424.52|
|S&P BSE IT||26829.81||82.60|
|S&P BSE Metals||16107.03||93.88|
|S&P BSE Oil and Gas||14749.57||49.87|
|S&P BSE PSU||6541.45||20.27|
|S&P BSE TECk||12055.22||48.34|
|S&P BSE Smallcap||21018.55||218.86|
|S&P BSE Midcap||20157.36||233.78|
|Nifty MID100 Free||23760.70||230.70|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 20th Apr. 2021
Time - 13.00hrs