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SENSEX: 48832.03 28.35

NIFTY: 14617.85 36.40

Market Outlook

Ventura Securities,

12.00 AM Mar 30th

Support comes in at the 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 14653, 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 which hasnít seen follow through and the close has been a bit better while this time around there is resistance from the 55 Week Ema. Maximum call open interest comes in at 15000 followed by 14500 while maximum put open interest comes in at 14000 followed by 13500 indicating a rather large (read as rough) but slightly lower range (not very surprising considering the fact that we are in first 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 addition in open interest during the week to end at 00.91 cr (rounded off) and has seen an increase of nearly 02.13% (rounded off) on the last trading session of the week; the Bank Nifty has seen solid open interest being increased during the week to end at 21.50 lakh (rounded off) compared to the last week; has actually seen nominal increase in open interest (00.93%) 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 20.50 level (in terms of closing) except that it ended at 20.65 (higher from an intra week low of 18.23) which has resulted in a slightly volatile market. The Nifty has been range bound (14250-15257) for seven weeks and counting and despite multiple attempts at breakouts (more down than up) on either side, a clear push has been lacking and though the range may have expanded just a bit (the bottom keeps dropping), the outlook remains similar and directionless. A bounce (led by Reliance Ind.) seems to be round the corner while a holiday curtailed week might be slightly insipid. Support comes in at the 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 14653, 14869, 15064, 15257, 15432.

Market Action

INDIAN INDICES

S&P BSE Auto22129.00258.50
S&P BSE BANKEX36287.32-185.83
NIFTY BANK31977.45-135.35
S&P BSE Capital Goods20429.44-80.13
S&P BSE Consumer Durables32430.21426.23
S&P BSE FMCG12918.8174.23
S&P BSE Healthcare23006.94424.52
S&P BSE IT26829.8182.60
S&P BSE Metals16107.0393.88
S&P BSE Oil and Gas14749.5749.87
S&P BSE PSU6541.4520.27
S&P BSE TECk12055.2248.34
S&P BSE Smallcap21018.55218.86
S&P BSE Midcap20157.36233.78
Nifty MID100 Free23760.70230.70

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 20th Apr. 2021
Time - 13.00hrs

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