12.00 AM May 17th
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 remains range bound and though a trending move has remained elusive, the alternate bouts of buying have been relatively limited and the only thing which has remained constant is the slightly lower bottom every couple of weeks but this time it formed a lower top. Despite multiple attempts at moves on either side, the bias remains inconclusive while a sustained close above 15257 could open doors for an upside. Maximum call open interest comes in at 15000 followed by 14800 while maximum put open interest comes in at 14000 followed by 14500 indicating a slightly tight trading range (not very surprising considering the fact that we are in third week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen a nominal reduction in open interest during the week to end at 01.12 cr (rounded off) and has seen a notable decrease of nearly 06.39% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 14.88 lakh (rounded off) compared to the last week; has actually seen major increase in open interest (09.71%) 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 20.27 (higher from an intra week low of 18.23) which has resulted in a mixed market. The Nifty has been range bound (14150-15300) for thirteen 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 has been lower), the outlook remains inconclusive making it a sector/scrip specific market. The short term bias has turned neutral again while the Fmcg sector seems better. 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||23900.83||-191.69|
|S&P BSE BANKEX||39675.91||-254.82|
|S&P BSE Capital Goods||22575.26||-316.51|
|S&P BSE Consumer Durables||35287.79||-358.91|
|S&P BSE FMCG||13467.89||60.86|
|S&P BSE Healthcare||25166.08||-157.61|
|S&P BSE IT||28986.45||78.22|
|S&P BSE Metals||18835.95||-498.31|
|S&P BSE Oil and Gas||17227.28||-43.83|
|S&P BSE PSU||7914.91||-43.43|
|S&P BSE TECk||12842.81||12.41|
|S&P BSE Smallcap||25015.06||-171.21|
|S&P BSE Midcap||22689.35||-218.06|
|Nifty MID100 Free||27108.50||-255.80|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 15th Jun. 2021
Time - 13.00hrs