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SENSEX: 52501.98 -271.07

NIFTY: 15767.55 -101.70

Market Outlook

Ventura Securities,

12.00 AM May 24th

Support comes in at the 15064, 14869, 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 15257, 15432.

The Nifty remains range bound and though a trending move has remained illusory, 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 higher top. Despite multiple attempts at moves on either side, the bias finally seems to be turning positive and a sustained close above 15300 could open doors for an upside. Maximum call open interest comes in at 15500 followed by 16000 while maximum put open interest comes in at 15000 followed by 14500 indicating a clearly higher trading range (not very surprising considering the fact that we are in last 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 significant reduction in open interest during the week to end at 00.99 cr (rounded off) and has seen a notable decrease of nearly 04.78% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being increased during the week to end at 16.86 lakh (rounded off) compared to the last week; has actually seen major increase in open interest (19.18%) 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 19.00 level (in terms of closing) except that it ended at 19.08 (higher from an intra week low of 17.13) which has resulted in a mixed market. The Nifty has been range bound (14150-15300) for fourteen weeks and counting and despite multiple attempts at breakouts (more down than up) on either side, a clear push has been lacking but this time around the outlook seems to be turning bullish and an upward breakout seems to be on the anvil (a close above 15300 is a must). A lower Vix seems to support the aforesaid view while Banks, IT and Realty seem set to sparkle. Support comes in at the 15064, 14869, 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 15257, 15432.

Market Action

INDIAN INDICES

S&P BSE Auto23900.83-191.69
S&P BSE BANKEX39675.91-254.82
NIFTY BANK35003.50-244.25
S&P BSE Capital Goods22575.26-316.51
S&P BSE Consumer Durables35287.79-358.91
S&P BSE FMCG13467.8960.86
S&P BSE Healthcare25166.08-157.61
S&P BSE IT28986.4578.22
S&P BSE Metals18835.95-498.31
S&P BSE Oil and Gas17227.28-43.83
S&P BSE PSU7914.91-43.43
S&P BSE TECk12842.8112.41
S&P BSE Smallcap25015.06-171.21
S&P BSE Midcap22689.35-218.06
Nifty MID100 Free27108.50-255.80

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 15th Jun. 2021
Time - 13.00hrs

View last chat transcript