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SENSEX: 52586.84 -66.23

NIFTY: 15763.05 -15.40

Market Outlook

Ventura Securities,

12.00 AM Jul 5th

Support comes in at the 15600, 15432, 15257, 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 15800, 15900.

The Nifty has been extremely range bound with a mild negative bias and the picture has turned a bit grey in the near term while the long term charts still retain a bullish hue. The range remains unscathed and unperturbed between 15432 on the downside and 15900 on the upside and a close above the latter is a must for a further upside to unfold. Maximum call open interest comes in at 16000 followed by 16500 while maximum put open interest comes in at 15500 followed by 15000 indicating a similar but slightly more well defined trading range (not very surprising considering the fact that we are in the 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 more reduction in open interest during the week to end at 00.93 cr (rounded off) and has seen a some decrease of nearly 03.90% (rounded off) on the last trading session of the week; the Bank Nifty has seen some sizeable open interest being increased during the week to end at 20.84 lakh (rounded off) compared to the last week; has actually seen some decrease in open interest (01.37%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear negative bias) above the 12.00 level (in terms of closing) except that it ended at 12.09 (lower from an intra week high of 13.77) which has resulted in a slightly dull and drab market. The Nifty has gone nowhere and the low Vix seems to suggest that it isnít in the mood to do something in a hurry either while the Bank Nifty and Reliance Industries both need to fire if the 15900 level has to get taken out. In terms of sectors, Pharma and IT have gone from strength to strength and seem set to gain further ground and a stock specific approach seems to be the way forward. Support comes in at the 15600, 15432, 15257, 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 15800, 15900.

Market Action

INDIAN INDICES

S&P BSE Auto22489.21191.54
S&P BSE BANKEX39190.11-141.53
NIFTY BANK34584.30-107.20
S&P BSE Capital Goods23671.73-36.98
S&P BSE Consumer Durables36386.37183.71
S&P BSE FMCG13480.9816.33
S&P BSE Healthcare26156.18575.39
S&P BSE IT30846.5411.38
S&P BSE Metals21011.62-212.10
S&P BSE Oil and Gas15441.74-27.25
S&P BSE PSU7742.39-10.37
S&P BSE TECk13480.3410.07
S&P BSE Smallcap26786.62183.33
S&P BSE Midcap23087.22119.00
Nifty MID100 Free27815.30303.00

GLOBAL INDICES

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Hemen Kapadia, Technical Analyst

Day - 3rd Aug. 2021
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