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SENSEX: 60048.47 163.11

NIFTY: 17853.20 30.25

Market Outlook

Ventura Securities,

12.00 AM Aug 30th

Support comes in at the 16700, 16359, 16163, 15900, 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 17000.

The Nifty has just about closed above the 16700 level after a couple of attempts indicating its intention to appreciate further from current levels as long as it sustains above the 16500 level from a closing point of view while support comes in at 16359. Maximum call open interest comes in at 16500 followed by 17000 while maximum put open interest comes in at 16000 followed by 16500 indicating a slightly rough trading range (not very surprising considering the fact that we are in the 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 major addition in open interest during the week to end at 01.34 cr (rounded off) and has seen an increase of nearly 08.24% (rounded off) on the last trading session of the week; the Bank Nifty has seen major open interest being reduced during the week to end at 18.02 lakh (rounded off) compared to the last week; has actually seen some decrease in open interest (03.22%) 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 13.00 level (in terms of closing) except that it ended at 13.40 (higher from an intra week low of 12.11) which has resulted in a better market. The Nifty has been rather range bound during the past week but has ended on an ebullient note to not only post a fresh all time high but has also closed at an all time high. A further upside seems like a distinct possibility; contribution from the Bank Nifty (needs to close above 36200) could propel the Nifty even higher. Support comes in at the 16700, 16359, 16163, 15900, 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 17000.

Market Action

INDIAN INDICES

S&P BSE Auto23475.4690.17
S&P BSE BANKEX43245.49-26.20
NIFTY BANK37830.3058.60
S&P BSE Capital Goods26356.30-107.90
S&P BSE Consumer Durables40776.48-326.11
S&P BSE FMCG15089.75-162.30
S&P BSE Healthcare26207.36-370.97
S&P BSE IT36079.18302.80
S&P BSE Metals19764.00-466.43
S&P BSE Oil and Gas17638.87-118.04
S&P BSE PSU8022.42-108.07
S&P BSE TECk16080.23172.34
S&P BSE Smallcap28023.34-85.58
S&P BSE Midcap25194.84-294.86
Nifty MID100 Free30468.4087.60

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 28th Sep. 2021
Time - 13.00hrs

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