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SENSEX: 60048.47 163.11

NIFTY: 17853.20 30.25

Market Outlook

Ventura Securities,

12.00 AM Sep 6th

Support comes in at the 17055, 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 17500.

The Nifty has moved on expected lines to not only appreciate further but has also posted a fresh all time high and has also closed at a fresh all time high, indicating its intention to make further progress from these levels while support comes in at 17055. Maximum call open interest comes in at 17500 followed by 16500 while maximum put open interest comes in at 17000 followed by 16500 indicating a slightly skewed but distinctly higher trading range (a bit 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 even more addition in open interest during the week to end at 01.39 cr (rounded off) and has seen an increase of nearly 00.55% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being piled on during the week to end at 19.33 lakh (rounded off) compared to the last week; has actually seen some major increase in open interest (08.47%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mild positive bias) above the 13.00 level (in terms of closing) except that it ended at 14.54 (higher from an intra week low of 12.40) despite which the market has gone from strength to strength. The Nifty has continued its scintillating rally to gain even further ground and has closed the week on a very strong footing (there arenít any known resistance levels as of now). The outlook continues to remain positive and a further upside cannot be ruled out while Banks continue to look promising. Support comes in at the 17055, 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 17500.

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!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 28th Sep. 2021
Time - 13.00hrs

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