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SENSEX: 59984.70 -1158.63

NIFTY: 17857.25 -353.70

Market Outlook

Ventura Securities,

12.00 AM Oct 4th

Support comes in at the 17430, 17226, 17055, 16900, 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 17645, 17792, 17948.

The Nifty has once again paused for a breather to walk into a correction though the 18000 level remains unconquered as of now while an anticipated early recovery needs to see a round of follow up buying to post a fresh all time high to continue its uptrend. Maximum call open interest comes in at 18000 followed by 17500 while maximum put open interest comes in at 17000 followed by 17500 indicating a slightly uneven but clearly lower 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 minor reduction in open interest during the week to end at 01.20 cr (rounded off) and has seen an increase of nearly 03.14% (rounded off) on the last trading session of the week; the Bank Nifty has seen some notable open interest being added during the week to end at 20.25 lakh (rounded off) compared to the last week; has actually seen some decrease in open interest (03.36%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear positive bias) above the 17.00 level (in terms of closing) except that it ended at 17.21 (higher from an intra week low of 13.52) due to which the market has remained distinctly under pressure. The Nifty has cooled off a bit and with participation from the Bank Nifty not forthcoming, a 5 trading session decline has been witnessed and though support from the 17430 level would limit the downside, two things need to happen for the Nifty to do better; firstly the Vix needs come off and secondly the Bank Nifty needs to fire failing which some more consolidation cannot be ruled out. The bigger picture retains its bullish hue. Support comes in at the 17430, 17226, 17055, 16900, 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 17645, 17792, 17948.

Market Action

INDIAN INDICES

S&P BSE Auto25249.14-261.85
S&P BSE BANKEX45154.42-1569.84
NIFTY BANK39508.90-1365.40
S&P BSE Capital Goods26870.686.25
S&P BSE Consumer Durables43087.15-964.98
S&P BSE FMCG14032.28-271.28
S&P BSE Healthcare24947.25-410.05
S&P BSE IT34034.84-538.40
S&P BSE Metals19988.57-514.55
S&P BSE Oil and Gas18238.29-482.49
S&P BSE PSU8665.77-256.66
S&P BSE TECk15166.20-259.10
S&P BSE Smallcap28089.97-444.48
S&P BSE Midcap25236.28-354.27
Nifty MID100 Free30514.00-611.50

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 12th Oct. 2021
Time - 13.00hrs

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