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SENSEX: 57376.83 116.25

NIFTY: 17085.00 31.05

Market Outlook

Ventura Securities,

12.00 AM Nov 1st

Support comes in at the 17645, 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 17792, 17948, 18200, 18500.

The Nifty has posted a lower top, lower bottom formation on the daily chart after a long time and rather solid supports have been obliterated with some amount of disconcerting ease while the Vix continues to hover around the 19 level which is a cause for worry. Maximum call open interest comes in at 18500 followed by 18000 while maximum put open interest comes in at 17000 followed by 17500 indicating a slightly raw 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 decent addition in open interest during the week to end at 01.07 cr (rounded off) and has seen an increase of nearly 03.18% (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 21.23 lakh (rounded off) compared to the last week; has actually seen some sizeable increase in open interest (05.43%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a slight positive bias) above the 16.50 level (in terms of closing) except that it ended at 17.42 (higher from an intra week low of 14.51) due to which the market has remained clearly negative. The Nifty has walked into a correction and some of the mechanical indicators have signalled a sell, indicating the possibility of a longer period of time as well as price retracement while an elevated Vix has the potential to cause further problems. A bounce seems to be round the corner but it remains to be seen whether this is good enough to test the 18342 level. An important Federal Reserve Meeting combined with a holiday curtailed week would make it a slightly difficult week to navigate; it would be prudent to lighten up a bit. Support comes in at the 17645, 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 17792, 17948, 18200, 18500.

Market Action

INDIAN INDICES

S&P BSE Auto24247.0753.18
S&P BSE BANKEX41210.7581.49
NIFTY BANK36085.20108.75
S&P BSE Capital Goods27102.03244.90
S&P BSE Consumer Durables42747.85600.33
S&P BSE FMCG13710.5868.60
S&P BSE Healthcare25625.87151.38
S&P BSE IT34332.49272.82
S&P BSE Metals18583.62-70.76
S&P BSE Oil and Gas17620.63105.44
S&P BSE PSU8199.1471.81
S&P BSE TECk15379.5997.98
S&P BSE Smallcap27847.15308.22
S&P BSE Midcap24904.52288.73
Nifty MID100 Free29883.00367.70

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 30th Nov. 2021
Time - 13.00hrs

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