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SENSEX: 57900.44 639.86

NIFTY: 17237.20 183.25

Market Outlook

Ventura Securities,

12.00 AM Nov 8th

Support comes in at the 17792, 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 17948, 18200, 18342, 18600.

The Nifty has more or less moved on expected lines while the bounce has been just a bit too feeble to come anywhere close to the 18342 and its this level which needs to be overcome from a weekly point of view to indicate some positive technical green shoots. Maximum call open interest comes in at 19000 followed by 18500 while maximum put open interest comes in at 17500 followed by 17000 indicating a slightly coarse 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 reduction in open interest during the week to end at 01.03 cr (rounded off) and has seen an increase of nearly 00.19% (rounded off) on the last trading session of the week; the Bank Nifty has seen marginal open interest being increased during the week to end at 21.27 lakh (rounded off) compared to the last week; has actually seen some nominal increase in open interest (01.35%) 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 15.50 level (in terms of closing) except that it ended at 15.75 (higher from an intra week low of 14.30) due to which the market has remained rangebound with a positive bias. The Nifty has been rather rangebound but lower levels have been smartly protected while the Vix has notably cooled off and world markets are in a bullish orbit as CAC, DAX and DJIA are at all time highs. A near term upside seems possible but sustainability at higher levels at this point in time seems slightly suspect while Pharma and Fmcg sectors seem oversold. Support comes in at the 17792, 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 17948, 18200, 18342, 18600.

Market Action

INDIAN INDICES

S&P BSE Auto24419.93226.04
S&P BSE BANKEX41717.38588.12
NIFTY BANK36511.10534.65
S&P BSE Capital Goods27298.62441.49
S&P BSE Consumer Durables42998.38850.86
S&P BSE FMCG13766.89124.91
S&P BSE Healthcare25454.16-20.33
S&P BSE IT34524.72465.05
S&P BSE Metals18759.11104.73
S&P BSE Oil and Gas17767.34252.15
S&P BSE PSU8269.71142.38
S&P BSE TECk15464.67183.06
S&P BSE Smallcap28009.73470.80
S&P BSE Midcap25032.39416.60
Nifty MID100 Free30058.30543.00

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 30th Nov. 2021
Time - 13.00hrs

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