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SENSEX: 57276.59 16.01

NIFTY: 17054.65 0.70

Market Outlook

Ventura Securities,

12.00 AM Nov 15th

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

The Nifty has moved on expected lines to bounce back riding piggyback on positivity of world markets and a subdued Vix and while a further upside seems to be on the cards, a close and sustainability above the 18342 level would be important to restore status quo so to speak. Maximum call open interest comes in at 18000 followed by 18500 while maximum put open interest comes in at 17500 followed by 18000 indicating a slightly fuzzy trading range (not very surprising considering the fact that we are in the third 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 01.01 cr (rounded off) and has seen a decrease of nearly 06.32% (rounded off) on the last trading session of the week; the Bank Nifty has seen notable open interest being reduced during the week to end at 19.40 lakh (rounded off) compared to the last week; has actually seen some solid decrease in open interest (12.73%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mixed negative bias) above the 15.00 level (in terms of closing) except that it ended at 15.22 (higher from an intra week low of 13.99) due to which the market has remained rangebound with a positive bias. The Nifty has formed a higher top, higher bottom formation on the daily chart, hasnít tested the 55 Day Exponential Moving Average, some of the daily mechanical indicators are on the cusp of giving a crossover buy signal, pointing towards some near term positives. 18342 needs to get taken out while IT, Fmcg and Pharma could bounce. Support comes in at the 17948, 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 18200, 18342, 18600.

Market Action

INDIAN INDICES

S&P BSE Auto24153.94-39.95
S&P BSE BANKEX41154.2124.95
NIFTY BANK36016.9040.45
S&P BSE Capital Goods27017.34160.21
S&P BSE Consumer Durables42633.01485.49
S&P BSE FMCG13690.2948.31
S&P BSE Healthcare25513.9439.45
S&P BSE IT34307.99248.32
S&P BSE Metals18564.64-89.74
S&P BSE Oil and Gas17562.5947.40
S&P BSE PSU8178.7651.43
S&P BSE TECk15369.5987.98
S&P BSE Smallcap27769.08230.15
S&P BSE Midcap24820.84205.05
Nifty MID100 Free29800.40285.10

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 30th Nov. 2021
Time - 13.00hrs

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