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SENSEX: 60754.86 -554.05

NIFTY: 18113.05 -195.05

Market Outlook

Ventura Securities,

12.00 AM Dec 20th 2021

Support comes in at the 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 17055, 17226, 17430, 17613, 17792, 17948, 18200, 18342, 18600.

The Nifty has flattered to deceive, hasnt been able to overcome the 17550 (despite posting an intraweek high of 17639.50) level and has in fact breached and closed below the 17226 level indicating weakness and also the possibility of a further downside from these levels especially on a close below the 16900 level. Maximum call open interest comes in at 18000 followed by 17500 while maximum put open interest comes in at 17000 followed by 16000 indicating a slightly large (compared to the last week) but still a broad trading range (not very surprising considering the fact that we are in the fourth 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 01.09 cr (rounded off) and has seen an increase of nearly 00.91% (rounded off) on the last trading session of the week; the Bank Nifty has seen notable open interest being added during the week to end at 26.08 lakh (rounded off) compared to the last week; has actually seen some major addition in open interest (11.98%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mixed bias) above the 15.50 level (in terms of closing) except that it ended at 16.34 (lower from an intra week high of 17.71) due to which the market has been under pressure except on the first trading session (morning half only) of the week. The Nifty hasnít been able to sustain itself at higher levels, has come sharply from its intraweek high and has formed a downward key reversal on the weekly chart clearly indicating its intention to depreciate further, notwithstanding the possibility of a small unsustainable bounce. The Bank Nifty continues to remain a weak spot and could very well be the leader on the downside. Support comes in at the 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 17055, 17226, 17430, 17613, 17792, 17948, 18200, 18342, 18600.

Market Action

INDIAN INDICES

S&P BSE Auto26199.30-614.96
S&P BSE BANKEX43695.2370.43
NIFTY BANK38210.30-5.85
S&P BSE Capital Goods30483.08-629.63
S&P BSE Consumer Durables45665.43-422.37
S&P BSE FMCG13827.21-171.95
S&P BSE Healthcare25172.22-399.21
S&P BSE IT37876.64-599.21
S&P BSE Metals19955.68-461.99
S&P BSE Oil and Gas18834.95-126.32
S&P BSE PSU8739.00-138.21
S&P BSE TECk16687.68-272.58
S&P BSE Smallcap30543.09-597.19
S&P BSE Midcap25569.85-574.22
Nifty MID100 Free31381.50-659.10

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 18th Jan. 2022
Time - 13.00hrs

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