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SENSEX: 60754.86 -554.05

NIFTY: 18113.05 -195.05

Market Outlook

Ventura Securities,

12.00 AM Jan 3rd

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

The Nifty has moved up to close above the 17226 level indicating its intention to appreciate further from here especially if the aforesaid level holds from a closing point of view while significant resistance comes in at the 17613 level while the near term outlook has turned positive. Maximum call open interest comes in at 18000 followed by 17500 while maximum put open interest comes in at 17000 followed by 16500 indicating a slightly grey but still a broad 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 addition in open interest during the week to end at 01.03 cr (rounded off) and has seen an increase of nearly 06.98% (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 23.48 lakh (rounded off) compared to the last week; has actually seen some extra open interest (02.57%) 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 16.00 level (in terms of closing) except that it ended at 16.22 (lower from an intra week high of 17.28) due to which the market has been steadily going up during the week. The Nifty has formed a higher top, higher bottom formation on the daily chart, has just about overcome the 55 Day Ema and with the mechanical indicators giving a crossover buy, a further upside seems to be on the cards; The Bank Nifty needs to close and sustain above the 35800 level for a decent upside to unfold. Support comes in at the 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 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!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 18th Jan. 2022
Time - 13.00hrs

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