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SENSEX: 53749.26 -303.35

NIFTY: 16025.80 -99.35

Market Outlook

Ventura Securities,

12.00 AM May 2nd

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

The Nifty seems to have taken a breather after testing the 16900 level but seems set to continue posting a lower top, lower bottom formation on the daily chart and has also closed below the 55 Day EMA indicating further weakness. A test of the 16800 levels cannot be ruled out. Maximum call open interest comes in at 18000 followed by 17500 while maximum put open interest comes in at 16000 followed by 16500 indicating a rather large 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 notable addition in open interest during the week to end at 00.88 cr (rounded off) and has seen an increase of nearly 03.47% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being added during the week to end at 26.15 lakh (rounded off) compared to the last week; has actually seen some open interest (03.79%) being increased 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 19.00 level (in terms of closing) except that it ended at 19.42 (higher from an intra week low of 18.21) due to which the market has been volatile throughout the week. The Nifty remains wobbly and despite some respite, the picture hasnít changed much, the negative overhang has refused to go away while a close below the 16900 level (seems to be on the anvil) could mean further weakness. It would be prudent to remain light for the time being. Support comes in at the 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 17226, 17430, 17613, 17792, 17948, 18200, 18342, 18600.

Market Action

INDIAN INDICES

S&P BSE Auto25145.99-208.91
S&P BSE BANKEX39791.3385.26
NIFTY BANK34339.5049.30
S&P BSE Capital Goods25793.51-644.91
S&P BSE Consumer Durables36396.52-516.14
S&P BSE FMCG13865.94-56.16
S&P BSE Healthcare22054.92-339.13
S&P BSE IT28096.72-925.78
S&P BSE Metals17176.52-245.85
S&P BSE Oil and Gas18310.08-279.44
S&P BSE PSU8227.31-75.52
S&P BSE TECk12810.39-314.11
S&P BSE Smallcap25123.30-760.55
S&P BSE Midcap21829.06-430.49
Nifty MID100 Free26918.70-676.60

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 24th May. 2022
Time - 13.00hrs

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