12.00 AM Jul 15th
The Nifty has moved on expected lines, has seen a bout of profit taking to decline for 5 trading sessions in a row to give a semblance of a time as well as price retracement (read as correction) after a 1000+ point rise but looks like stabilizing as of now.
The Nifty has moved on expected lines, has seen a bout of profit taking to decline for 5 trading sessions in a row to give a semblance of a time as well as price retracement (read as correction) after a 1000+ point rise but looks like stabilizing as of now. Maximum call open interest comes in at 16000 followed by 17000 while maximum put open interest comes in at 15500 followed by 15000 indicating a rather large but slightly more structured 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 addition in open interest during the week to end at 01.19 cr (rounded off) and has seen a decrease of nearly 02.60% (rounded off) on the last trading session of the week; the Bank Nifty has seen some major open interest being reduced during the week to end at 20.95 lakh (rounded off) compared to the last week; has actually seen open interest (01.38%) 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 17.50 level (in terms of closing) except that it ended at 17.60 (lower from an intra week high of 19.22) due to which the market has been iffy throughout the week. The Nifty has seen an anticipated cool off after a sizeable upmove and now seems set to test both, the 16203 level and the 55 Day Ema (16169.08) while a close above the former could open the doors for a further upside. IT still remains a weak spot, Metals seem a bit wobbly but its still time to buy first and sell later (selectively of course). Support comes in at the 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 16203, 16359, 16700, 16900, 17055, 17226, 17430, 17613, 17792, 17948, 18200, 18342, 18600.
|S&P BSE Auto||29694.04||19.82|
|S&P BSE BANKEX||43855.51||3.47|
|S&P BSE Capital Goods||30683.00||391.61|
|S&P BSE Consumer Durables||40110.63||-230.34|
|S&P BSE FMCG||15597.02||-70.29|
|S&P BSE Healthcare||23223.19||-30.86|
|S&P BSE IT||30097.87||-295.37|
|S&P BSE Metals||18935.64||347.58|
|S&P BSE Oil and Gas||19296.50||-33.81|
|S&P BSE PSU||8715.22||-28.32|
|S&P BSE TECk||13772.87||-93.74|
|S&P BSE Smallcap||27655.27||-27.17|
|S&P BSE Midcap||24524.14||-31.84|
|Nifty MID100 Free||30318.90||-47.10|
How are the markets looking?
Hemen Kapadia, Technical Analyst
Day - 2nd Aug. 2022
Time - 13.00hrs