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SENSEX: 58817.29 -35.78

NIFTY: 17534.75 9.65

Market Outlook

Ventura Securities,

12.00 AM Jul 25th

Support comes in at the 16700, 16359, 16203, 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 16900, 17055, 17226, 17430, 17613, 17792, 17948, 18200, 18342, 18600.

The Nifty has moved on expected lines, has seen a smart upside after closing above the 16203 level and the 55 Day Ema at the same time to come within striking distance of the 16800 level and this is where some amount of resistance can be expected (16800-16900). Maximum call open interest comes in at 17000 followed by 16800 while maximum put open interest comes in at 16500 followed by 16000 indicating a rather crisp but slightly more defined 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 reduction in open interest during the week to end at 00.90 cr (rounded off) and has seen a decrease of nearly 09.47% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being added during the week to end at 22.04 lakh (rounded off) compared to the last week; has actually seen open interest (03.74%) being increased on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a negative bias) above the 16.50 level (in terms of closing) except that it ended at 16.65 (lower from an intra week high of 18.18) due to which the market has been upbeat throughout the week. The Nifty has seen an anticipated upside after a decent time as well as price retracement and now has resumed its upmove but is getting close to a supply zone. IT is turning around especially quality midcaps while even Metals stocks are in the throes of a smart rebound. Vix is below 17 (positive) while an expiry week with resistance would make it a rather volatile proposition and it would prudent to remain stock specific at the moment. Support comes in at the 16700, 16359, 16203, 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 16900, 17055, 17226, 17430, 17613, 17792, 17948, 18200, 18342, 18600.

Market Action

INDIAN INDICES

S&P BSE Auto29694.0419.82
S&P BSE BANKEX43855.513.47
NIFTY BANK38287.8550.45
S&P BSE Capital Goods30683.00391.61
S&P BSE Consumer Durables40110.63-230.34
S&P BSE FMCG15597.02-70.29
S&P BSE Healthcare23223.19-30.86
S&P BSE IT30097.87-295.37
S&P BSE Metals18935.64347.58
S&P BSE Oil and Gas19296.50-33.81
S&P BSE PSU8715.22-28.32
S&P BSE TECk13772.87-93.74
S&P BSE Smallcap27655.27-27.17
S&P BSE Midcap24524.14-31.84
Nifty MID100 Free30318.90-47.10

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 2nd Aug. 2022
Time - 13.00hrs

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