moneycontrol.com network18online.com

 

SENSEX: 57239.66 -859.26

NIFTY: 17036.90 -290.45

Market Outlook

Ventura Securities,

12.00 AM Aug 29th

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

The Nifty has moved exactly on expected lines (a downward bar reversal on the last day of that trading week seemed to indicate the onset of weakness) to walk into a corrective phase especially below the 17710 levels and looks set to continue this downside even further below the 17500 level. Maximum call open interest comes in at 18000 followed by 18500 while maximum put open interest comes in at 16500 followed by 17000 indicating a rather expansive 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 minor reduction in open interest during the week to end at 01.05 cr (rounded off) and has seen a decrease of nearly 00.28% (rounded off) on the last trading session of the week; the Bank Nifty has seen some notable open interest being reduced during the week to end at 20.29 lakh (rounded off) compared to the last week; has actually seen open interest (00.30%) 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 18.00 level (in terms of closing) except that it ended at 18.22 (higher from an intra week low of 15.82) due to which the market has been mixed but negative at the end of the week. The Nifty remains weak and a small 4 trading session sideways movement should finally see a breakdown from this range; a close (seems to be on the anvil) below the 17613 level could see the Nifty dip to 17430 and 17226. The Vix is expected to move up to the 20+ level. It would be prudent to adopt a wait and watch policy to wait for the market to find its feet and stabilize. Support comes in at the 17430, 17226, 17055, 16900, 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 17613, 17792, 17948, 18200, 18342, 18600.

Market Action

INDIAN INDICES

S&P BSE Auto28899.64-1125.99
S&P BSE BANKEX44273.80-1007.10
NIFTY BANK38606.80-939.50
S&P BSE Capital Goods30812.58-885.28
S&P BSE Consumer Durables41233.48-1216.29
S&P BSE FMCG16143.15-220.81
S&P BSE Healthcare22665.42-270.35
S&P BSE IT27100.01-35.23
S&P BSE Metals17761.90-923.26
S&P BSE Oil and Gas18648.24-408.60
S&P BSE PSU8623.57-329.45
S&P BSE TECk12564.55-12.77
S&P BSE Smallcap27724.62-1088.14
S&P BSE Midcap24443.43-827.98
Nifty MID100 Free30040.30-1038.40

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 13th Sep. 2022
Time - 13.00hrs

View last chat transcript

ISO 27001 - BSI Assurance Mark