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SENSEX: 57353.23 -745.69

NIFTY: 17078.50 -248.85

Market Outlook

Ventura Securities,

12.00 AM Sep 5th

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, the weakness resulted in a decline and even the expected level of 17226 was breached albeit temporarily while the correction/consolidation doesn’t seem to be over yet and despite clear resilience in terms of a price retracement, some more time retracement cannot be ruled out. Maximum call open interest comes in at 18000 followed by 19000 while maximum put open interest comes in at 16000 followed by 16500 indicating a rather ample trading range (a bit surprising considering the fact that we are in the second week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen major addition in open interest during the week to end at 01.27 cr (rounded off) and has seen an increase of nearly 00.30% (rounded off) on the last trading session of the week; the Bank Nifty has seen some minor open interest being reduced during the week to end at 19.36 lakh (rounded off) compared to the last week; has actually seen open interest (01.35%) being reduced 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 18.50 level (in terms of closing) except that it ended at 19.55 (higher from an intra week low of 17.26) due to which the market has been mixed but negative at the end of the week. The Nifty remains in a corrective phase and after a 2800 point upmove, this was a much needed event and there is clear strength in the undercurrent as can be witnessed by the markets reluctance to decline much and it remains in a large range between 17226 on the downside and 18048 on the upside. A further sideways movement cannot be ruled out and it would be prudent to remain scrip specific at the moment. 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 Auto29057.82-967.81
S&P BSE BANKEX44445.33-835.57
NIFTY BANK38794.30-752.00
S&P BSE Capital Goods30961.12-736.74
S&P BSE Consumer Durables41667.56-782.21
S&P BSE FMCG16123.38-240.58
S&P BSE Healthcare22775.20-160.57
S&P BSE IT27185.2049.96
S&P BSE Metals17921.13-764.03
S&P BSE Oil and Gas18604.93-451.91
S&P BSE PSU8687.55-265.47
S&P BSE TECk12597.6520.33
S&P BSE Smallcap27919.90-892.86
S&P BSE Midcap24602.14-669.27
Nifty MID100 Free30234.20-844.50

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 13th Sep. 2022
Time - 13.00hrs

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