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SENSEX: 63099.65 417.81

NIFTY: 18758.35 140.30

Market Outlook

Ventura Securities,

12.00 AM Nov 14th

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

The Nifty has moved on expected lines (even Metals and IT have done as foreseen) to appreciate further but has faced some significant selling pressure from the proximity of the 18300 level for the better part of the last week but has now overcome this hurdle (read as resistance level) with the support of the Bank Nifty. Maximum call open interest comes in at 19500 followed by 19000 while maximum put open interest comes in at 18000 followed by 17000 indicating a slightly haphazard trading range (a bit 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 01.23 cr (rounded off) and has seen a increase of nearly 01.61% (rounded off) on the last trading session of the week; the Bank Nifty has seen major open interest being added during the week to end at 26.56 lakh (rounded off) compared to the last week; has actually seen open interest (16.57%) 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 14.00 level (in terms of closing) except that it ended at 14.40 (higher from an intra week low of 14.28) due to which the market has been generally positive during the week. The Nifty has continued its series of progressively higher tops and bottoms while a sustained close above the 18300 opens doors for a test of the all time high indicating a further upside. Metals and IT still seem like positive sectors while Auto looks a bit stretched thereby making it vulnerable. The outlook seems positive. Support comes in at the 18342, 18200, 17948, 17792, 17613, 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 18600.

Market Action

INDIAN INDICES

S&P BSE Auto30375.40519.61
S&P BSE BANKEX49348.18230.79
NIFTY BANK43231.00177.60
S&P BSE Capital Goods33846.25209.35
S&P BSE Consumer Durables41498.06281.71
S&P BSE FMCG16525.65140.61
S&P BSE Healthcare23945.6193.47
S&P BSE IT30511.1071.05
S&P BSE Metals20257.70388.76
S&P BSE Oil and Gas20610.00170.00
S&P BSE PSU10021.1013.46
S&P BSE TECk14283.6455.52
S&P BSE Smallcap29519.61178.40
S&P BSE Midcap25950.89271.16
Nifty MID100 Free32037.90360.60

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 6th Dec. 2022
Time - 13.00hrs

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