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SENSEX: 60689.02 402.98

NIFTY: 17875.25 153.75

Market Outlook

Ventura Securities,

12.00 AM Jan 9th

Support comes in at the 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 17978, 18095, 18200, 18442, 18600, 18888.

The Nifty has moved exactly on expected lines by not sustaining at higher levels to decline and test its earlier low of 1774.25 posted on 26 December 2022 by coming down to 17795.55 on 06 January 2023; needless to say that a close below the aforesaid levels could see a further decline. Maximum call open interest comes in at 19000 followed by 18500 while maximum put open interest comes in at 17000 followed by 18000 indicating a slightly clouded trading range (not very 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 addition in open interest during the week to end at 01.15 cr (rounded off) and has seen an increase of nearly 03.26% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 23.54 lakh (rounded off) compared to the last week; has actually seen open interest (01.58%) 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 14.25 level (in terms of closing) except that it ended at 15.02 (higher from an intra week low of 14.30) due to which the market has been generally weak during the week. The Nifty still seems wobbly and even now, there are no signs of any technical green shoots except a very mild oversold situation while a close below 17794 is a must for further weakness (still seems possible) to set in while a gap up opening at the start of the week doesn’t look like sustaining. Support comes in at the 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 17978, 18095, 18200, 18442, 18600, 18888.

Market Action

INDIAN INDICES

S&P BSE Auto30353.57107.13
S&P BSE BANKEX47013.3471.31
NIFTY BANK41565.5074.60
S&P BSE Capital Goods34228.13-97.30
S&P BSE Consumer Durables38598.68284.31
S&P BSE FMCG16494.4917.24
S&P BSE Healthcare22473.77263.53
S&P BSE IT30560.20443.34
S&P BSE Metals20364.53204.58
S&P BSE Oil and Gas17661.9060.10
S&P BSE PSU9532.528.88
S&P BSE TECk14042.86150.08
S&P BSE Smallcap28170.02213.28
S&P BSE Midcap24880.89243.31
Nifty MID100 Free30952.70288.90

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

How are the markets looking?

Hemen Kapadia, Technical Analyst

Day - 7th Feb. 2023
Time - 13.00hrs

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