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SENSEX: 62882.78 36.40

NIFTY: 18612.10 13.45

Market Outlook

Ventura Securities,

12.00 AM May 2nd

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

The Nifty has moved on expected lines, has staged a smart recovery despite a monthly expiry to continue its series of higher tops and bottoms and though the outlook remains positive, the 18200 18300 would be a tough nut to crack at least at the first attempt. Maximum call open interest comes in at 18000 followed by 18200 while maximum put open interest comes in at 18000 followed by 17800 indicating a slightly tight 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 deletion in open interest during the week to end at 00.88 cr (rounded off) and has seen an increase of nearly 06.66% (rounded off) on the last trading session of the week; the Bank Nifty has seen some mild open interest being increased during the week to end at 22.90 lakh (rounded off) compared to the last week; has actually seen open interest (03.82%) being higher 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 10.79 level (in terms of closing) except that it ended at 10.95 (lower from an intra week high of 12.20) due to which the market has been generally positive during the week. The Nifty continues to roll on like a juggernaut and with even the midcaps and small caps participating; market breadth has improved while the open interest in Nifty is very low indicating a light situation. The market is expected to appreciate further but with a traditional roadblock (18200-18300) just close by it would be prudent to remain scrip specific after mid week. Support comes in at the 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 18095, 18200, 18442, 18600, 18888.

Market Action

INDIAN INDICES

S&P BSE Auto32769.32-3.71
S&P BSE BANKEX50299.5236.78
NIFTY BANK44315.703.80
S&P BSE Capital Goods37035.96-15.12
S&P BSE Consumer Durables40600.39-75.30
S&P BSE FMCG18252.5236.90
S&P BSE Healthcare23558.430.26
S&P BSE IT29222.6246.70
S&P BSE Metals19787.75-248.47
S&P BSE Oil and Gas18175.12-45.97
S&P BSE PSU10419.77-6.06
S&P BSE TECk13131.8018.27
S&P BSE Smallcap30320.1366.80
S&P BSE Midcap26950.2737.92
Nifty MID100 Free33595.9044.90

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 6th Jun. 2023
Time - 13.00hrs

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