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SENSEX: 73824.65 79.30

NIFTY: 22379.20 40.45

Market Outlook

Ventura Securities,

5.30 AM Jan 1st

Support comes in at the 21834, 21500, 21020, 20850, 20500, 20222, 19992, 19875, 19667, 19524, 19250, 18888, 18600, 18442, 18200, 18095, 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 22200.

The Nifty has bounced back on expected lines but the quantum has been surprisingly bigger while a rangebound situation has emerged for the time being with the lower boundary of the range coming in at 21137 and the upper boundary coming in at 22125. Maximum call open interest comes in at 23000 followed by 22700 while maximum put open interest comes in at 21000 followed by 21600 indicating a large trading range (a tad 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 a notable decrease in open interest during the week to end at 01.18 cr (rounded off) and has seen an increase of nearly 04.10% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being reduced during the week to end at 28.46 lakh (rounded off) compared to the last week; has actually seen sharp open interest (06.57) being lower 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 14.40 level (in terms of closing) except that it ended at 14.70 (higher from an intra week low of 13.80) which has resulted in the Nifty generally being volatile during the week. The Nifty continues its corrective (read as consolidation) phase and needs to close above or below its earlier mentioned trading range (1000 points) for a trending move to unfold and with the Bank Nifty floundering; it would be prudent to be scrip specific. Support comes in at the 21834, 21500, 21020, 20850, 20500, 20222, 19992, 19875, 19667, 19524, 19250, 18888, 18600, 18442, 18200, 18095, 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 22200.

Market Action

INDIAN INDICES

S&P BSE Auto48004.24-62.94
S&P BSE BANKEX53746.0534.24
NIFTY BANK47300.40-8.50
S&P BSE Capital Goods59151.47-37.19
S&P BSE Consumer Durables52878.56-59.39
S&P BSE FMCG19624.1820.86
S&P BSE Healthcare34983.64-3.65
S&P BSE IT38301.67-60.26
S&P BSE Metals28301.58218.43
S&P BSE Oil and Gas28341.79-19.76
S&P BSE PSU18813.984.53
S&P BSE TECk16933.34-18.99
S&P BSE Smallcap45853.2430.66
S&P BSE Midcap39971.8932.61
Nifty MID100 Free49142.2027.40

GLOBAL INDICES

EXCLUSIVE LIVE CHAT!

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Hemen Kapadia, Technical Analyst

Day - 5th Mar. 2024
Time - 13.00hrs

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