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SENSEX: 77860.19 -197.97

NIFTY: 23559.95 -43.40

Market Outlook

Ventura Securities,

5.30 AM Jan 1st

Support comes in at the 23894, 23667, 23400, 23111, 22769, 22526, 22300, 22125, 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 while resistance comes in at 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty seems to have slowed down a wee bit on the downward momentum part but the overall picture remains under pressure despite an oversold situation developing indicting some more adjustment. Maximum call open interest comes in at 24000 followed by 24500 while maximum put open interest comes in at 22700 followed by 22500 indicating a clearly large trading range (not very surprising considering the fact that we are in the fourth week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some addition in open interest during the week to end at 01.40 cr (rounded off) and has seen an increase of nearly 03.94% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being reduced during the week to end at 24.28 lakh (rounded off) compared to the last week; has actually seen open interest (02.05%) being higher 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 15.75 (higher from an intra week low of 13.96) which has resulted in the Nifty generally weak docile the week. The Nifty has taken a small breather but for a reversal to unfold, a close above the 23894 is a must and on the flip side, a close below the 23111 level could mean further weakness. Its still time for a cautious approach while levels need to be respected. Support comes in at the 23894, 23667, 23400, 23111, 22769, 22526, 22300, 22125, 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 while resistance comes in at 24200, 24492, 24792, 25446, 25100, 25800, 26400.

Market Action

INDIAN INDICES

S&P BSE Auto52671.66334.23
S&P BSE BANKEX56777.69-281.67
NIFTY BANK50158.85-223.25
S&P BSE Capital Goods61074.90-450.15
S&P BSE Consumer Durables59054.04718.48
S&P BSE FMCG20050.83-254.64
S&P BSE Healthcare43149.882.77
S&P BSE IT42230.99-167.53
S&P BSE Metals28912.98676.86
S&P BSE Oil and Gas24909.45-331.74
S&P BSE PSU17627.72-136.50
S&P BSE TECk19375.7688.58
S&P BSE Smallcap50164.22-341.27
S&P BSE Midcap43050.2755.02
Nifty MID100 Free53609.20108.40

GLOBAL INDICES

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Hemen Kapadia, Technical Analyst

Day - 4th Jun. 2024
Time - 13.00hrs

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