Market Outlook

Support comes in at the 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 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty has walked into a cool off considering the fact that it had moved 1800 points in a matter of a mere 15 trading sessions making this a welcome correction to again take support at the 23400 levels. Maximum call open interest comes in at 24500 followed by 24000 while maximum put open interest comes in at 23500 followed by 23000 indicating a rather well defined trading range (a bit 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 some solid decrease in open interest during the week to end at 01.26 cr (rounded off) and has seen an up tick of nearly 01.10% (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 26.92 lakh (rounded off) compared to the last week; has actually seen open interest (01.52%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a downward bias) above the 12.00 level (in terms of closing) except that it ended at 12.72 (higher from an intra week low of 12.57) which has strangely resulted in the Nifty generally negative during the week. The Nifty has had a brilliant upmove and its only natural that a time and price retracement should occur and it could take a few more days for this to play out but the undercurrent still remains positive and is expected to remain so unless and until it closes below 23111. Support comes in at the 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 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.