Market Outlook

Support comes in at the 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 22974, 23111, 23400, 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty has remained extremely volatile due to international events and things don’t seem to have changed much except for the fact that 21500 – 21800 level has held for the time being. Maximum call open interest comes in at 24000 followed by 23500 while maximum put open interest comes in at 22000 followed by 22500 indicating a slightly jagged trading range (not very surprising considering the fact that we are in the third 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 increase in open interest during the week to end at 01.29 cr (rounded off) and has seen a downtick of nearly 01.86% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being decreased during the week to end at 18.11 lakh (rounded off) compared to the last week; has actually seen open interest (0.254%) being higher on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear upward bias) above the 19.00 level (in terms of closing) except that it ended at 20.11 (higher from an intra week low of 13.76) which has resulted in the Nifty generally negative during the week. The Nifty has had multiple gaps and if things have to stabilize then the Vix needs to simmer down as it still remains elevated and seems to be in no mood to relent. Another holiday curtailed week ahead and with the tariff war still raging, a cautious approach needs to be the way forward. Support comes in at the 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 22974, 23111, 23400, 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.