Market Outlook

Support comes in at the 25908, 25800, 25669, 25446, 25212, 25002, 24792, 24588, 24344, 24150, 23894, 23667, 23400, 23111, 22974, 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 26104, 26277.

The Nifty has more or less moved on expected lines as rather decent support at lower levels were expected to provide the necessary cushion for a recovery which is actually playing out as of now. Maximum call open interest comes in at 26000 followed by 26500 while maximum put open interest comes in at 25500 followed by 25800 indicating a slightly higher trading range compared to the last week (not very surprising considering the fact that we are in the third week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some minor decrease in open interest during the week to end at 01.83 cr (rounded off) and has seen an up tick of nearly 04.35% (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 17.07 lakh (rounded off) compared to the last week; has actually seen open interest (00.69%) 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 11.50 level (in terms of closing) except that it ended at 11.94 (higher from an intra week low of 11.23) which has resulted in the Nifty generally being better during the week. The Nifty has posted a higher top, higher bottom scenario on the daily chart thereby reflecting a bit of strength while the setup seems set to improve further indicating strength while a close above the 26104 level could see more traction coming in. Support comes in at the 25908, 25800, 25669, 25446, 25212, 25002, 24792, 24588, 24344, 24150, 23894, 23667, 23400, 23111, 22974, 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 26104, 26277.