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 to post a new high (not a fresh all time high though) but has slipped a tad bit to close below the 26104 level indicating some confusion or the probability to consolidate some more over here. Maximum call open interest comes in at 26500 followed by 26200 while maximum put open interest comes in at 26000 followed by 25700 indicating a slightly higher trading range compared to the last week (not very surprising considering the fact that we are in the last week of the current series) 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 01.23 cr (rounded off) and has seen a down tick of nearly 15.51% (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 13.09 lakh (rounded off) compared to the last week; has actually seen open interest (18.65%) 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 13.63 (higher from an intra week low of 10.76) which has resulted in the Nifty generally being better except on the last trading session of the week. The Nifty seems to be in fine fettle but the proximity of its all time high has seen some resistance at higher levels while the monthly expiry has added to the confusion and a weak currency coupled with a surging Vix has induce the need to observe some measured caution. 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.