Market Outlook

Support comes in at the 26104. 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 26277.

Weekly Outlook The Nifty has staged a smart comeback of sorts to post a fresh all time high and while a sweeping move seems to be missing, the Nifty continues its sequence of positing higher tops and higher bottoms. Maximum call open interest comes in at 26500 followed by 26300 while maximum put open interest comes in at 26000 followed by 26100 indicating a marginally 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 increase in open interest during the week to end at 01.36 cr (rounded off) and has seen a down tick of nearly 01.41% (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 15.75 lakh (rounded off) compared to the last week; has actually seen open interest (02.46%) 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 11.50 level (in terms of closing) except that it ended at 11.62 (higher from an intra week low of 10.82) which has resulted in the Nifty generally being better in the latter part of the week. The Nifty has continued to do well and as long as it continues to remain above the 26104 (the swing high) level then a further upside especially above the 26310 level cannot be ruled out. Support comes in at the 26104. 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 26277.