Market Outlook

Support comes in at the 24150, 23894, 23667, 23263, 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 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has done a customary flip-flop to remain within the confines of an expanded trading range between 23800 (this level was tested on 8th July 2026 when the Nifty posted an intraweek low of 23805.20) on the downside and 24588 on the upside. Maximum call open interest comes in at 24500 followed by 24200 while maximum put open interest comes in at 24000 followed by 24200 indicating a slightly similar but higher trading range compared to the last week (not very surprising considering the fact that we are in the second week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some decrease in open interest during the week to end at 01.66 cr (rounded off) and has seen a down tick of nearly 01.36% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being decreased during the week to end at 21.48 lakh (rounded off) compared to the last week; has actually seen open interest (03.05%) 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 12.25 (higher from an intra week low of 11.06) which has resulted in the Nifty generally being better during the week. The Nifty despite attempts at either side of its trading range remains bereft of a trending bias and a sanguine Vix does augur well; needless to say that a breakout is needed and the bias would seem to suggest on the upside (a close above 24588). Support comes in at the 24150, 23894, 23667, 23263, 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 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.