Market Outlook

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

The Nifty has changed direction again and a close below 23800 has been reversed on the next trading session itself to restore parity so to speak. The range remains now between 23600 on the downside and 24588 on the upside. Maximum call open interest comes in at 24600 followed by 24700 while maximum put open interest comes in at 24000 followed by 24200 indicating a clearly higher trading range compared to the last week (not very surprising considering the fact that we are in the first week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some notable increase in open interest during the week to end at 01.26 cr (rounded off) and has seen a down tick of nearly 04.24% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being increased during the week to end at 21.15 lakh (rounded off) compared to the last week; has actually seen open interest (00.59%) 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 11.76 (higher from an intra week low of 11.30) which has resulted in the Nifty generally being better during the week. The Nifty has spent 33 trading sessions in a trading range without a trending bias but now seems to be showing some positivity subject to a close above the 24588 level. The Bank Nifty could improve above the 57265 level while a low Vix is a plus factor for the market. Support comes in at the 24344, 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 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.