Market Outlook

Support comes in at the 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 22526, 22800.

The Nifty has been completely rangebound during the week and despite multiple efforts, hasn’t been able to close above the 22526 level while the Bank Nifty has moved which in turn could take the Nifty higher. Maximum call open interest comes in at 23000 followed by 23500 while maximum put open interest comes in at 22500 followed by 21500 indicating a haphazard trading range (a bit surprising considering the fact that we are in the second week of the current series) compared to the last week 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 00.96 cr (rounded off) and has seen a reduction of nearly 01.26% (rounded off) on the last trading session of the week; the Bank Nifty has seen massive open interest being decreased during the week to end at 20.72 lakh (rounded off) compared to the last week; has actually seen some major open interest (14.06%) 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 11.00 level (in terms of closing) except that it ended at 11.34 (higher from an intra week low of 10.86) which has resulted in the Nifty generally being solid and stable during the major part of the week. The Nifty seems to be straining at the leash so to speak while overcoming of the 22526 could open the doors for a further upside (possibly till 22800) while the lower Vix continues to support the anticipated upmove. Support comes in at the 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 22526, 22800.