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 slipped despite a three trading session close above 22526 which was incidentally the intraday high (22526.60) posted on 11th March to take support on the aforesaid level indicating short term heaviness. Maximum call open interest comes in at 22700 followed by 23000 while maximum put open interest comes in at 22200 followed by 22000 indicating a more defined trading range (not surprising considering the fact that we are in the third 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 major increase in open interest during the week to end at 01.09 cr (rounded off) and has seen a reduction of nearly 04.79% (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 19.64 lakh (rounded off) compared to the last week; has actually seen some major open interest (08.84%) 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 11.00 level (in terms of closing) except that it ended at 11.53 (higher from an intra week low of 10.62) which has resulted in the Nifty generally being somnolent during the major part of the week. The Nifty has cooled off, a close below the earlier mentioned swing high (22526 – which is now supposed to act as a support) could mean near term weakness which seems inevitable with a worsening geo political situation. Prudent to stay on the sidelines until stability returns. 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.