Market Outlook

Support comes in at the 25446, 25100, 24500, 24200, 23800, 23667, 23400, 23111, 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 25800, 26400.

The Nifty has consolidated nicely during the earlier part of the week to stage a dramatic upside on the last trading session of the week to not only post a fresh all time high but has also closed at a fresh all time high. Maximum call open interest comes in at 27000 followed by 26000 while maximum put open interest comes in at 25000 followed by 25700 indicating a rather large trading range (not very surprising considering the fact that we are in the last 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 reduction in open interest during the week to end at 01.37 cr (rounded off) and has seen an increase of nearly 05.65% (rounded off) on the last trading session of the week; the Bank Nifty has seen some notable open interest being decreased during the week to end at 17.64 lakh (rounded off) compared to the last week; has actually seen open interest (09.03%) 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 12.00 level (in terms of closing) except that it ended at 12.79 (higher from an intra week low of 10.90) which has resulted in the Nifty generally being better during the latter part of the week. The Nifty has recovered smartly to post a fresh high and to ease this move, the Volatility Index has also remained relatively moribund. The outlook remains positive and with the Bank Nifty also contributing (it has posted a fresh all time high), a further upside cannot be ruled out while an expiry week might just stir things up a bit. Support comes in at the 25446, 25100, 24500, 24200, 23800, 23667, 23400, 23111, 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 25800, 26400.