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 continued its series of progressively higher tops and bottoms to continue all the good work from the last week to not only post a fresh all time high but has also closed at an all time high closing (weekly). Maximum call open interest comes in at 27000 followed by 26000 while maximum put open interest comes in at 26000 followed by 25000 indicating a slightly large trading range (not very surprising considering the fact that we are in the first 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 addition in open interest during the week to end at 01.63 cr (rounded off) and has seen an increase of nearly 01.49% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 18.30 lakh (rounded off) compared to the last week; has actually seen open interest (03.00%) 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 11.96 (higher from an intra week low of 08.98) which has resulted in the Nifty generally being better almost throughout the week. The Nifty has rolled on like a juggernaut indicating the possibility of a further upside from these levels while it needs to sustain above the 25446 level from a closing point of view for the current ongoing positives to continue. Metals look good. 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.