Market Outlook

Support comes in at the 24753, 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 25446, 25100, 25800, 26400.

The Nifty has reversed direction with alacrity and declined to end in negative territory on every single trading session of the week to breach important support levels with consummate ease indicating near term weakness. Maximum call open interest comes in at 26000 followed by 25500 while maximum put open interest comes in at 24000 followed by 24500 indicating a slightly wide trading range (not very 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 major reduction in open interest during the week to end at 01.38 cr (rounded off) and has seen an increase of nearly 03.38% (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 26.03 lakh (rounded off) compared to the last week; has actually seen open interest (06.46%) 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 11.80 level (in terms of closing) except that it ended at 14.13 (higher from an intra week low of 11.60) which has resulted in the Nifty generally being weak almost throughout the week. The Nifty has declined for 5 trading sessions in a row to hang on to the 55 Day Ema not to forget a couple of bearish gaps also while a small oversold situation seems to be developing on the intraday charts. The 24753 level needs to hold while a late bounce cannot be ruled out. Metals still look better. Support comes in at the 24753, 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 25446, 25100, 25800, 26400.