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 more or less moved on expected lines to give a bounce back of sorts and if the 24753 level holds from a closing point of view, it would mean that the recovery despite some contra movement is not yet over. Maximum call open interest comes in at 26000 followed by 25000 while maximum put open interest comes in at 25000 followed by 24000 indicating a slightly crisp trading range (not very 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 virtually no reduction in open interest during the week to end at 01.38 cr (rounded off) and has seen a decrease of nearly 01.39% (rounded off) on the last trading session of the week; the Bank Nifty has seen some notable open interest being increased during the week to end at 31.29 lakh (rounded off) compared to the last week; has actually seen open interest (01.33%) 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 13.00 level (in terms of closing) except that it ended at 13.22 (higher from an intra week low of 11.54) which has resulted in the Nifty generally being mixed during the week. The Nifty has received some respite to stage a faltering move and while a small upmove cannot be ruled out it has to be kept in mind that it’s a recovery and not a rally so a cautious approach is advocated while Pharma and Metals seem a shade 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.