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, 22769, 23111, 23400, 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty has remained relatively rangebound during a holiday curtailed week indicating a small period of consolidation which might probably not be over while the 22300 level needs to hold in the near term any upside to unravel. Maximum call open interest comes in at 23000 followed by 22500 while maximum put open interest comes in at 22000 followed by 21500 indicating a slight downward shift in its 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 some decrease in open interest during the week to end at 01.76 cr (rounded off) and has seen an up tick of nearly 00.60% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being decreased during the week to end at 30.17 lakh (rounded off) compared to the last week; has actually seen open interest (01.25%) 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 13.28 (higher from an intra week low of 13.22) which has resulted in the Nifty generally being lackadaisical during the week. The Nifty seems to have stabilized in the near term and the lower Vix would also suggest a respite but the medium picture also needs to turn stable for a bounce to unfold. A close above 22769 is a must while the 22000 level needs to hold. 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, 22769, 23111, 23400, 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.