Market Outlook

Support comes in at the 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 23400, 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty has ticked all the boxes, didn’t breach 22300, also overcome the 22769 level in a jiffy indicating significant near term positives besides closing above the 55 Day Exponential Moving Average on the daily chart. Maximum call open interest comes in at 24000 followed by 24100 while maximum put open interest comes in at 23000 followed by 22500 indicating a rather well defined 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 solid decrease in open interest during the week to end at 01.44 cr (rounded off) and has seen a down tick of nearly 06.89% (rounded off) on the last trading session of the week; the Bank Nifty has seen some major open interest being decreased during the week to end at 24.91 lakh (rounded off) compared to the last week; has actually seen open interest (09.88%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a downward bias) above the 12.00 level (in terms of closing) except that it ended at 12.58 (higher from an intra week low of 10.70) which has resulted in the Nifty generally very positive during the week. The Nifty has ended in positive territory on every single trading session of the week to give a scintillating upmove but now seems to have run into a slight spot of bother, the 23400 level indicating the possibility of a minor consolidation also with it being a derivatives expiry week but the undercurrent remains upbeat. Support comes in at the 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 23400, 23667, 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.