Market Outlook

Support comes in at the 23894, 23667, 23400, 23111, 22974, 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 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty has continued its upward march to gain further ground to come within striking distance of the 24400 level except for the geopolitical related sell off on the last trading session of the week. Maximum call open interest comes in at 25000 followed by 24500 while maximum put open interest comes in at 23500 followed by 24000 indicating a broad 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 increase in open interest during the week to end at 01.17 cr (rounded off) and has seen an up tick of nearly 02.03% (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 24.15 lakh (rounded off) compared to the last week; has actually seen open interest (07.14%) 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 15.00 level (in terms of closing) except that it ended at 17.16 (higher from an intra week low of 12.84) which has resulted in the Nifty generally being a bit confused during the week. The Nifty has run into a bout of selling pressure during the expiry week and would also seem to indicate the need to observe some caution while support from the 23894 level followed by the 23667 level could limit a downside while a close above the 24365 level is a must for a further upside to come in. Support comes in at the 23894, 23667, 23400, 23111, 22974, 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 24200, 24492, 24792, 25446, 25100, 25800, 26400.