Market Outlook

Support comes in at the 24227, 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 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 24000 followed by 23500 indicating a slightly tight 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 increase in open interest during the week to end at 01.29 cr (rounded off) and has seen a down tick of nearly 03.09% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being decreased during the week to end at 22.53 lakh (rounded off) compared to the last week; has actually seen open interest (01.87%) 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 16.50 level (in terms of closing) except that it ended at 18.26 (higher from an intra week low of 15.98) which has resulted in the Nifty generally being a bit rangebound during the week. The Nifty has been more positive than negative but hasn’t made too much headway actually while a close below the 24227 level could mean some near term weakness while a close above the 24492 level is a must for a further upside to unfold. Support comes in at the 24227, 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 24492, 24792, 25446, 25100, 25800, 26400.