Market Outlook

Support comes in at the 24492, 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 24792, 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.

The Nifty has staged a surprising recovery due to the big put open interest at the 24400 level and has shown some resilience compared to the Bank Nifty while some positivity has emerged as far as the oscillators are confirmed for the former. Maximum call open interest comes in at 25000 followed by 25500 while maximum put open interest comes in at 24000 followed by 24500 indicating a more clear trading range compared to the last week (not very surprising considering the fact that we are in the second week of the current series) 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 01.71 cr (rounded off) and has seen an up tick of nearly 00.82% (rounded off) on the last trading session of the week; the Bank Nifty has seen some nominal open interest being added during the week to end at 28.15 lakh (rounded off) compared to the last week; has actually seen open interest (01.43%) 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 10.00 level (in terms of closing) except that it ended at 10.78 (higher from an intra week low of 09.95) which has resulted in the Nifty generally being stable during the week. The Nifty has been rangebound while important levels haven’t been breached on either side indicating indecision but the setup seems better, more stable while a Vix below 11 would not point towards a bigger fall. A recovery seems possible. Support comes in at the 24492, 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 24792, 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.