Market Outlook

Support comes in at the 24344, 24150, 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 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has held firm and now has two bullish gaps to sustain above and has also just about closed above the 55 Day Exponential Moving Average indicating resilience while the 24588 level could be a tough nut to crack. Maximum call open interest comes in at 25000 followed by 24800 while maximum put open interest comes in at 24000 followed by 24200 indicating a higher trading range compared to the last week (not very surprising considering the fact that we are in the third positive week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen solid decrease in open interest during the week to end at 01.72 cr (rounded off) and has seen a down tick of nearly 01.44% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being decreased during the week to end at 19.80 lakh (rounded off) compared to the last week; has actually seen open interest (04.32%) 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 16.50 level (in terms of closing) except that it ended at 17.20 (higher from an intra week low of 16.59) which has resulted in the Nifty generally being better during the week. The Nifty has seen another positive week and has held on to important levels and despite everything looking upbeat, a lot of resistance at higher levels could play spoilsport and it would be prudent to be scrip specific at the moment. Support comes in at the 24344, 24150, 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 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.