Market Outlook

Support comes in at the 23894, 23667, 23263, 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 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has more or less moved on expected lines and the 24150 level hasn’t been taken out decisively yet and a range between 23800 on the downside and 24200 on the upside has played out during the whole holiday curtailed week. Maximum call open interest comes in at 24500 followed by 24200 while maximum put open interest comes in at 24000 followed by 23500 indicating a slightly higher trading range compared to the last week (not very surprising considering the fact that we are in the fifth week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen a major decrease in open interest during the week to end at 00.99 cr (rounded off) and has seen a down tick of nearly 24.29% (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 13.02 lakh (rounded off) compared to the last week; has actually seen open interest (20.81%) 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 12.50 level (in terms of closing) except that it ended at 13.05 (higher from an intra week low of 12.43) which has resulted in the Nifty generally being mixed during the week. The Nifty seems to have entered a consolidation phase after a smart upmove and needs to give a close above or below the aforesaid trading range for a trending bias to emerge while a monthly derivatives expiry isn’t going to help the scenario while the Auto sector could surprise. Support comes in at the 23894, 23667, 23263, 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 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.