Market Outlook

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

The Nifty has finally managed to close above the 24150 – 24200 level but has faced resistance at the 24344 level which clearly needs to be overcome for a further upside to unfold while 24150 and 23800 needs to hold in that order. Maximum call open interest comes in at 24500 followed by 24400 while maximum put open interest comes in at 24000 followed by 23900 indicating a slightly similar but higher trading range compared to the last week (not very surprising considering the fact that we are in the first week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen a major increase in open interest during the week to end at 01.71 cr (rounded off) and has seen a down tick of nearly 01.01% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being increased during the week to end at 22.20 lakh (rounded off) compared to the last week; has actually seen open interest (01.42%) being higher 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 11.50 level (in terms of closing) except that it ended at 11.80 (higher from an intra week low of 11.65) which has resulted in the Nifty generally being better during the week. The Nifty seems to have reflected all the right intentions to appreciate further while the Bank Nifty looks like cooling off a bit; the aforesaid levels need to sustain and the higher ones get taken out for a trending upside to unfold. Consumer Durables and Realty look promising in terms of sectors. Support comes in at the 24150, 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 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.