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 made a slight recovery of sorts but the overall picture still seems to be a bit on the corrective side indicating a rather lacklustre market without any clear trend as yet. Maximum call open interest comes in at 24300 followed by 24500 while maximum put open interest comes in at 24000 followed by 24200 indicating a slightly similar trading range compared to the last week (not very surprising considering the fact that we are in the fourth week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some notable decrease in open interest during the week to end at 00.93 cr (rounded off) and has seen a down tick of nearly 14.56% (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 14.01 lakh (rounded off) compared to the last week; has actually seen open interest (25.58%) 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 09.50 level (in terms of closing) except that it ended at 11.20 (higher from an intra week low of 09.33) which has resulted in the Nifty generally being better during the latter part of the week. The Nifty remains inconclusive from a trending point of view while a late recovery has seen it gain ground but nothing very significant while a close above the 24344 level should see some upside. A sector specific, in fact even a stock specific approach is suggested. 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.