Market Outlook

Support comes in at the 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, 15900, 15600, 15432, 15257, 15064, 14869, 14653, 14434, 14250, 14000, 13778, 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078 while resistance comes in at 22500, 22800.

The Nifty has had a decent period of consolidation and has now actually given an upward breakout from its retracement phase. An almost 11 week sideways movement for the Nifty seems to have ticked all the boxes to set itself up for a further upside from here. Maximum call open interest comes in at 22500 followed by 23000 while maximum put open interest comes in at 22500 followed by 22400 indicating a slightly tight trading range (not very surprising considering the fact that we are in the second week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some decrease in open interest during the week to end at 01.26 cr (rounded off) and has seen a decrease of nearly 05.51% (rounded off) on the last trading session of the week; the Bank Nifty has seen some major open interest being decreased during the week to end at 19.68 lakh (rounded off) compared to the last week; has actually seen some solid open interest (11.90%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a negative bias) above the 13.40 level (in terms of closing) except that it ended at 13.61 (higher from an intra week low of 13.56) which has resulted in the Nifty generally being volatile during the week. The Nifty has not only posted a fresh all time high but has also closed at an all time high on the last trading session of the week and seems to be setting the stage for a further upside while the Vix has cooled off and the only worry seems to be rampaging Gold. Support comes in at the 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, 15900, 15600, 15432, 15257, 15064, 14869, 14653, 14434, 14250, 14000, 13778, 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078 while resistance comes in at 22500, 22800.