Market Outlook

Support comes in at the 24492, 24227, 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 24792, 25212, 25446, 25100, 25800, 26400.

The Nifty hasn’t done much and remains somnolent in a tight range while it hasn’t been able to overcome even the 25100 level on the upside and this time hasn’t even taken support on the 24492 level on the downside indicating the extension of its period of consolidation. Maximum call open interest comes in at 25500 followed by 25000 while maximum put open interest comes in at 24000 followed by 24800 indicating a slightly big trading range (not very surprising considering the fact that we are in the first 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 increase in open interest during the week to end at 01.30 cr (rounded off) and has seen an up tick of nearly 02.35% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 18.43 lakh (rounded off) compared to the last week; has actually seen open interest (03.72%) 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 16.00 level (in terms of closing) except that it ended at 16.08 (higher from an intra week low of 15.29) which has resulted in the Nifty generally being non directional during the week. The Nifty still has to digest the 3350 point upmove and is wrapped up in an inconclusive movement in a range diving no indication of a trending bias but the negative overhang refuses to go away while the Bank Nifty seems better. A stock specific approach seems to be the only recourse. Support comes in at the 24492, 24227, 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 24792, 25212, 25446, 25100, 25800, 26400.