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 in a crisp range while it hasn’t been able to overcome even the 25100 level on the upside and this time has taken support on the 24492 (24502 to be exactly precise) level on the downside indicating a clear tested trading area. Maximum call open interest comes in at 26000 followed by 25500 while maximum put open interest comes in at 25000 followed by 24700 indicating a slightly smaller 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 01.22 cr (rounded off) and has seen a down tick of nearly 01.11% (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 20.95 lakh (rounded off) compared to the last week; has actually seen open interest (07.23%) 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) below the 17.50 level (in terms of closing) except that it ended at 14.63 (lower from an intra week high of 17.73) which has resulted in the Nifty generally being non directional during the week. The Nifty seems to making the right noise to overcome the 25100-25200 level while the Bank Nifty has moved on expected lines to not only post a fresh all time high to but has also closed at an all time high indicating a further upside (needs to sustain above the 55961 level. 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.