Market Outlook

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

The Nifty has suddenly sprung back to life on the last trading session of the week but still remains with the confines of its trading range between 24492 on the downside and 25212 on the upside while the negative overhang has dissipated a bit. Maximum call open interest comes in at 26000 followed by 25500 while maximum put open interest comes in at 24800 followed by 24500 indicating a slightly crisp trading range (not very surprising considering the fact that we are in the last 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 01.09 cr (rounded off) and has seen a down tick of nearly 01.93% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being decreased during the week to end at 17.51 lakh (rounded off) compared to the last week; has actually seen open interest (00.73%) being marginally 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 13.50 level (in terms of closing) except that it ended at 13.67 (lower from an intra week high of 15.47) which has resulted in the Nifty generally being range bound during the week. The Nifty has spent the last 6 weeks in a range between 24492 on the downside and 25212 on the upside without a directional bias and now things are beginning to look up but needless to say that a close above the latter is a must for the impending upside to fructify. An expiry week would make things volatile. Support comes in at the 24792, 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 25212, 25446, 25100, 25800, 26400.