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 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.

The Nifty has once again moved on expected lines to decline further since a close below the 25212 level seemed to have indicated that while support at the 24792 level could cushion the downside. Maximum call open interest comes in at 25000 followed by 25200 while maximum put open interest comes in at 24500 followed by 25000 indicating a slightly small trading range (not very surprising considering the fact that we are in the fifth 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 01.61% (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 17.69 lakh (rounded off) compared to the last week; has actually seen open interest (02.77%) being slightly 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 10.50 level (in terms of closing) except that it ended at 11.28 (lower from an intra week high of 11.94) which has surprisingly resulted in the Nifty generally being weak during the week. The Nifty has maintained its downtrend by posting lower tops and bottoms while the 24792 level is decent support, the 24492 support will be the stronger one. An expiry week will just add to the mayhem, it would be prudent to be in a wait n watch mode. 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 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.