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

The Nifty has continued its downward spiral and despite expected support from the 24792 level, a minor insipid bounce has been followed by the on going series of lower tops and bottoms indicating weakness. Maximum call open interest comes in at 25000 followed by 24800 while maximum put open interest comes in at 24200 followed by 24000 indicating a suitable 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 solid increase in open interest during the week to end at 01.69 cr (rounded off) and has seen an up tick of nearly 08.34% (rounded off) on the last trading session of the week; the Bank Nifty has seen some decent open interest being increased during the week to end at 21.18 lakh (rounded off) compared to the last week; has actually seen open interest (15.95%) being sharply 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 11.00 level (in terms of closing) except that it ended at 11.98 (higher from an intra week high of 10.32) which has clearly resulted in the Nifty generally being weak during the week. The Nifty has maintained its incessant downtrend by sinking lower on a regular basis while 24492 level is a solid and tested (four times) level a decisive breach could mean further lows while an oversold situation could provide a breather. 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, 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.