Market Outlook

Support comes in at the 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 24492, 24792, 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.

The Nifty has continued to sink lower on a regular basis and despite a small flutter, nothing notable has taken place and this 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 24500 while maximum put open interest comes in at 24000 followed by 24500 indicating an apt 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 increase in open interest during the week to end at 01.72 cr (rounded off) and has seen an up tick of nearly 02.94% (rounded off) on the last trading session of the week; the Bank Nifty has seen some major open interest being increased during the week to end at 29.00 lakh (rounded off) compared to the last week; has actually seen open interest (11.38%) 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 11.50 level (in terms of closing) except that it ended at 12.03 (higher from an intra week low of 10.66) which has resulted in the Nifty generally being weak during the week. The Nifty remains under pressure like a snowball running downhill without virtually any respite and rather important levels have been breached slightly easily indicating a feeble undercurrent and it would be prudent to wait on the sidelines for some stability to make an appearance. Support comes in at the 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 24492, 24792, 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.