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 finally shown some early signs of a respite from its last six week decline to get a breather in the seventh week indicating the possibility of a bounce from here. Maximum call open interest comes in at 25000 followed by 24700 while maximum put open interest comes in at 24000 followed by 24600 indicating an almost similar trading range compared to the last week (not very surprising considering the fact that we are in the third 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 01.67 cr (rounded off) and has seen a down tick of nearly 00.66% (rounded off) on the last trading session of the week; the Bank Nifty has seen some minor open interest being decreased during the week to end at 28.36 lakh (rounded off) compared to the last week; has actually seen open interest (02.43%) being 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 12.00 level (in terms of closing) except that it ended at 12.36 (higher from an intra week low of 10.78) which has surprisingly resulted in the Nifty generally being better during the week. The Nifty has reflected some minor sparks of life and looking at the technical setup, some more upside cannot be ruled out while the Bank Nifty though a step behind is in a similar state. Auto and IT can be the positive surprise package. 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.