Market Outlook

Support comes in at the 24792, 24588, 24344, 24150, 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 staged a recovery of sorts after taking support on the 24600 level and has covered up the bearish gap in a jiffy indicating extreme near term positives while the 24600 level has acquired crucial importance. Maximum call open interest comes in at 25000 followed by 25500 while maximum put open interest comes in at 24800 followed by 24700 indicating a rather similar trading range compared to the last week (not very surprising considering the fact that we are in the first week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some major increase in open interest during the week to end at 01.80 cr (rounded off) and has seen an up tick of nearly 04.38% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 19.17 lakh (rounded off) compared to the last week; has actually seen open interest (01.79%) being higher on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a negative bias) above the 09.50 level (in terms of closing) except that it ended at 10.06 (higher from an intra week low of 09.94) which has resulted in the Nifty generally being better during the week. The Nifty has finally seen some respite after a 9 trading session decline to just about overcome the 55 Day Exponential Moving Average while the 24600 level needs to remain unscathed if this bounce has to obtain further headroom. Metals slightly heavy, Banks looking better. Support comes in at the 24792, 24588, 24344, 24150, 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.