Market Outlook

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

The Nifty has more or less behaved on expected lines to not only sustain above 24600 level but has once again managed to close above the 25212 level and sustainability above which is once again quite relevant. Maximum call open interest comes in at 26000 followed by 25500 while maximum put open interest comes in at 25200 followed by 25000 indicating a rather similar trading range compared to the last week (not very surprising considering the fact that we are in the second week of the current series) 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 01.73 cr (rounded off) and has seen a down tick of nearly 01.26% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being reduced during the week to end at 17.40 lakh (rounded off) compared to the last week; has actually seen open interest (03.47%) 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 10.10 (higher from an intra week low of 09.66) which has resulted in the Nifty generally being higher during the week. The Nifty has posted a higher top, higher bottom scenario on the daily chart indicating near term positives while international issues coupled with a weak currency could derail the aforesaid upbeat points. Levels need to be monitored closely. Support comes in at the 25212, 25002, 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 25446, 25639, 25800, 25908, 26033, 26277.