Market Outlook

Support comes in at the 25908, 25800, 25669, 25446, 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 26104, 26277.

The Nifty has spent another week in a listless movement without any trending bias as despite multiple attempts on either side (breakout on the upside as well as breakout on the downside) nothing has fructified while the 25700 – 26300 range remains unscathed. Maximum call open interest comes in at 26200 followed by 26100 while maximum put open interest comes in at 26000 followed by 25800 indicating an almost identical trading range compared to the last week (not very surprising considering the fact that we are in the last week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some solid decrease in open interest during the week to end at 01.04 cr (rounded off) and has seen a down tick of nearly 17.56% (rounded off) on the last trading session of the week; the Bank Nifty has seen some major open interest being decreased during the week to end at 10.14 lakh (rounded off) compared to the last week; has actually seen open interest (26.44%) 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) below the 10.00 level (in terms of closing) except that it ended at 09.15 (lower from an intra week high of 09.90) which has resulted in the Nifty generally being better in the earlier part of the week. The Nifty has not done anything of note as there isn’t a clear direction while the market continues to remain stock specific; Railway, IT are the better looking sectors. A year end with an expiry could mean a relative lack of activity. Support comes in at the 25908, 25800, 25669, 25446, 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 26104, 26277.