Market Outlook

Support comes in at the 26277, 26104, 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 26500.

The Nifty has broken its shackles so to speak to not only post a fresh all time high but has also closed at an all time high closing indicating further positives going ahead (it has broken out from the 25700 – 26300 range). Maximum call open interest comes in at 27000 followed by 26500 while maximum put open interest comes in at 26000 followed by 26200 indicating a clearly higher 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 solid increase in open interest during the week to end at 01.37 cr (rounded off) and has seen a down tick of nearly 02.15% (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 13.79 lakh (rounded off) compared to the last week; has actually seen open interest (04.73%) being 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) below the 10.00 level (in terms of closing) except that it ended at 09.45 (lower from an intra week high of 09.99) which has resulted in the Nifty generally being better in the latter part of the week. The Nifty seems to be in fine fettle and as long as it remains above the 26277 level, the outlook remains positive while the only fly in the ointment seems to be the sharp spike in the Pcr (put call ratio) to 1.46 while the Vix is also expected to bounce back. Support comes in at the 26277, 26104, 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 26500.