Market Outlook

Support comes in at the 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 25800, 25908, 26104, 26277, 26500.

The Nifty has staged a recovery of sorts from its intra week lows to form an upward key reversal on the weekly chart but the setup seems to have been spoilt for the time being. Maximum call open interest comes in at 26000 followed by 25800 while maximum put open interest comes in at 25500 followed by 25700 indicating a slightly 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) 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 01.66 cr (rounded off) and has seen a down tick of nearly 02.63% (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 12.79 lakh (rounded off) compared to the last week; has actually seen open interest (05.28%) 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) above the 10.60 level (in terms of closing) except that it ended at 11.37 (higher from an intra week low of 10.52) which has resulted in the Nifty generally being mixed during most part of the week. The Nifty has followed its weekly downward bar reversal by a weekly upward key reversal indicating a bounce while only a weekly close above the 26277 level could restore parity so to speak. IT and Psu Banks seem better. Support comes in at the 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 25800, 25908, 26104, 26277, 26500.