Market Outlook

Support comes in at the 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 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has more or less moved on expected lines as the bounce fizzled out pretty early and the picture has deteriorated further indicating continuation of the current ongoing weakness. Maximum call open interest comes in at 25500 followed by 25300 while maximum put open interest comes in at 24500 followed by 25000 indicating a clearly lower 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 major decrease in open interest during the week to end at 00.94 cr (rounded off) and has seen a down tick of nearly 23.75% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being decreased during the week to end at 08.18 lakh (rounded off) compared to the last week; has actually seen open interest (11.58%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with an upward bias) above the 11.20 level (in terms of closing) except that it ended at 14.19 (higher from an intra week low of 10.39) which has resulted in the Nifty generally being weak during most part of the week. The Nifty has formed a series of progressively lower tops and bottoms indicating its intention to depreciate further from current levels and with a monthly expiry coupled with a budget would mean it would be prudent to stay light. Support comes in at the 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 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.