Market Outlook

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

The Nifty has staged an amazing turnaround only helped by the trade deal which was hanging fire for almost a year now and with credit policy and budget have passed which in turn could reduce some volatility. Maximum call open interest comes in at 26200 followed by 26100 while maximum put open interest comes in at 25500 followed by 25700 indicating a higher 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 major decrease in open interest during the week to end at 01.59 cr (rounded off) and has seen an up tick of nearly 02.31% (rounded off) on the last trading session of the week; the Bank Nifty has seen some minor open interest being decreased during the week to end at 14.10 lakh (rounded off) compared to the last week; has actually seen open interest (02.89%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with an mixed bias) above the 11.60 level (in terms of closing) except that it ended at 11.94 (higher from an intra week low of 10.94) which has resulted in the Nifty generally being better during latter part of the week. The Nifty has held on to sustain above the 25446 level while an inordinately large gap remains unfulfilled which is a point to ponder (some concern). The short term bias has turned positive while the Vix has also cooled off indicating a bounce from current levels. Support comes in at the 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 25669, 25800, 25908, 26104, 26277, 26500.