Market Outlook

Support comes in at the 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 23400, 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty hasn’t done much in the scheme of things and continues to remain weak as well as volatile and with geo political tensions getting even more acute, stability doesn’t seem visible and the negative overhang which has enveloped the markets refuses to go away. Maximum call open interest comes in at 23500 followed by 23600 while maximum put open interest comes in at 23000 followed by 22500 indicating a clearly lower 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 solid increase in open interest during the week to end at 01.99 cr (rounded off) and has seen a up tick of nearly 09.21% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being increased during the week to end at 22.58 lakh (rounded off) compared to the last week; has actually seen open interest (03.80%) being higher 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 18.50 level (in terms of closing) except that it ended at 22.64 (higher from an intra week low of 17.24) which has resulted in the Nifty generally being weaker during the whole week. The Nifty outlook hasn’t changed much and continues its series of progressively lower tops and bottoms indicating continued weakness while an oversold has developed on the short term charts but it remains to be seen whether this results in a bounce or not. Support comes in at the 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 23400, 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.