Market Outlook

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

The Nifty has held on despite closing below the 23800 level to take support on the 23400 level and make multiple attempts at trying to overcome the aforesaid level of 23800 (but hasn’t been able to close above it). Maximum call open interest comes in at 24000 followed by 23800 while maximum put open interest comes in at 23000 followed by 23500 indicating an exactly similar trading range compared to the last week (not very surprising considering the fact that we are in the fourth week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen a major decrease in open interest during the week to end at 01.13 cr (rounded off) and has seen a down tick of nearly 21.70% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being decreased during the week to end at 14.69 lakh (rounded off) compared to the last week; has actually seen open interest (71.45%) being lower 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 16.50 level (in terms of closing) except that it ended at 17.91 (higher from an intra week low of 16.46) which has resulted in the Nifty generally being rangebound during the week. The Nifty remains without a trending bias and a holiday filled week along with the monthly derivates expiry isn’t going to help in doing anything decisive. The range has expanded a bit to 23300 on the downside and 23860 on the upside while a geo political solution could mean positives. Support comes in at the 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 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.