Market Outlook

Support comes in at the 23349, 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 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty hasn’t done much in a holiday filled week and remains relatively inconclusive while a sell off on the last trading session of the week has seen it slip below the 23800 level again. Maximum call open interest comes in at 24000 followed by 24200 while maximum put open interest comes in at 23000 followed by 23200 indicating an almost similar trading range compared to the last week (not very surprising considering the fact that we are in the first week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen a major increase in open interest during the week to end at 01.72 cr (rounded off) and has seen an up tick of nearly 16.39% (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 25.33 lakh (rounded off) compared to the last week; has actually seen open interest (02.47%) 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 14.50 level (in terms of closing) except that it ended at 16.18 (higher from an intra week low of 14.59) which has resulted in the Nifty generally being rangebound during the week. The Nifty has formed a downward bar reversal on the last trading session of the week due to MSCI selling but a more concerning scenario could emerge on the a close below the 23349 level while the outlook remains befuddling. Support comes in at the 23349, 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 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.