Market Outlook

Support comes in at the 24344, 24150, 23894, 23667, 23263, 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 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has finally made some progress on the upside but ended the week by closing just slightly below the 23588 level and has spent the entire week being range bound despite coming with striking distance of the 23800 level on the first day of the week. Maximum call open interest comes in at 24600 followed by 25500 while maximum put open interest comes in at 24600 followed by 24500 indicating a clearly 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 notable decrease in open interest during the week to end at 01.20 cr (rounded off) and has seen an up tick of nearly 01.82% (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 20.78 lakh (rounded off) compared to the last week; has actually seen open interest (01.45%) 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 11.50 level (in terms of closing) except that it ended at 12.15 (higher from an intra week low of 10.10) which has resulted in the Nifty generally being better during the week. The Nifty has done relatively better but despite the rather apparent positivity, the upside has been wanting while there has been significant stock specific movement. A close above 24792 could mean more gains. Support comes in at the 24344, 24150, 23894, 23667, 23263, 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 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.