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 stagnated to enter into a ten trading session correction with gradual erosion rather than a sharp fall while a close below the 24344 level could mean some more weakness. Maximum call open interest comes in at 24500 followed by 24800 while maximum put open interest comes in at 24000 followed by 24300 indicating a clearly lower 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 increase in open interest during the week to end at 01.27 cr (rounded off) and has seen an up tick of nearly 00.13% (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 20.95 lakh (rounded off) compared to the last week; has actually seen open interest (00.09%) 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 11.00 level (in terms of closing) except that it ended at 11.30 (higher from an intra week low of 10.65) which has resulted in the Nifty generally being weaker during the week. The Nifty hasn’t done much while the Nifty Midcap 100 Index has posted a fresh all time high while The Nifty Smallcap 100 Index has almost pasted a fresh all time high indicating divergent trends. It would be prudent to remain stock specific as of now. 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.