Market Outlook

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

Weekly Outlook The Nifty has taken support in the proximity of the 23111 level to stage a minor recovery but is still far away from the 55 Day Exponential Average while a higher top, higher bottom needs to form for this bounce to gain traction. Maximum call open interest comes in at 23700 followed by 23500 while maximum put open interest comes in at 23300 followed by 23000 indicating a marginally lower trading range compared to the last week (not very surprising considering the fact that we are in the penultimate week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some decrease in open interest during the week to end at 01.74 cr (rounded off) and has seen a downtick of nearly 01.39% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being slightly decreased during the week to end at 20.46 lakh (rounded off) compared to the last week; has actually seen open interest (03.35%) being higher 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 11.38 (higher from an intra week low of 11.31) which has resulted in the Nifty generally being relatively better during the latter part of the week. The Nifty has taken a small respite from its repetitive decline and the dampening Vix has added some fillip to the movement. Its too early to take a call on the veracity of this current move and it would be prudent to remain more stock specific at the moment. Support comes in at the 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 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.