Market Outlook

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

The Nifty has formed an upward key reversal on the last trading session of the week but the series of progressively lower tops and lower bottoms continues unabated and has still managed to close above the 23111 level. Maximum call open interest comes in at 23500 followed by 23400 while maximum put open interest comes in at 23000 followed by 22800 indicating a clearly lower trading range compared to the last week (not very surprising considering the fact that we are in the last week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen solid decrease in open interest during the week to end at 01.17 cr (rounded off) and has seen a downtick of nearly 16.92% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being majorly decreased during the week to end at 14.20 lakh (rounded off) compared to the last week; has actually seen open interest (65.14%) 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 10.25 level (in terms of closing) except that it ended at 12.16 (higher from an intra week low of 10.22) which has resulted in the Nifty generally being relatively indifferent during the week. The Nifty is oversold on the short term charts indicating the possibility of a near term bounce but will this recovery sustain depends on a close above the 23600 level while Realty and Auto could participate in the impending positives. Support comes in at the 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 23263, 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.