Market Outlook

Support comes in at the 15600, 15432, 15257, 15064, 14869, 14653, 14434, 14250, 14000, 13778, 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078 while resistance comes in at 15800, 15900

The Nifty has been extremely range bound with a mild negative bias and the picture has remained slightly unclear in not only the short but also the medium term while the long term charts still retain a bullish hue. The range remains unscathed and unperturbed between 15432 on the downside and 15900 on the upside and a close above the latter is a must for a further upside to unfold. Maximum call open interest comes in at 16000 followed by 15800 while maximum put open interest comes in at 15500 followed by 15000 indicating a narrow but slightly more well defined trading range (not very surprising considering the fact that we are in the third week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some more addition in open interest during the week to end at 00.96 cr (rounded off) and has seen a some decrease of nearly 03.29% (rounded off) on the last trading session of the week; the Bank Nifty has seen some sizeable open interest being increased during the week to end at 21.33 lakh (rounded off) compared to the last week; has actually seen some increase in open interest (02.69%) on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mild negative bias) above the 12.00 level (in terms of closing) except that it ended at 12.94 (lower from an intra week high of 14.01) which has resulted in a non trending and range bound market. The Nifty has gone nowhere and the low Vix seems to suggest that it isn’t in the mood to do something in a hurry either while the Bank Nifty and Reliance Industries both need to fire if the 15900 level has to get taken out. In terms of sectors, Pharma and Realty seem to be the positive ones to keep an eye out for while its still time to remain stock specific. Support comes in at the 15600, 15432, 15257, 15064, 14869, 14653, 14434, 14250, 14000, 13778, 13598, 13400, 13145, 12950, 12770, 12600, 12431, 12292, 12100, 11959, 11856, 11753, 11605, 11495, 11340, 11235, 11143, 11078 while resistance comes in at 15800, 15900