Market Outlook

Support comes in at the 177792, 17613, 17430, 17226, 17055, 16900, 16700, 16359, 16203, 15900, 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 17948, 18200, 18342, 18600.

The Nifty has moved exactly on expected lines, a range bound movement was envisaged and the view still hasn’t changed much and while the range remains the same (hasn’t been disturbed during the week) and is expected to do a similar movement during the course of the week. Maximum call open interest comes in at 18000 followed by 18500 while maximum put open interest comes in at 16500 followed by 17000 indicating a rather ample trading range (a bit 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 reduction in open interest during the week to end at 01.26 cr (rounded off) and has seen a decrease of nearly 01.52% (rounded off) on the last trading session of the week; the Bank Nifty has seen some notable open interest being reduced during the week to end at 21.15 lakh (rounded off) compared to the last week; has actually seen open interest (00.87%) being reduced 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 17.50 level (in terms of closing) except that it ended at 17.72 (higher from an intra week low of 16.55) due to which the market has been mixed but positive at the end of the week. The Nifty remains in a corrective phase and after a 2800 point upmove, this was a need of the hour and there seems to be clear strength in the undercurrent as can be witnessed by the markets reluctance to decline much and it remains in a large range between 17226 on the downside and 18048 on the upside. A further sideways movement (even a dip) cannot be ruled out and it would be prudent to remain scrip specific at the moment. Support comes in at the 177792, 17613, 17430, 17226, 17055, 16900, 16700, 16359, 16203, 15900, 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 17948, 18200, 18342, 18600.