Market Outlook

Support comes in at the 17948, 17792, 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 18200, 18342, 18600.

The Nifty has moved on expected lines (even Metals have done as foreseen) to appreciate further but has faced some significant selling pressure from the proximity of the 18200 level for the better part of the last week but now seems set to overcome this hurdle (read as resistance level) with the support of the Bank Nifty. Maximum call open interest comes in at 18000 followed by 19500 while maximum put open interest comes in at 17000 followed by 18000 indicating a slightly grey trading range (a bit surprising considering the fact that we are in the second week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen addition in open interest during the week to end at 01.18 cr (rounded off) and has seen a increase of nearly 01.56% (rounded off) on the last trading session of the week; the Bank Nifty has seen major open interest being added during the week to end at 20.72 lakh (rounded off) compared to the last week; has actually seen open interest (01.94%) being increased 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 15.50 level (in terms of closing) except that it ended at 15.65 (higher from an intra week low of 14.68) due to which the market has been generally positive during the week. The Nifty continues its higher top, higher bottom formation and a sustained close above the 18200 makes it a ripe candidate for a further upside. Metals and IT seem like positive sectors along with the Banking (especially Psu Banks) sector make the upcoming week positive (the subdued Vix is also a plus for bullish sentiment) despite a holiday. Support comes in at the 17948, 17792, 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 18200, 18342, 18600.