Market Outlook

Support comes in at the 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 17613, 17792, 17948, 18095, 18200, 18442, 18600, 18888.

The Nifty has declined for seven trading sessions in a row to test the 17430 (a close below which could mean further trouble) level but on its way down, has obliterated all other support levels with consummate ease thereby reflecting weakness in an expiry week. Maximum call open interest comes in at 17600 followed by 18500 while maximum put open interest comes in at 17000 followed by 17600 indicating a slightly incomprehensible trading range (not very surprising considering the fact that we are in the first 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 01.05 cr (rounded off) and has seen an increase of nearly 00.37% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 26.84 lakh (rounded off) compared to the last week; has actually seen open interest (02.70%) being higher on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a positive bias) above the 13.00 level (in terms of closing) except that it ended at 14.18 (lower from an intra week high of 16.01) due to which the market has been generally negative during the week. The Nifty has remained under pressure on every single day of the week and despite a mild oversold situation, the overhang remains negative while a close below the 17430 level could mean continuation of the current scenario. It would be prudent to wait on the sidelines for a clearer picture to emerge while the bigger picture is weakening. Support comes in at the 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 17613, 17792, 17948, 18095, 18200, 18442, 18600, 18888.