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 staged a mini comeback (despite breaching the 17430 level) by taking support on the slightly unlikely level of 17300 to test the 17613 level thereby giving out hope for possible short term positives creeping in. Maximum call open interest comes in at 18000 followed by 17900 while maximum put open interest comes in at 17500 followed by 17000 indicating a largely inconclusive 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 01.08 cr (rounded off) and has seen a decrease of nearly 08.33% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being decreased during the week to end at 24.06 lakh (rounded off) compared to the last week; has actually seen open interest (02.15%) being higher on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a negative bias) above the 12.00 level (in terms of closing) except that it ended at 12.18 (lower from an intra week high of 11.10) due to which the market has been generally positive during the week. The Nifty has come off its lows with the help of Reliance Industries and the Bank Nifty and the situation has changed much; a further upside is entirely based on what the above mentioned do while the only thing confusing is the 8% decline in the Nifty Open Interest on the last trading session but hopefully this is short covering. Its time to buy first and sell later. 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.