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 18095, 18200, 18442, 18600, 18888.

The Nifty has moved exactly on expected lines; the traditionally important resistance level of 18200 – 18300 has proved its mettle again resulting in a sharp decline on the last trading session of the week as the aforesaid level couldn’t have been taken out that easily. Maximum call open interest comes in at 18200 followed by 18300 while maximum put open interest comes in at 18200 followed by 18100 indicating a slightly tight 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 01.01 cr (rounded off) and has seen an increase of nearly 04.43% (rounded off) on the last trading session of the week; the Bank Nifty has seen some mild open interest being increased during the week to end at 23.07 lakh (rounded off) compared to the last week; has actually seen open interest (06.59%) being lower 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 11.50 level (in terms of closing) except that it ended at 12.30 (higher from an intra week low of 10.95) due to which the market has been generally mixed during the week. The Nifty has actually walked into a brick wall (read as 18200 – 18300) and a small period of consolidation cannot be ruled out in which some time as well price retracement seems possible. A rather wide range for the Nifty could look like 17800 on the downside and 18300 on the upside but a close above the latter is a must in case of any upside happening. 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 18095, 18200, 18442, 18600, 18888.