Market Outlook

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

The Nifty has more or less moved on expected lines but the range has indeed been stretched a bit on the upside from 18300 to 18350 while the overall picture remains same; a period of consolidation until we breakout above 18350. Maximum call open interest comes in at 18300 followed by 18500 while maximum put open interest comes in at 18200 followed by 18300 indicating a mildly tight 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 addition in open interest during the week to end at 01.15 cr (rounded off) and has seen a decrease of nearly 01.43% (rounded off) on the last trading session of the week; the Bank Nifty has seen some mild open interest being reduced during the week to end at 22.42 lakh (rounded off) compared to the last week; has actually seen open interest (03.41%) 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 12.50 level (in terms of closing) except that it ended at 12.85 (higher from an intra week low of 11.54) due to which the market has been generally mixed during the week. The Nifty has continued its struggle in the proximity of the 18300 (read that as 50 points higher) level and could spend some time over here (17850-18050-18350) before there is a decisive breakout on either side while the undercurrent still retains a bullish hue. It would be prudent to be stock specific for the time being. Support comes in at the 18200, 18095, 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 18442, 18600, 18888.