Market Outlook

Support comes in at the 19254, 19025, 18888, 18600, 18442, 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 19524, 19700, 19992.

The Nifty has moved on expected lines to continue a lower top, lower bottom scenario and has just about breached the 19300 (has closed at 19265.80) level from a closing point of view while support from the 55 Day Exponential Moving Average at 19243.77 (Nifty posted an intra day low of 19229.70) has prevented further price erosion. Maximum call open interest comes in at 19500 followed by 19300 while maximum put open interest comes in at 19000 followed by 19200 indicating a slightly ambiguous trading range (a bit surprising considering the fact that we are in the fifth week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen reduction in open interest during the week to end at 00.98 cr (rounded off) and has seen an increase of nearly 02.74% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being decreased during the week to end at 15.13 lakh (rounded off) compared to the last week; has actually seen open interest (04.08%) being clearly lower 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 11.50 level (in terms of closing) except that it ended at 12.08 (higher from an intra week low of 09.98) due to which the market has been generally mixed during the week. The Nifty continues to remain corrective while a close below the 19250 level could mean further weakness and on the other hand, the Bank Nifty seems to be a shade better and is showing some signs of stability as long as the 43600 levels remains unscathed from a closing point of view. Pharma looks a bit wobbly while an expiry week is going to make things complicated. Support comes in at the 19254, 19025, 18888, 18600, 18442, 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 19524, 19700, 19992.