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 somehow hang on to the 19250 level (from a closing point of view) and seems to be stabilising just a bit as of now while a close above the 19524 level could mean near term positives. Maximum call open interest comes in at 19600 followed by 19500 while maximum put open interest comes in at 19300 followed by 19400 indicating a rather large 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 reduction in open interest during the week to end at 00.96 cr (rounded off) and has seen a decrease of nearly 04.83% (rounded off) on the last trading session of the week; the Bank Nifty has seen some solid open interest being increased during the week to end at 21.61 lakh (rounded off) compared to the last week; has actually seen open interest (08.60%) 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 11.00 level (in terms of closing) except that it ended at 11.36 (higher from an intra week low of 09.50) due to which the market has been generally mixed during the week. The Nifty has shown some chutzpah and as long as the 19250 level holds, the outlook looks like turning a shade bit better for the short term while the Bank Nifty has given an upward bar reversal on the last trading session of the week and seems to be a step ahead of the former. The indices have shown resilience while metals, cement and information technology seem technically positive. 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.