Market Outlook

Support comes in at the 19700, 19524, 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 19852, 19992.

The Nifty has more or less moved on expected lines to not only stay comfortably above the 19250 level but also close above the 19524 level indicating near term technical positives and has incidentally just tested the resistance level of 19852 (posted an intraday high of 19867.15 on 8th September). Maximum call open interest comes in at 20000 followed by 20200 while maximum put open interest comes in at 19600 followed by 19700 indicating a rather 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 01.04 cr (rounded off) and has seen a decrease of nearly 00.89% (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 19.84 lakh (rounded off) compared to the last week; has actually seen open interest (01.90%) being lower 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 10.50 level (in terms of closing) except that it ended at 10.78 (higher from an intra week low of 09.36) due to which the market has been generally positive during the week. The Nifty has staged a brilliant upmove, ending every single day of the week in positive territory while the 19852 level could lead to a small period of consolidation and the final hurdle (after the aforesaid level obviously) comes in at 19992. The outlook has turned positive and its time again to buy first and sell later. Support comes in at the 19700, 19524, 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 19852, 19992.