Market Outlook

Support comes in at the 24200, 23800, 23667, 23400, 23111, 22769, 22526, 22300, 22125, 21834, 21500, 21020, 20850, 20500, 20222, 19992, 19875, 19667, 19524, 19250, 18888, 18600, 18442, 18200, 18095, 17948, 17792, 17613, 17430, 17226, 17055, 16900, 16700, 16359, 16203 while resistance comes in at 24500, 25000.

The Nifty has spent the entire last week in a corrective phase but has staged a scintillating rally on the last trading session of a holiday curtailed week indicating near term positives. Maximum call open interest comes in at 25000 followed by 25500 while maximum put open interest comes in at 23500 followed by 24500 indicating a slightly unsure trading range (a bit surprising considering the fact that we are in the fourth week of the current series) compared to the last week but the situation remains fluid with movements expected on either side. Nifty has seen some reduction in open interest during the week to end at 01.13 cr (rounded off) and has seen a decrease of nearly 02.05% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 29.50 lakh (rounded off) compared to the last week; has actually seen major open interest (12.91%) being 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 14.00 level (in terms of closing) except that it ended at 14.40 (higher from an intra week low of 12.95) which has resulted in the Nifty generally being better toward the end of the week. The Nifty still has to overcome two bearish gaps (one was partially filled on Friday 16th August) to restore parity so to speak while the strong closing seems to give a hint of some potential upside coming in but the 23900 level needs to remain unscathed from a closing point of view; Volatility could still remain. Support comes in at the 24200, 23800, 23667, 23400, 23111, 22769, 22526, 22300, 22125, 21834, 21500, 21020, 20850, 20500, 20222, 19992, 19875, 19667, 19524, 19250, 18888, 18600, 18442, 18200, 18095, 17948, 17792, 17613, 17430, 17226, 17055, 16900, 16700, 16359, 16203 while resistance comes in at 24500, 25000.