Market Outlook

Support comes in at the 24500, 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 25000.

The Nifty has now moved up for seven trading sessions in a row and has also covered up one bearish gap and has almost covered up the second bearish gap indicating relative strength and resilience. Maximum call open interest comes in at 26000 followed by 25000 while maximum put open interest comes in at 24000 followed by 24500 indicating a slightly vague trading range (a bit surprising considering the fact that we are in the last 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 01.09 cr (rounded off) and has seen an increase of nearly 03.51% (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 29.50 lakh (rounded off) compared to the last week; has actually seen major open interest (08.15%) 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 12.50 level (in terms of closing) except that it ended at 13.55 (higher from an intra week low of 10.84) which has resulted in the Nifty generally being better throughout of the week. The Nifty still has some resistance in terms of the gap that it needs to fulfil coupled with a slightly surprising rise in the Vix on the last trading session of the week plus an expiry to add confusion would indicate a stock specific approach as the rollovers could rule the roost as far as the Nifty and the Bank Nifty are concerned. Support comes in at the 24500, 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 25000.