Market Outlook

Support comes in at the 24200, 23894, 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, 24753, 25446, 25100, 25800, 26400.

The Nifty has more or less moved on expected lines and hasn’t been able to sustain itself at higher levels and despite a see-saw movement where some early positivity was washed out completely to end the week on quite a negative note and the minor intraday recovery on the last trading session seems like a facade. Maximum call open interest comes in at 25000 followed by 24500 while maximum put open interest comes in at 23000 followed by 23500 indicating a rather offbeat 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 notable reduction in open interest during the week to end at 01.20 cr (rounded off) and has seen a decrease of nearly 06.36% (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 20.48 lakh (rounded off) compared to the last week; has actually seen major open interest (07.49%) 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 13.00 level (in terms of closing) except that it ended at 14.63 (higher from an intra week low of 09.47) which has resulted in the Nifty generally being weak during the week. The Nifty continues to post lower top, lower bottoms on the daily chart indicating weakness while the Volatility Index seems like giving a mini breakout and even the midcaps and small caps are floundering. Despite the above, support comes in at 23894, things are getting a bit oversold and late recovery cannot be ruled out. Support comes in at the 24200, 23894, 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, 24753, 25446, 25100, 25800, 26400.