Market Outlook

Support comes in at the 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 24200, 24492, 24753, 25446, 25100, 25800, 26400.

The Nifty has more or less moved on expected lines and despite a clear oversold situation, sustainability at higher levels has been found wanting and the 24492 level hasn’t been able to get taken out and remains a constant bugbear. 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 incoherent 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 notable addition in open interest during the week to end at 01.13 cr (rounded off) and has seen a decrease of nearly 01.22% (rounded off) on the last trading session of the week; the Bank Nifty has seen some nominal open interest being increased during the week to end at 26.54 lakh (rounded off) compared to the last week; has actually seen minor open interest (02.69%) being higher 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 14.47 (higher from an intra week low of 14.27) which has resulted in the Nifty generally being mixed during the week. The Nifty is now moving in a range between 23894 on the downside and 24492 on the upside and is expected to remain so unless and until there is a breakout on either side of this range to determine the direction of the immediate future trend. Support comes in at the 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 24200, 24492, 24753, 25446, 25100, 25800, 26400.