Market Outlook

Support comes in at the 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 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.

The Nifty hasn’t done much, the 23263 level hasn’t been tested while a listless week doesn’t seem to indicate much while a close below 23667 could indicate near term weakness. Maximum call open interest comes in at 24500 followed by 24000 while maximum put open interest comes in at 23500 followed by 23800 indicating a slightly unsure trading range (not very surprising considering the fact that we are in the first 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 addition in open interest during the week to end at 01.17 cr (rounded off) and has seen an increase of nearly 04.77% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being added during the week to end at 20.81 lakh (rounded off) compared to the last week; has actually seen notable open interest (03.37%) 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 13.24 (higher from an intra week low of 12.98) which has resulted in the Nifty generally rangebound during the week. The Nifty has spent 4 trading sessions moving sideways without any directional bias and another week where activity could be on the lower side, doesn’t give clarity and hence a hands off approach is recommended and despite an oversold situation, the negative overhang remains. Support comes in at the 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 23894, 24200, 24492, 24792, 25446, 25100, 25800, 26400.