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, 24792, 25446, 25100, 25800, 26400.

The Nifty closed (only just about – closed at 23645, rounded off) below the 23667 level for a couple of trading sessions but didn’t breach the 23400 level and in fact recovered to close above the 23894 level. Maximum call open interest comes in at 25000 followed by 24500 while maximum put open interest comes in at 23700 followed by 24000 indicating a slightly tight trading range (not very 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 some addition in open interest during the week to end at 01.26 cr (rounded off) and has seen an increase of nearly 01.48% (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 23.76 lakh (rounded off) compared to the last week; has actually seen notable open interest (05.17%) 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 13.00 level (in terms of closing) except that it ended at 13.54 (higher from an intra week low of 13.22) which has resulted in the Nifty generally mixed during the week. The Nifty has shown some near term strength to post what in all probability is a short term bottom at 23460.45 on 31 December 2024 and has almost run into resistance from the 55 Day Exponential Moving Average, a close above (currently placed at 24234.20) which could mean further upside. 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, 24792, 25446, 25100, 25800, 26400.