Market Outlook

Support comes in at the 23667, 23400, 23111, 22974, 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 has staged a scorching upmove in a three trading session week to gain 2000 points in a matter of mere seven trading sessions indicating significant resilience and a lot of latent strength. Maximum call open interest comes in at 25000 followed by 24000 while maximum put open interest comes in at 23500 followed by 23000 indicating a slightly expansive trading range (a bit surprising considering the fact that we are in the fourth 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 decrease in open interest during the week to end at 01.16 cr (rounded off) and has seen a downtick of nearly 03.99% (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 20.10 lakh (rounded off) compared to the last week; has actually seen open interest (06.56%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a clear downward bias) above the 15.25 level (in terms of closing) except that it ended at 15.47 (higher from an intra week low of 15.09) which has resulted in the Nifty generally negative during the week. The Nifty has set a blistering pace on the rebound and with the Vix also coming off significantly the technical setup has clearly staged a remarkable turnaround but resistance at the 23894 level along with the month expiry might just slow down momentum a bit while the Bank Nifty is firing on all cylinders. Time has come to go selectively long only on declines. Support comes in at the 23667, 23400, 23111, 22974, 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.