Market Outlook

Support comes in at the 24492, 24227, 23894, 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 24792, 25212, 25446, 25100, 25800, 26400.

The Nifty has flattered to deceive and despite a couple of attempts at taking out the 25100 – 25200 level, hasn’t been able to be successful and on the flip side it has not only breached the 24792 level but also declined to take support on the 24492 level. Maximum call open interest comes in at 25000 followed by 25500 while maximum put open interest comes in at 24000 followed by 24500 indicating a slightly crisp trading range (not very surprising considering the fact that we are in the third 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 01.18 cr (rounded off) and has seen an up tick of nearly 03.84% (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 19.56 lakh (rounded off) compared to the last week; has actually seen open interest (00.46%) being marginally 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 13.50 level (in terms of closing) except that it ended at 15.08 (lower from an intra week high of 13.13) which has resulted in the Nifty generally being range bound during the week. The Nifty has spent the last 5 weeks in a range between 24492 on the downside and 25200 on the upside without a directional despite a negative overhang. Its rather clear that a breakout or a breakdown on either side of this trading range will determine the direction of the immediate future trend. Support comes in at the 24492, 24227, 23894, 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 24792, 25212, 25446, 25100, 25800, 26400.