Market Outlook

Support comes in at the 25446, 25212, 24792, 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 25639, 25800, 25908, 26033, 26277.

The Nifty has moved on expected lines to finally give a close above the 25212 level to trigger off an upside which could be heading towards the 25800 mark probably even more while the outlook has turned positive. Maximum call open interest comes in at 26500 followed by 26000 while maximum put open interest comes in at 25000 followed by 25500 indicating a slightly higher 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 major increase in open interest during the week to end at 01.49 cr (rounded off) and has seen an up tick of nearly 00.42% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being increased during the week to end at 22.94 lakh (rounded off) compared to the last week; has actually seen open interest (09.26%) being distinctly 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 12.00 level (in terms of closing) except that it ended at 12.39 (lower from an intra week high of 14.52) which has resulted in the Nifty generally being upbeat during the week. The Nifty has ended the suspense of a non trending sideways movement by giving an upward breakout in the seventh week indicating its bullish intentions. The 25212 level is rather important level and the sanctity of which should be maintained from a closing point of view for the current ongoing positives to continue. Support comes in at the 25446, 25212, 24792, 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 25639, 25800, 25908, 26033, 26277.