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 faced some resistance at its resistance level of 25639 (posted a high of 25669) to cool off during a new week after the derivative expiry week but the setup retains its positive hue while a recovery seems possible. Maximum call open interest comes in at 26000 followed by 25500 while maximum put open interest comes in at 25000 followed by 25200 indicating a slightly small 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 major decrease in open interest during the week to end at 01.35 cr (rounded off) and has seen a down tick of nearly 01.73% (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 20.06 lakh (rounded off) compared to the last week; has actually seen open interest (03.60%) being slightly 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 12.20 level (in terms of closing) except that it ended at 12.32 (lower from an intra week high of 13.03) which has resulted in the Nifty generally being weak during the week. The Nifty has entered a short term correction to be tad bit inconclusive while a positive close on the last trading session of the week seems a good step for a bounce to unfold. The 25212 level is need less to say an 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.