Market Outlook

Support comes in at the 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 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.

The Nifty has moved on expected lines to stage a recovery only to lose ground on the last trading session of the week in an effort to cover up the bullish gap on the daily chart while the 24792 level should provide support. Maximum call open interest comes in at 25000 followed by 25100 while maximum put open interest comes in at 25000 followed by 24500 indicating an almost similar trading range compared to the last week (not very 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 01.42 cr (rounded off) and has seen a down tick of nearly 05.64% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being reduced during the week to end at 26.82 lakh (rounded off) compared to the last week; has actually seen open interest (03.51%) 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 11.50 level (in terms of closing) except that it ended at 11.73 (higher from an intra week low of 10.09) which has resulted in the Nifty generally being better during the week. The Nifty has staged a bounce back but as of now this looks like a recovery and not a rally while two things need to happen, it needs to sustain above 24792 level in terms of losing and secondly a close above the 25212 level should trigger off a more stronger upside. An expiry week curtailed with a holiday would be difficult to decipher; a stock specific approach is suggested. Support comes in at the 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 25002, 25212, 25446, 25639, 25800, 25908, 26033, 26277.