Market Outlook

Support comes in at the 25669, 25446, 25212, 25002, 24792, 24588, 24344, 24150, 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 25800, 25908, 26033, 26277.

The Nifty has managed to finally sustain above the 25212 level after a brief period of struggle (read as multiple attempts actually) and has now gone on to overcome the 25446 level and even the 25669 indicating a positive market. Maximum call open interest comes in at 26000 followed by 25800 while maximum put open interest comes in at 25500 followed by 25300 indicating a rather similar trading range compared to the last week (not very surprising considering the fact that we are in the third week of the current series) 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 01.67 cr (rounded off) and has seen a down tick of nearly 05.85% (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 16.28 lakh (rounded off) compared to the last week; has actually seen open interest (03.82%) being 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 10.00 level (in terms of closing) except that it ended at 11.62 (higher from an intra week low of 09.78) which has resulted in the Nifty generally being higher during the week. The Nifty has continued to roll on like a juggernaut and seems to be in fine fettle while some shedding of open interest could indicate some profit booking and Realty, Fmcg seem upbeat. A holiday filled week could mean a lack of activity. Support comes in at the 25669, 25446, 25212, 25002, 24792, 24588, 24344, 24150, 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 25800, 25908, 26033, 26277.