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, 26104, 26277.

The Nifty has had a smart upmove until it was stopped in its tracks at the 26100 level while a pre expiry week also could have led to some unwinding which could lead to some minor consolidation in the near term. Maximum call open interest comes in at 26500 followed by 26000 while maximum put open interest comes in at 25500 followed by 25700 indicating a slightly 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 01.28 cr (rounded off) and has seen a down tick of nearly 18.29% (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 12.90 lakh (rounded off) compared to the last week; has actually seen open interest (15.24%) being lower on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a positive bias) above the 10.50 level (in terms of closing) except that it ended at 11.59 (higher from an intra week low of 10.67) which has resulted in the Nifty generally being mixed during the week. The Nifty seems to have walked into resistance at higher levels and though it is a bit premature to take a call on, the possibility of a brief period of sideways movement cannot be ruled out while 25445 remains important in the scheme of things for its sanctity needing to be maintained. 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, 26104, 26277.