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 moved on expected lines to stagnate a bit and despite two attempts at trying to take out the 26100 level, it still remains closeted and it needs to overcome the aforesaid level if an upside has to unfold. Maximum call open interest comes in at 26000 followed by 25900 while maximum put open interest comes in at 25500 followed by 25700 indicating a slightly similar trading range compared to the last week (a bit surprising considering the fact that we are in the first week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some notable increase in open interest during the week to end at 01.69 cr (rounded off) and has seen an up tick of nearly 07.04% (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 16.91 lakh (rounded off) compared to the last week; has actually seen open interest (00.34%) being higher 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 11.00 level (in terms of closing) except that it ended at 12.15 (higher from an intra week low of 10.70) which has resulted in the Nifty generally being mixed during the week. The Nifty picture hasn’t changed much and remains in a range between 25669 on the downside and 26104 on the upside and would need to give a breakout on either side of this range to determine the direction of the immediate future movement. 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.