Market Outlook

Support comes in at the 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 25669, 25800, 25908, 26033, 26104, 26277.

The Nifty has given a downward breakout from its trading range to decline for seven trading sessions in a row indicating near term weakness while support from the 25212 level could limit the downside for the time being. Maximum call open interest comes in at 26000 followed by 25700 while maximum put open interest comes in at 25300 followed by 25700 indicating a slightly lower trading range compared to the last week (not very surprising considering the fact that we are in the second 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 01.85 cr (rounded off) and has seen an up tick of nearly 04.97% (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 18.17 lakh (rounded off) compared to the last week; has actually seen open interest (01.59%) 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 12.00 level (in terms of closing) except that it ended at 12.56 (higher from an intra week low of 10.98) which has resulted in the Nifty generally being weak during the week. The Nifty has posted a lower top, lower bottom scenario on the daily chart thereby reflecting a lack of strength while support from the 55 Day Ema (25296.80) and the support level of 25212 could cushion the fall and limit the decline while the intraday picture seems oversold indicating the possibility of a bounce. It would be prudent to remain stock specific. Support comes in at the 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 25669, 25800, 25908, 26033, 26104, 26277.