Market Outlook

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

The Nifty has done an action replay of sorts to make a recovery to post a fresh all time high and while an all encompassing bullish move seems to be missing, the Nifty continues its sequence of positing higher tops and higher bottoms. Maximum call open interest comes in at 26500 followed by 27000 while maximum put open interest comes in at 26000 followed by 25900 indicating a slightly higher trading range compared to the last week (not very 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 decent increase in open interest during the week to end at 01.47 cr (rounded off) and has seen a down tick of nearly 02.46% (rounded off) on the last trading session of the week; the Bank Nifty has seen some open interest being decreased during the week to end at 14.84 lakh (rounded off) compared to the last week; has actually seen open interest (08.82%) 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) below the 12.00 level (in terms of closing) except that it ended at 10.32 (lower from an intra week high of 12.01) which has resulted in the Nifty generally being better in the latter part of the week. The Nifty has continued to do well and despite a breach of the 26104 immediately followed by a close above it makes it nicely poised for an upside from what seems to be a newly formed range between 25800 on the downside and 26300 on the upside. A scrip specific approach is suggested. Support comes in at the 26104. 25908, 25800, 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 26277.