Market Outlook

Support comes in at the 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 26104, 26277.

The Nifty has formed a lower top, lower bottom formation on the daily chart but has taken support on the 55 Day Exponential Moving Average to stage a comeback of sorts but the 26104 and 26277 are levels to surmount. Maximum call open interest comes in at 26500 followed by 26200 while maximum put open interest comes in at 26000 followed by 25800 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 solid increase in open interest during the week to end at 01.63 cr (rounded off) and has seen a down tick of nearly 00.10% (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 17.16 lakh (rounded off) compared to the last week; has actually seen open interest (01.68%) 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 11.50 level (in terms of closing) except that it ended at 10.11 (lower from an intra week high of 11.88) which has resulted in the Nifty generally being better in the latter part of the week. The Nifty has been meandering rather aimlessly and though important levels haven’t been broken but the chutzpah of a decisive trending upside has been found wanting. Metals and IT remain more positive then negative while the market still flounders. Scrip specific approach it is. Support comes in at the 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 26104, 26277.