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 gone nowhere and even now shows no signs of going anywhere as a non trending market indulges in aimless movements while it has taken support on the 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 26000 followed by 26200 while maximum put open interest comes in at 25900 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 third week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen some solid decrease in open interest during the week to end at 01.52 cr (rounded off) and has seen a down tick of nearly 05.50% (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 16.77 lakh (rounded off) compared to the last week; has actually seen open interest (05.27%) 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 11.00 level (in terms of closing) except that it ended at 09.52 (lower from an intra week high of 10.84) which has resulted in the Nifty generally being better in the latter part of the week. The Nifty has continued its casual incomprehensible moves while important levels on the downside still haven’t been breached while IT looks to be the saving grace in what seems like an insipid market. A holiday filled week could see lack of interest. 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.