Market Outlook

Support comes in at the 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 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty hasn’t done much and still remains corrective but the other bullish gap remains uncovered, thereby maintaining a slight hangover of a decline which could cover up the gap while political events could add volatility to the scenario. Maximum call open interest comes in at 24500 followed by 24300 while maximum put open interest comes in at 24000 followed by 23500 indicating a very similar 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 solid increase in open interest during the week to end at 01.52 cr (rounded off) and has seen an up tick of nearly 06.16% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being increased during the week to end at 20.07 lakh (rounded off) compared to the last week; has actually seen open interest (04.36%) being higher on the last trading session of the week. The Vix has spent almost the entire week in a rangebound movement (with a mixed bias) above the 16.50 level (in terms of closing) except that it ended at 18.46 (higher from an intra week low of 16.75) which has resulted in the Nifty generally being lacklustre during the week. The Nifty is in a cool off mode after a sparkling rally to remain rangebound between 23800 on the downside and 24600 on the upside and slight heaviness is apparent while geo political factors would influence near term movements. Support comes in at the 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 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.