Market Outlook

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

The Nifty has remained relatively somnolent and the rather inconsequential 17 trading session sideways movement continues unabated but the resilience is rather apparent. Maximum call open interest comes in at 24500 followed by 25000 while maximum put open interest comes in at 23500 followed by 24000 indicating a slightly similar 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 solid increase in open interest during the week to end at 01.71 cr (rounded off) and has seen an up tick of nearly 01.57% (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 23.17 lakh (rounded off) compared to the last week; has actually seen open interest (06.15%) 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 16.84 (higher from an intra week low of 15.17) which has resulted in the Nifty generally being rangbound during the week. The Nifty is still digesting its sharp rise in the form of a sideways consolidation between 23800 on the downside and 24600 on the upside and an overbought situation still hasn’t gone away and it would be prudent to remain stock specific till there is clarity on the geo political front. Support comes in at the 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 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.