Market Outlook

Support comes in at the 23263, 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 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.

The Nifty has posted a lower top, lower bottom formation on the daily chart indicating near term weakness while the negative overhang has continued over the last week and a close below the 23263 could be a negative. Maximum call open interest comes in at 24000 followed by 23500 while maximum put open interest comes in at 23000 followed by 23300 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 a major increase in open interest during the week to end at 01.95 cr (rounded off) and has seen a down tick of nearly 01.04% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being slightly decreased during the week to end at 25.06 lakh (rounded off) compared to the last week; has actually seen open interest (00.97%) 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 14.50 level (in terms of closing) except that it ended at 15.79 (higher from an intra week low of 13.46) which has resulted in the Nifty generally being rangebound during the week. The Nifty has spent the last 4 trading sessions moving sideways after an early decline while the Bank Nifty seems relatively better. It would be prudent to stay on the sidelines till there is a clear trending bias and a stock specific approach is recommended. Support comes in at the 23263, 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 23667, 23894, 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.