Market Outlook

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

The Nifty has done well to hold on to higher levels but the 1000 point rally could very well take its toll and the uncovered bullish gap is a point to ponder while the setup has improved indeed. Maximum call open interest comes in at 24500 followed by 24000 while maximum put open interest comes in at 23500 followed by 24000 indicating a slightly higher trading range compared to the last week (not very surprising considering the fact that we are in the fourth week of the current series) but the situation remains fluid with movements expected on either side. Nifty has seen a major decrease in open interest during the week to end at 01.65 cr (rounded off) and has seen a down tick of nearly 00.17% (rounded off) on the last trading session of the week; the Bank Nifty has seen open interest being decreased during the week to end at 20.79 lakh (rounded off) compared to the last week; has actually seen open interest (01.04%) 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) above the 12.50 level (in terms of closing) except that it ended at 12.97 (higher from an intra week low of 11.99) which has resulted in the Nifty generally being better during the week. The Nifty has been on a tear so to speak while resistance at the 24150 and 24344 levels could create some turbulence at higher levels while not only the short term but even the medium term picture seems to be in a mood to improve further. Capital Goods, Pharma and Midcaps are expected to get better. Support comes in at the 23894, 23667, 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 24150, 24344, 24588, 24792, 25002, 25212, 25446, 25669, 25800, 25908, 26104, 26277, 26500.