Image Credits - LumbaMaharastra
The Nifty 50 has shown strong momentum, closing at a new high of 24,835, up 429 points or 1.8%, marking a positive start to the August series. Sustaining above 24,800 could see the index approach the 25,000 mark, with 24,400 as key support.
Nifty 50 Key Levels and Technical Patterns
Resistance for the Nifty 50 is at 24,876, 24,981, and 25,153. A long bullish candlestick pattern with above-average volumes has formed, with the RSI showing a positive crossover.
Bank Nifty Key Levels and Patterns
Resistance for the Bank Nifty is at 51,384, 51,638, and 52,005. After three days of losses, the Bank Nifty rebounded with a long bullish candlestick pattern, but momentum indicators are not yet supportive. A bearish candlestick pattern on the weekly timeframe suggests caution below the 51,900-52,000 zone.
Nifty Call and Put Options Data
The 25,000 strike in Nifty call options has the highest open interest at 56.39 lakh contracts, indicating resistance. This is followed by the 25,500 and 26,000 strikes. On the put side, the 24,500 strike has the maximum open interest at 59.21 lakh contracts, indicating support, followed by the 24,000 and 24,400 strikes.
Bank Nifty Call and Put Options Data
The 53,000 strike in Bank Nifty call options has the highest open interest at 28.82 lakh contracts, indicating resistance. This is followed by the 52,000 and 52,500 strikes. On the put side, the 50,000 strike has the maximum open interest at 17.71 lakh contracts, indicating support, followed by the 49,500 and 51,000 strikes.
Additional Market Indicators
The Nifty Put-Call ratio (PCR) increased to 1.36, indicating a bullish sentiment. The India VIX declined 2.93% to 12.25, supporting the bulls. A long build-up was observed in 92 stocks, with a long unwinding in 6 stocks. Short build-up occurred in 8 stocks, and short-covering was seen in 80 stocks. High delivery trades indicate strong investing interest.
Stocks Under F&O Ban
Certain securities are banned under the F&O segment due to derivative contracts crossing 95% of the market-wide position limit.
(The views and investment tips expressed are those of the experts and do not necessarily reflect the editorial stance of the organisation. It is recommended that individuals seek advice from certified experts before making investment decisions.)