On September 16, the Nifty 50 ended the trading day with a modest gain of 27 points, reaching 25,384. This increase follows a fresh intraday high, although the index has faced persistent resistance at the 25,400 level for three days. Analysts predict continued consolidation until the index can secure a close above this key level, with the 25,500-25,600 range now under close scrutiny. Support is expected around the 25,300-25,200 zone.
Resistance and Support Levels for Nifty 50
Resistance levels based on pivot points are at 25,430, 25,456, and 25,498, while support levels are identified at 25,347, 25,321, and 25,279. Despite forming a small bearish candlestick pattern on the daily charts, the index remains near its upward-sloping resistance trendline. A breakout above this trendline could propel the index to new highs. The Nifty 50 continues to trade above key moving averages, with positive signals from momentum indicators such as the RSI and MACD.
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Bank Nifty Outperforms with Higher Close
The Bank Nifty displayed impressive performance, closing 215 points higher at 52,153. This marks the third consecutive session of maintaining a higher tops and higher bottoms formation. The index formed a bullish candlestick pattern and exhibited a positive crossover in momentum indicators, suggesting a strong outlook.
Resistance levels for the Bank Nifty are noted at 52,204, 52,272, and 52,382 based on pivot points, with additional Fibonacci retracement levels at 52,569 and 53,353. Support is identified at 51,985, 51,917, and 51,807, with Fibonacci levels at 51,639 and 50,582.
Nifty Call Options Data
The maximum open interest for Nifty call options is observed at the 26,000 strike with 96.06 lakh contracts, marking it as a key resistance level. Other significant levels include the 26,500 strike (60.21 lakh contracts) and the 25,400 strike (48.65 lakh contracts). Notable call writing has occurred at the 26,000 strike, with 29.99 lakh contracts added, followed by the 25,700 and 25,800 strikes. The maximum call unwinding was at the 25,300 strike, which shed 5.71 lakh contracts.
Nifty Put Options Data
On the put side, the 25,000 strike holds the highest open interest with 59.33 lakh contracts, indicating strong support. Other notable support levels are the 25,200 and 24,500 strikes. The maximum put writing was observed at the 25,400 strike, with 12.95 lakh contracts added. Put unwinding occurred at the 24,300 strike, with 3.62 lakh contracts reduced.
Bank Nifty Call and Put Options Data
For Bank Nifty call options, the 53,000 strike holds the maximum open interest with 26.32 lakh contracts, acting as a key resistance level. Significant call writing has been visible at the 52,200 strike. On the put side, the 51,000 strike leads with 27.76 lakh contracts in open interest, indicating strong support. Maximum put writing was observed at the 52,200 strike.
Volatility and Market Sentiment
The Nifty Put-Call Ratio (PCR) decreased to 1.26, reflecting a shift towards a more bullish sentiment. The India VIX, a measure of market volatility, fell by 0.72% to 12.46, marking its lowest closing level since July 26, providing added comfort to market bulls.
Long and Short Positions
A long build-up was observed in 49 stocks, indicating an increase in open interest and price. Conversely, 33 stocks experienced long unwinding, with declines in open interest and price. Short build-up was noted in 62 stocks, where open interest increased despite falling prices. Additionally, 40 stocks saw short-covering, with decreases in open interest and rising prices.
High Delivery Trades
Several stocks recorded a high share of delivery trades, reflecting strong investment interest.
Stocks Under F&O Ban
The following stocks are under the F&O ban: Birlasoft, GNFC, LIC Housing Finance. Stocks retained in the ban include Aarti Industries, Balrampur Chini Mills, Bandhan Bank, Chambal Fertilisers and Chemicals, Granules India, Hindustan Copper, and RBL Bank. No stocks were removed from the ban.
Disclaimer
This article provides market data and analysis for informational purposes only. It is not intended as investment advice or a recommendation for buying or selling any stocks. Always conduct your own research and consult with a financial advisor before making any investment decisions.
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