The Nifty 50 extended its upward journey for another session, gaining 0.84 percent on November 11 and taking its cumulative gains to more than 11 percent over the past two consecutive weeks. The bulls continue to dominate, with the broader market structure remaining healthy, supported by easing oil prices and persistent FII inflows. However, the RSI has moved closer to the overbought zone, raising the possibility of intermittent consolidation and profit-booking. The 25,000 mark is expected to provide immediate support to the Nifty 50, followed by 24,800 as a crucial support level. On the upside, the index needs to decisively clear the 25,400–25,500 resistance zone to extend its rally towards 25,900–26,000, according to experts, who continue to recommend a buy-on-dips strategy.
Resistance based on pivot points: 25,384, 25,462, and 25,587
Support based on pivot points: 25,133, 25,055, and 24,929Special Formation: The Nifty 50 formed a small-bodied bearish candle with upper and lower shadows on the daily charts, indicating indecision between bulls and bears. However, the higher high–higher low structure remains intact, keeping the broader bullish trend unaffected. All key moving averages continued to slope upwards, reinforcing the positive technical outlook. The RSI moved closer to the 80 mark, rising to 79.49, with a strong bullish crossover, indicating robust upward momentum, although the index is approaching overbought territory. The MACD maintained its upward trajectory, although the green histogram bar contracted for another consecutive session, suggesting some moderation in bullish momentum.
Key Levels For The NiftyBank (60,792)Resistance based on pivot points: 61,243, 61,484, and 61,872Support based on pivot points: 60,465, 60,225, and 59,836Resistance based on Fibonacci retracement: 61,765, 63,550Support based on Fibonacci retracement: 59,080, 56,928Special Formation: The Bank Nifty rallied 1.76 percent, with the opening upside gap remaining unfilled, while the higher high–higher low structure continued to remain intact. The index formed a bullish candle with a noticeable upper shadow on the daily charts, indicating that the broader uptrend remains healthy despite some profit-booking at higher levels. All key moving averages continued to trend upwards, with the 50-day EMA moving closer to the 200-day EMA, indicating the possibility of a golden crossover. The RSI inched closer to the 80 mark, rising to 78.61, with a positive crossover, reflecting strong bullish momentum, although it is approaching overbought territory. The MACD maintained its upward trajectory, with the green histogram bars expanding for the ninth consecutive session, indicating strengthening bullish momentum.
Nifty Call Options DataAccording to the weekly options data, the 25,500 strike holds the maximum Call open interest (with 90.46 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,400 strike (66.86 lakh contracts) and 25,300 strike (52.21 lakh contracts).Maximum Call writing was observed at the 25,400 strike, which saw an addition of 44.72 lakh contracts, followed by the 25,300 and 25,350 strikes, which added 34.97 lakh and 31.2 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,000 strike, which shed 24.28 lakh contracts, followed by the 24,900 and 25,100 strikes, which shed 9.47 lakh and 5.21 lakh contracts, respectively.
Nifty Put Options Data On the Put side, the maximum Put open interest was seen at the 25,000 strike (with 54.23 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 24,800 strike (43.94 lakh contracts) and the 25,200 strike (29.86 lakh contracts).The maximum Put writing was placed at the 25,200 strike, which saw an addition of 26.96 lakh contracts, followed by the 25,300 and 24,800 strikes, which added 26.22 lakh and 18.74 lakh contracts, respectively. There was hardly any Put unwinding seen in the 24,750-25,700 strike band.
Nifty Bank Call Options Data According to the monthly options data, the 60,500 strike holds the maximum Call open interest, with 10.16 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 61,000 strike (7.23 lakh contracts) and the 62,000 strike (7.02 lakh contracts).Maximum Call writing was observed at the 62,000 strike (with the addition of 2.06 lakh contracts), followed by the 61,000 strike (1.98 lakh contracts) and 61,500 strike (1.32 lakh contracts). The maximum Call unwinding was seen at the 60,000 strike, which shed 3.18 lakh contracts, followed by the 59,500 and 59,600 strikes, which shed 1.95 lakh and 61,260 contracts, respectively.
Nifty Bank Put Options Data On the Put side, the maximum Put open interest was seen at the 60,500 strike (with 11.44 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 60,000 strike (6.99 lakh contracts) and the 61,000 strike (3.41 lakh contracts).The maximum Put writing was placed at the 60,500 strike (which added 8.95 lakh contracts), followed by the 60,000 strike (4.37 lakh contracts) and 61,000 strike (2.63 lakh contracts). The maximum Put unwinding was seen at the 59,200 strike, which shed 29,970 contracts, followed by the 59,300 and 59,400 strikes, which shed 18,930 and 15,930 contracts, respectively
Nifty Call Options DataAccording to the weekly options data, the 25,500 strike holds the maximum Call open interest (with 90.46 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 25,400 strike (66.86 lakh contracts) and 25,300 strike (52.21 lakh contracts).Maximum Call writing was observed at the 25,400 strike, which saw an addition of 44.72 lakh contracts, followed by the 25,300 and 25,350 strikes, which added 34.97 lakh and 31.2 lakh contracts, respectively. The maximum Call unwinding was seen at the 25,000 strike, which shed 24.28 lakh contracts, followed by the 24,900 and 25,100 strikes, which shed 9.47 lakh and 5.21 lakh contracts, respectively.Nifty Put Options Data On the Put side, the maximum Put open interest was seen at the 25,000 strike (with 54.23 lakh contracts), which can act as a key support level for the Nifty in the short term. It was followed by the 24,800 strike (43.94 lakh contracts) and the 25,200 strike (29.86 lakh contracts).The maximum Put writing was placed at the 25,200 strike, which saw an addition of 26.96 lakh contracts, followed by the 25,300 and 24,800 strikes, which added 26.22 lakh and 18.74 lakh contracts, respectively. There was hardly any Put unwinding seen in the 24,750-25,700 strike band.Nifty Bank Call Options Data According to the monthly options data, the 60,500 strike holds the maximum Call open interest, with 10.16 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 61,000 strike (7.23 lakh contracts) and the 62,000 strike (7.02 lakh contracts).Maximum Call writing was observed at the 62,000 strike (with the addition of 2.06 lakh contracts), followed by the 61,000 strike (1.98 lakh contracts) and 61,500 strike (1.32 lakh contracts). The maximum Call unwinding was seen at the 60,000 strike, which shed 3.18 lakh contracts, followed by the 59,500 and 59,600 strikes, which shed 1.95 lakh and 61,260 contracts, respectively.Nifty Bank Put Options Data On the Put side, the maximum Put open interest was seen at the 60,500 strike (with 11.44 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 60,000 strike (6.99 lakh contracts) and the 61,000 strike (3.41 lakh contracts).The maximum Put writing was placed at the 60,500 strike (which added 8.95 lakh contracts), followed by the 60,000 strike (4.37 lakh contracts) and 61,000 strike (2.63 lakh contracts). The maximum Put unwinding was seen at the 59,200 strike, which shed 29,970 contracts, followed by the 59,300 and 59,400 strikes, which shed 18,930 and 15,930 contracts, respectively
Report by Sunil Sankar Matkar
Source:Network18
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