On September 23, the Nifty 50 remained in negative territory for the third consecutive session, slipping 0.1%. The index, however, held above its short-term moving averages (10-day and 20-day EMAs), key levels that indicate near-term support. Momentum indicators suggest a period of sideways action, with the Nifty expected to trade within the 25,000–25,500 range in the near term. A decisive break below 25,000 may intensify selling pressure, while a move above 25,500 could open the door for a rally toward 25,700.
Key Levels – Nifty 50 (25,170)
- Resistance: 25,240, 25,282, 25,349
- Support: 25,104, 25,063, 24,995
The index formed a small bearish candle with upper and lower shadows, indicating volatility and rangebound trading. The MACD remains in positive crossover, and the RSI at 56.79 reflects fading momentum.
Key Levels – Bank Nifty (55,510)
- Resistance: 55,636, 55,754, 55,947
- Support: 55,251, 55,133, 54,941
The Bank Nifty formed a bullish candle with minor shadows, defending its 10-day and 50-day EMAs on a closing basis, supported by above-average volumes. RSI rose to 57.64, while MACD maintained a bullish crossover, indicating positive bias amid some resistance at higher levels.
Options Data:
- Nifty Call OI: Maximum at 26,000 (1.03 crore contracts), followed by 25,500 and 25,300 strikes.
- Nifty Put OI: Maximum at 25,000 (82.12 lakh contracts), followed by 24,500 and 25,200 strikes.
- Bank Nifty Call OI: Maximum at 56,000 (13.79 lakh contracts).
- Bank Nifty Put OI: Maximum at 54,000 (16.4 lakh contracts).
Funds Flow & Market Mood:
- Nifty PCR rebounded to 0.97 from 0.72, indicating firming bullish sentiment.
- India VIX rose 0.64% to 10.63, signaling caution among bulls.
Market Activity:
- Long Build-up: Observed in 52 stocks
- Long Unwinding: Observed in 36 stocks
- Short Build-up: Observed in 99 stocks
- Short Covering: Observed in 25 stocks
High Delivery Trades: Several stocks saw a high share of delivery, reflecting strong investor interest.
Stocks Under F&O Ban:
- Retained: HFCL, RBL Bank, Sammaan Capital
- Added/Removed: None
Disclaimer: The information provided is for general market awareness and educational purposes only. It does not constitute investment advice. Users are advised to consult certified financial advisors before making any trading or investment decisions.
