Derivative and Technical Market Roundup: Today's Key Levels and Sector Insights
Dive into today’s derivative market and technical analysis with a comprehensive recap of the key levels, sector moves, and institutional activity. Learn about the Nifty and Bank Nifty performance, sector rotations, and how options market insights and open interest (OI) data can help you refine your trading strategy.
Market Recap – Nifty and Nifty Midcap 100
| Index | Close | Change |
|---|---|---|
Nifty | Below 24,600 | -0.14% |
Nifty Midcap 100 | - | +0.62% |
After a negative start, Nifty slipped below 24,600 on early selling pressure. However, buying emerged near 24,530, helping the index trade with a positive bias for most of the day. It eventually closed slightly lower with a loss of 0.14%.
The Nifty Midcap 100 outperformed, ending with a gain of 0.62%.
Options Market Insights – Open Interest (OI) and PCR
| Metric | Level/Value |
|---|---|
Significant Call side OI | 25,000 Call |
Significant Put side OI | 24,500 Put |
Put-Call Ratio (PCR) | 0.676 |
Max Pain | 24,700 |
VWAP Range | 24,475 – 24,905 |
Sentiment | Slightly higher Put writing vs Call writing → Mild Bullish Undertone |
Index Futures Positioning – Nifty, Bank Nifty, and More
| Index | Contracts |
|---|---|
Nifty Futures | -2,525 |
BankNifty Futures | -3,089 |
MidcapNifty Futures | +45 |
FinNifty Futures | +155 |
NiftyNext50 Futures | +32 |
Technical Analysis – Key Levels and Trading Strategy
The benchmark indices experienced an intraday recovery from lower levels. The Nifty ended 34 points lower, while the Sensex was down by 77 points. Among sectors, the Realty, Capital Market, and PSU Bank indices outperformed, each gaining over 2%. However, selective Metal and IT stocks saw profit booking at higher levels.
Technically, after an early sell-off, the market found support near 24,500 and bounced back sharply. We believe that the current market trend is non-directional, making level-based trading an ideal strategy for day traders.
Key Support and Resistance Levels
| Levels | Implication |
|---|---|
Support | 24,650 and the 20-day SMA or 24,700 |
Resistance | 24,800–24,900 |
Below 24,650 | Selling pressure likely to increase |
Correction Zone | 24,500–24,450 |
For the Bank Nifty, higher bottom support is established at 55,300. If it holds above this level, the uptrend is likely to continue towards 56,100 to 56,500. However, should it fall below 55,000, the uptrend may become vulnerable, potentially leading to a correction down to the range of 54,700 to 54,300.
Bank Nifty Key Levels and Trend Outlook
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