Market Update: Nifty Gains 130 Points Amid Volatile Trading Session
The benchmark indices witnessed a volatile trading session today. After early swings, the Nifty closed 130 points higher, while the Sensex ended up by 410 points. Sector-wise, most major indices traded in positive territory, with the defence sector gaining the most, rising over 3.5%.
Technical Analysis
The market opened with an intraday rally but faced resistance near 24,950 (Nifty) / 82,000 (Sensex), leading to a sharp correction. Despite this, it managed to close above 24,650 / 81,200, which is a positive sign.
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The intraday market structure is currently non-directional.
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As long as the index trades between 24,650 and 25,000, the market is expected to remain range-bound.
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A breakout above 25,000 / 82,200 could push the market to new highs in the range of 25,150–25,300 / 82,700–83,100.
On the other hand, if the market falls below 24,650 / 81,200, negative sentiment could intensify, potentially triggering a correction that retests levels near 24,500–24,400 / 80,700–80,400.
Bank Nifty Outlook
The Bank Nifty failed to surpass the 56,100 level, which is viewed negatively.
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Resistance levels: 55,000 and 55,400
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Support levels: 54,400, 54,100, and 53,800
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Strategy: Reduce long positions at resistance levels.
Market Recap (Derivatives)
The Nifty started the day positively with strong buying that lifted it above 24,900, but sharp profit booking pulled it back near 24,800. The index traded in a range between 24,740 and 24,840, eventually closing with a gain of 0.52%.
The Nifty Midcap 100 outperformed, ending with a gain of 0.78%.
Options Market Insights
| Metric | Value |
|---|---|
Highest Call OI | 25,000 Call |
Highest Put OI | 24,800 / 24,700 Put |
Put-Call Ratio (PCR) | 0.640 |
Max Pain Level | 24,800 |
VWAP Range | 24,685 – 24,925 |
Sentiment: Call unwinding alongside put writing suggests a bullish undertone in the market.
Key Nifty Intraday Range and Levels
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Support level: 24,650
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Current close: 24,780
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Max Pain level: 24,800
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Resistance level: 25,000
As the market trades within this range, these levels act as important markers for potential price action—support to watch for downside protection, resistance for breakout potential, and the max pain level indicating options market sentiment.
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