Derivative Market Recap & Technical Insights
After a flat start, Nifty traded in a narrow range of 24,735–24,830 and ended in the red with a loss of 0.30%. The Nifty Midcap 100 outperformed, closing almost flat with a marginal loss of 0.02%.
Options Market Insights
| Metric | Value |
|---|---|
Significant Call side OI | 25,000 Call |
Significant Put side OI | 24,500 Put |
Put-Call Ratio (PCR) | 0.661 |
Max Pain | 24,800 |
VWAP Range | 24,650 – 24,945 |
Sentiment | Call writing along with Put unwinding → Cautious Undertone |
Technical
The benchmark indices witnessed lackluster activity. The Nifty ended 73 points lower, while the Sensex was down by 239 points. Among sectors, PSU Banks and Defense rallied nearly 1%, whereas the FMCG index shed 1.40%. Technically, after a muted open, the market hovered throughout the day between 24,740/81,200 and 24,850/81,600. It also formed a small bearish candle on the daily charts, indicating indecisiveness between the bulls and the bears.
We believe that the intraday market texture is non-directional; perhaps traders are waiting for a breakout on either side. For day traders, 24,850/81,600 would now be the immediate breakout level. Above this, the market is likely to retest the levels of 25,000/82,100–25,100/82,500. On the other hand, a break below 24,740/81,200 could accelerate selling pressure, with support levels at 24,600/80,800–24,500/80,400.
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