Market Overview

The Indian market took a breather on Tuesday, with benchmark indices closing mildly lower after a strong rally in the previous sessions. Despite minor profit-booking, the broader structure remains positive, although early signs of caution have emerged on the daily charts.

In this detailed breakdown, SEBI-registered Research Analyst Dhwani Patel highlights the key levels, technical indicators, derivatives data, and market sentiment to help traders plan the day effectively.

1) Nifty 50 – Key Levels

Nifty Close: 25,910

Resistance (Pivot Points):

• R1: 25,997
• R2: 26,034
• R3: 26,092

Support (Pivot Points):

• S1: 25,880
• S2: 25,844
• S3: 25,785

Technical View

The Nifty formed a bearish candle resembling a Bearish Engulfing–type pattern, typically a sign of potential reversal — but confirmation is required in the next trading session. Despite this, the index still trades above all key moving averages.

Indicators:

• RSI: Fell to 60.18 but stays in bullish crossover
• MACD: Gap between MACD and signal line narrowing
• Histogram: Moderate weakness developing
• Trend: Cautious but not a confirmed reversal

Market tone: Watch for price action near 25,844 – 25,880. Holding these levels keeps the uptrend intact.

2) Bank Nifty – Key Levels

Bank Nifty Close: 58,899

Resistance (Pivot Points):

• R1: 59,050
• R2: 59,122
• R3: 59,239

Support (Pivot Points):

• S1: 58,818
• S2: 58,746
• S3: 58,629

Fibonacci Levels:

• Resistance: 60,142 / 64,208
• Support: 57,796 / 56,986

Technical View

Bank Nifty formed a bearish candle with upper and lower shadows, reflecting volatility and hesitation after touching a new high of 59,104. However, the index continues to maintain its higher-high, higher-low structure.

Indicators:

• RSI: 70 – still strong, bullish crossover intact
• MACD: Showed an upward breakout with histogram above zero
• Stochastic RSI: Positive crossover continues
• Trend: Bullish momentum remains despite short-term volatility

3) Nifty Call Options Data

• Max Call OI: 26,000 strike → Major resistance
• Next Levels:
  • 26,500 strike
  • 26,200 strike

Max Call Writing:

• 26,000 strike → +46.83 lakh
• 26,500 strike → +27.45 lakh
• 26,300 strike → +20.41 lakh

Max Call Unwinding:

• 25,500 strike → –58,050
• 25,200 strike → –21,825
• 25,550 strike → –14,850

Interpretation:
Call writers are aggressively defending 26,000 — a key hurdle for the index.

4) Nifty Put Options Data

• Max Put OI: 26,000 strike → Strong support
• Next Levels:
  • 25,500 strike
  • 25,900 strike

Max Put Writing:

• 26,000 strike → +24.21 lakh
• 25,500 strike → +22.42 lakh
• 25,200 strike → +17.78 lakh

Max Put Unwinding:

• 26,200 strike → –1.3 lakh
• 26,500 strike → –69,075
• 26,100 strike → –44,700

Interpretation:
Put writers remain active, creating a strong base around 25,800–26,000.

5) Bank Nifty Call Options Data

• Max Call OI: 59,000 strike
• Followed by:
  • 58,500
  • 60,000

Max Call Writing:

• 59,000 strike → +2.02 lakh
• 60,500 strike → +1.15 lakh
• 59,100 strike → +84,175

Max Call Unwinding:

• 58,500 strike → –2.69 lakh
• 58,000 strike → –47,320
• 58,300 strike → –20,545

Interpretation:
Strong resistance building near 59,000.

6) Bank Nifty Put Options Data

• Max Put OI: 58,500 strike
• Followed by:
  • 58,000 strike
  • 57,000 strike

Max Put Writing:

• 58,400 strike → +1.1 lakh
• 57,200 strike → +95,165
• 59,000 strike → +91,350

Put Unwinding:

• 58,500 strike → –2.16 lakh
• 57,600 strike → –1.2 lakh
• 58,800 strike → –46,620

Interpretation:
Support building near 58,400–58,500 remains strong.

7) Put-Call Ratio (PCR)

• PCR: 1.02 (previous: 1.13)

Interpretation:
PCR edging lower, indicating a slight rise in caution — but still within a neutral-to-positive zone.

8) India VIX

• VIX: 12.1 (up 2.61%)

Volatility has picked up after a brief dip.
Major discomfort only if VIX sustains above 13.

Key Takeaways by Dhwani Patel

• Nifty short-term support: 25,844 – 25,880
• Nifty resistance: 26,034 – 26,092
• Bank Nifty support: 58,629 – 58,818
• Bank Nifty resistance: 59,122 – 59,239
• Market tone: Mild caution but broader trend still positive.
• Strategy:
  • Avoid aggressive longs near resistance
  • Buy on dips near strong support zones
  • Keep watch on India VIX movements

Disclosure & Disclaimer

Dhwani Patel (SEBI Registration No: INH200008608) is a SEBI-registered Research Analyst.
This report is prepared for educational purposes only and should not be treated as investment advice. Trading in markets involves risk. Please consult your financial advisor before taking positions.