Market Overview

The domestic market continued its upward march on Wednesday, with the benchmark indices extending gains and closing near important resistance zones. Strong buying interest in banking and heavyweights helped the index scale new highs, while broader sentiment remained firmly positive.Below is the complete breakdown of support, resistance, derivatives data, and sentiment indicators curated by SEBI-registered Research Analyst Dhwani Patel.

1) Nifty 50 – Key Levels

Nifty Close: 26,053

Resistance (Pivot Points):

• R1: 26,078
  
• R2: 26,130
  
• R3: 26,213
  

Support (Pivot Points):

• S1: 25,911
  
• S2: 25,860
  
• S3: 25,776
  

Technical Overview

The Nifty formed a long bullish candle, closing above the previous day’s bearish candle high — a strong indicator of momentum continuation. The upward slope in both short- and medium-term moving averages signals ongoing strength.

Indicators:

• RSI: 64.21 (bullish crossover)
  
• Stochastic RSI: Positive crossover sustained
  
• MACD: Positive crossover with histogram above zero
  
• Trend: Robust bullish momentum
  

Overall: Buyers remain firmly in control, and dips may continue to attract fresh buying.

2) Bank Nifty – Key Levels

Bank Nifty Close: 59,216

Resistance (Pivot Points):

• R1: 59,276
  
• R2: 59,412
  
• R3: 59,632
  

Support (Pivot Points):

• S1: 58,836
  
• S2: 58,701
  
• S3: 58,481
  

Fibonacci Levels:

• Resistance: 59,455 / 60,875
  
• Support: 58,767 / 58,460

Technical Overview

For the third straight session, the Bank Nifty sustained above the upper Bollinger Band, showcasing powerful bullish momentum. The index also posted a new closing high, forming a bullish candle with a lower shadow — a sign of strong demand at dips.

Indicators:

• RSI: 72.88 (strong momentum)
  
• Stochastic RSI: Bullish crossover intact
  
• MACD: Positive crossover with strengthening histogram
• Trend: Sharp bullish continuation
  

3) Nifty Call Options Data

• Max Call OI: 26,000 strike → critical level
  
• Next levels: 26,500 & 26,200 strikes
  

Max Call Writing:

• 26,500 strike → +31.25 lakh

• 26,300 strike → +19.07 lakh
  
• 26,400 strike → +15.31 lakh
  

Call Unwinding:

• 26,000 strike → –18.28 lakh
  
• 25,900 strike → –17.13 lakh
  
• 25,950 strike → –6.49 lakh
  

Interpretation:
Call writers shifting higher, indicating traders expect the market to inch further toward 26,100 – 26,200.

4) Nifty Put Options Data

• Max Put OI: 26,000 strike → strongest support
  
• Next levels: 25,900 & 25,500 strikes
  

Max Put Writing:

• 25,900 strike → +64.39 lakh
  
• 25,800 strike → +34.48 lakh
  
• 25,850 strike → +32.04 lakh
  

Put Unwinding:

• 26,500 strike → –73,725
  
• 26,700 strike → –2,700
  

Interpretation:
Put writers are aggressively defending the 25,900–26,000 zone.

5) Bank Nfty Call Options Data

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

Max Call Writing:

• 59,200 strike → +1.83 lakh
  
• 59,300 strike → +71,435
  
• 59,700 strike → +53,830
  

Call Unwinding:

• 59,000 strike → –3.34 lakh
  
• 58,500 strike → –2.08 lakh
  
• 58,900 strike → –1.24 lakh

Interpretation:
Heavy writing at 59,200–59,300 suggests nearby resistance.

6) Bank Nifty Put Options Data

• Max Put OI: 58,000 strike
  
• Next: 58,500 & 59,000 strikes
  

Max Put Writing:

• 59,000 strike → +2.73 lakh
  
• 59,200 strike → +2.61 lakh
  
• 57,800 strike → +1.38 lakh
  

Put Unwinding:

• 57,500 strike → –1.21 lakh
  
• 58,500 strike → –1.02 lakh
  
• 57,300 strike → –57,260

Interpretation:
Strong support building at 58,500–59,000.

7) Put-Call Ratio (PCR)

• PCR: 1.29 (previous: 1.02)
  

Interpretation:
PCR is rising, indicating strengthening bullish sentiment in the near term.

8) India VIX

• VIX: 11.97 (down 1.01%)
  

Volatility remains muted below the 13 zone, which continues to support bulls.

Key Takeaways by Dhwani Patel

• Nifty support: 25,860 – 25,911
  
• Nifty resistance: 26,130 – 26,213
  
• Bank Nifty support: 58,701 – 58,836
  
• Bank Nifty resistance: 59,412 – 59,632
  
• Market tone: Strong bullish continuation
  
• Strategy:
  
  • Consider buying on dips near support zones
    
  • Trail stop-losses to protect profits
    
  • Watch for signs of exhaustion only near 26,200+

Disclosure & Disclaimer

Dhwani Patel (SEBI Registration No: INH200008608) is a SEBI-registered Research Analyst.
This report is for educational purposes only and should not be treated as investment advice. Market investments carry risk. Please consult your financial advisor before trading.