Indian markets ended the previous session on a cautious note as selling pressure emerged at higher levels. Despite the index holding above major moving averages, momentum indicators signaled weakness, calling for selective and disciplined trading.

Below is the detailed breakdown of Nifty 50, Bank Nifty, Options Data, PCR, VIX, and the overall market structure.

Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 25,960

Resistance (Pivot Points):

• R1: 26,093
• R2: 26,147
• R3: 26,235

Support (Pivot Points):

• S1: 25,917
• S2: 25,862
• S3: 25,774

Market View

Nifty 50 formed a long bearish candle and tested its 10-day EMA, indicating short-term exhaustion.

Even though the index still trades above all key moving averages, multiple indicators signal caution.

Indicators

• RSI: Dropped to 57.38, bearish crossover
• Stochastic RSI: Remains in bearish crossover
• MACD: Still positive crossover but flattening
• Histogram: Falling — indicating weakening momentum

Interpretation

• Market bias turning defensive
• Sustaining below 25,917–25,862 may invite further selling
• Resistance heavy at: 26,093–26,235
• For strength: Nifty must reclaim 26,093

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 58,835

Resistance (Pivot Points):

• R1: 59,184
• R2: 59,340
• R3: 59,592

Support (Pivot Points):

• S1: 58,679
• S2: 58,523
• S3: 58,271

Fibonacci Levels

• Resistance: 59,455 / 60,875
• Support: 58,568 / 58,300

Market View

Bank Nifty formed a bearish candle with a long upper shadow, showing selling pressure at higher levels.
Above-average volumes reinforce weakness near resistance zones.

Indicators

• MACD: Dropped below reference line
• Histogram: Below zero — bearish
• RSI: 63.05 with bearish crossover
• Stochastic RSI: Bearish crossover

Interpretation

• Weakening momentum despite staying above all MAs
• Support: 58,679 → 58,523 → 58,300
• Resistance: 59,184 → 59,340 → 59,592 / 59,455
• Upside sustainable only above 59,340

Setup 3 — Nifty Options Data (Monthly)

Call Side

• Max Call OI: 26,100 (2.08 crore) → Heavy resistance
• Next OI:
  • 26,200 (1.76 crore)
  • 26,500 (1.49 crore)

Max Call Writing

• 26,100: +1.17 crore
• 26,150: +61.89 lakh
• 26,300: +57.98 lakh

Max Call Unwinding

• 25,700: –2.37 lakh
• 25,500: –1.53 lakh
• 26,550: –1.04 lakh

Put Side

• Max Put OI: 26,000 (99.39 lakh) → Strong short-term base
• Next:
  • 25,500 (98.69 lakh)
  • 25,700 (91.41 lakh)

Max Put Writing

• 25,850: +15.41 lakh
• 25,500: +13.08 lakh
• 25,750: +12.81 lakh

Max Put Unwinding

• 26,150: –12.2 lakh
• 26,100: –11.81 lakh
• 26,200: –11.69 lakh

Interpretation

• Support: 25,850–26,000
• Resistance: 26,100–26,200
• Option chain suggests a sideways-to-weak bias

Setup 4 — Bank Nifty Options Data (Monthly)

Call Side

• Max Call OI: 60,000 (13.89 lakh)
• Next: 59,000 (13.63 lakh), 59,300 (11.67 lakh)

Max Call Writing

• 59,300: +4.41 lakh
• 58,800: +3.09 lakh
• 60,200: +2.32 lakh

Max Call Unwinding

• 60,000: –1.54 lakh
• 59,500: –1.12 lakh
• 59,000: –82,740

Put Side

• Max Put OI: 58,000 (13.02 lakh) → Major support
• Next: 58,500 (12.74 lakh), 57,000 (12.48 lakh)

Max Put Writing

• 57,900: +1.2 lakh
• 58,700: +1.06 lakh
• 58,000: +89,670

Max Put Unwinding

• 58,400: –1.24 lakh
• 59,400: –83,300
• 58,900: –68,250

Interpretation

• Support strong at 58,000–58,300
• Call writing indicates heavy resistance at 59,000–59,500
• sideways with bearish tilt

Put-Call Ratio (PCR)

PCR slipped to 0.77 (previous 1.03)

Meaning

• Below 0.7–0.8 → bearish sentiment
• Traders selling more calls vs. puts → caution & profit-booking

India VIX

• VIX at 13.24 (–2.9%)
• Still above all key MAs
• Near-term volatility high
• Discomfort zone for bulls

Summary by Dhwani Patel

• Nifty & Bank Nifty still hold above major moving averages
• Momentum indicators show weakness, especially at higher levels
• Nifty levels:
  • Support: 25,850–26,000
  • Resistance: 26,093–26,200
• Bank Nifty levels:
  • Support: 58,568–58,300
  • Resistance: 59,184–59,340–59,592
• Elevated VIX → expect volatility
• Traders should prefer light positions, hedge longs, and use tight stop-losses

Disclaimer:
Dhwani Patel (SEBI Registration No. INH200008608) is a SEBI-Registered Research Analyst. The content provided is for educational and informational purposes only and should not be considered investment advice. Markets are subject to risks. Traders and investors must consult their financial advisor before acting on any recommendations.