The domestic market extended its strong upward momentum on Thursday, with both benchmark indices closing at fresh highs. Despite intraday volatility, the overall sentiment stayed firmly positive as the market maintained its upward trajectory. Below is the detailed breakdown of Nifty and Bank Nifty levels, derivatives positioning, and sentiment indicators curated by SEBI-registered Research Analyst Dhwani Patel.

1) Nifty 50 – Key Levels

Nifty Close: 26,192

Resistance (Pivot Points):

• R1: 26,237
• R2: 26,281
• R3: 26,351

Support (Pivot Points):

• S1: 26,097
• S2: 26,054
• S3: 25,984

Technical Overview

The Nifty 50 formed a bullish candle with upper & lower shadows, closing above its previous record high — a signal of continued strength. The index also broke above the falling resistance trendline, confirming bullish continuation.

Indicators:

• RSI: 67.66 (bullish crossover sustained)
• Stochastic RSI: Positive crossover intact
• MACD: Positive crossover; histogram strengthening
• Trend: Uptrend continuation with improving momentum

View: The overall structure suggests sustained bullishness and strong participation at higher levels.

2) Bank Nifty – Key Levels

Bank Nifty Close: 59,348

Resistance (Pivot Points):

• R1: 59,425
• R2: 59,499
• R3: 59,619

Support (Pivot Points):

• S1: 59,184
• S2: 59,110
• S3: 58,989

Fibonacci Levels:

• Resistance: 59,455 / 60,875
• Support: 58,901 / 58,568

Technical Overview

The Bank Nifty continued to rally in uncharted territory, forming another bullish candle and registering a new record high of 59,440. The upper and lower shadows show intraday volatility, but the close above the previous day’s high confirms upward continuation.

Indicators:

• RSI: 74 (strong bullish momentum)
• MACD: Positive crossover with expanding histogram
• Stochastic RSI: Bullish crossover sustained
• Trend: Strong uptrend with momentum strengthening

3) Nifty Call Options Data

• Max Call OI: 26,500 strike (1.16 crore contracts)
• Next highest: 27,000 & 26,200 strikes

Max Call Writing:

• 26,700 strike → +17.53 lakh
• 27,000 strike → +16.42 lakh
• 26,250 strike → +16.11 lakh

Maximum Call Unwinding:

• 26,000 strike → –44.86 lakh
• 26,100 strike → –17.88 lakh
• 26,050 strike → –14.98 lakh

Interpretation:
Call writers have shifted higher, indicating that markets may now attempt 26,300–26,350 zones.

4) Nifty Put Options Data

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

Max Put Writing:

• 26,200 strike → +56.7 lakh
• 26,100 strike → +54.95 lakh
• 26,150 strike → +36.36 lakh

Maximum Put Unwinding:

• 25,850 strike → –3.8 lakh
• 25,400 strike → –2.69 lakh
• 27,000 strike → –92,025

Interpretation:
Strong Put additions at 26,100–26,200 signal solid support and confidence among writers.

5) Bank Nifty Call Options Data

• Max Call OI: 60,000 strike
• Next: 59,000 & 59,500 strikes

Max Call Writing:

• 59,500 strike → +1.69 lakh
• 59,400 strike → +1.66 lakh
• 59,300 strike → +48,440

Call Unwinding:

• 58,500 strike → –2.52 lakh
• 59,000 strike → –1.56 lakh
• 59,100 strike → –1.23 lakh

Interpretation:
Heavy writing at 59,300–59,500 signals short-term resistance.

6) Bank Nifty Put Options Data

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

Max Put Writing:

• 59,300 strike → +2.73 lakh
• 59,500 strike → +2.43 lakh
• 59,400 strike → +2.03 lakh

Put Unwinding:

• 58,500 strike → –2.21 lakh
• 58,400 strike → –1.79 lakh
• 57,800 strike → –1.25 lakh

Interpretation:
Strong base is forming at 58,500–59,000.

8) Put-Call Ratio (PCR)

• PCR: 1.44 (highest since Sept 2024)

Interpretation:
PCR above 1.4 reflects heavy Put selling, signalling deep bullish sentiment — though markets may see short-term overextension.

9) India VIX

• VIX: 12.14 (+1.36%)

Despite a mild rise, VIX remains well below the 13 zone, keeping the larger trend stable for bulls.

Summary by Dhwani Patel

• Nifty support: 26,050 – 26,100
• Nifty resistance: 26,280 – 26,350
• Bank Nifty support: 59,100 – 59,180
• Bank Nifty resistance: 59,500 – 59,620
• Market tone: Strong bullish continuation
• Strategy:
  • Buy-on-dips remains effective
  • Watch for small profit-booking at higher levels
  • Upside extension likely if Nifty sustains above 26,250

Disclosure & Disclaimer

Dhwani Patel (SEBI Registration No: INH200008608) is a SEBI-registered Research Analyst.
All views are for educational purposes only. This is not investment advice. Please consult your financial advisor before trading.