Indian equity markets ended the previous session on a mixed note as selling pressure emerged at higher levels. Despite intraday weakness, the broader trend remains intact, supported by strong positioning above key moving averages.

Below is a detailed breakdown of Nifty 50, Bank Nifty, options data, VIX, and market sentiment, curated by Dhwani Patel, SEBI Registered Research Analyst.

Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 26,068

Resistance (Pivot Points):

• R1: 26,148
• R2: 26,178
• R3: 26,227

Support (Pivot Points):

• S1: 26,051
• S2: 26,021
• S3: 25,973

Market View

The Nifty 50 formed a bearish candle with an upper shadow on the daily timeframe, reflecting selling pressure at higher zones. Volumes were lower compared to the previous session, indicating mild profit-booking rather than aggressive selling.

Despite the intraday pullback:

• The index remains well above all key moving averages
• Short- and medium-term averages continue to slope upward
• Bollinger Bands show slight expansion, signaling broader trend strength

Indicators:

• RSI: 62, stays above 60 with a positive crossover
• MACD: Positive crossover; histogram above zero
• Stochastic RSI: Holds positive bias

Outlook:
Momentum remains supportive, though traders should stay cautious near resistance zones due to overhead selling pressure.

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 58,868

Resistance (Pivot Points):

• R1: 59,131
• R2: 59,227
• R3: 59,383

Support (Pivot Points):

• S1: 58,818
• S2: 58,722
• S3: 58,566

Fibonacci Levels:

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

Market View

The Bank Nifty formed a bearish candle after developing a Spinning Top–like structure in the previous session. The index slipped 0.8 percent but still traded comfortably above key moving averages and the central Bollinger Band.

Indicators:

• RSI: 63.68, above 60 but showing a negative crossover
• Stochastic RSI: Bearish crossover
• MACD: Above the reference line but slightly declining

Outlook:
Momentum has slowed, but the broader trend remains intact. Consolidation may continue before a directional move emerges.

Setup 3 — Nifty Options Data (Monthly Expiry)

Call Side

• Max OI: 26,500 strike (1.37 crore contracts) → Strong resistance
• Next: 26,200 strike, 26,100 strike

Max Call Writing:

• 26,100 strike → 52.05 lakh added
• 26,200 strike → 48.47 lakh added
• 26,150 strike → 37.73 lakh added

Max Call Unwinding:

• 26,850 strike → 2.46 lakh shed
• 25,500 and 25,700 strikes also saw unwinding

Put Side

• Max OI: 26,000 strike (1.10 crore contracts) → Major support
• Next: 25,700 strike, 25,900 strike

Max Put Writing:

• 25,700 strike → 7.76 lakh added
• 26,500 strike → 3.11 lakh added
• 25,750 strike → 1.47 lakh added

Max Put Unwinding:

• 26,200 strike → 40.03 lakh shed
• 26,000 strike → 37.79 lakh shed
• 25,900 strike → 36.94 lakh shed

📌 Interpretation:
Strong support at 26,000; resistance building near 26,100–26,200.

Setup 4 — Bank Nifty Options Data (Monthly Expiry)

Call Side

• Max OI: 60,000 strike → Key resistance
• Next: 59,000 & 59,500 strikes

Max Call Writing:

• 59,000 strike → 5.33 lakh added
• 59,200 strike → 4.65 lakh
• 59,100 strike → 3.72 lakh

Max Call Unwinding:

• 58,500 strike → 1.64 lakh shed
• 58,000 & 58,200 strikes saw additional unwinding

Put Side

• Max OI: 57,000 strike → Strong downside support
• Next: 58,000 & 58,500 strikes

Max Put Writing:

• 58,400 strike → 2.08 lakh added
• 57,500 strike → 56,490 added
• 58,800 strike → 53,760 added

Max Put Unwinding:

• 59,000 strike → 4.67 lakh shed
• 58,000 & 59,300 saw further unwinding

📌 Interpretation:
Support remains steady around 57,000–58,000, but rising call writing indicates overhead supply near 59,000.

Put-Call Ratio (PCR)

• Current PCR: 1.03
• Down from 1.44 in previous session

📌 Meaning:
PCR cooling indicates reduced put writing and an increase in call writing—reflecting mild caution after aggressive bullishness.

India VIX

• India VIX jumped 12.32% to 13.63
• Now above all key moving averages
• Highest level in five months

📌 Interpretation:
Volatility risk has increased significantly. A sustained rise beyond 15 could trigger stronger market nervousness.

Summary by Dhwani Patel

• Nifty & Bank Nifty remain above critical moving averages
• Momentum is intact, but selling pressure at higher levels is visible
• Options data shows strong support at 26,000 (Nifty) and 57,000–58,000 (Bank Nifty)
• Rising VIX demands caution

📌 Strategy:
Focus on stock-specific trades, keep stop-losses tight, and avoid chasing breakouts until volatility cools.

Disclaimer

Dhwani Patel (SEBI Registration No. INH200006608) is a SEBI-registered Research Analyst.
This report is for educational and informational purposes only and should not be considered investment advice.
Trading involves market risks; consult your financial advisor before acting on any recommendations.