Indian equities witnessed heightened volatility in the previous session as both benchmark indices showed signs of short-term weakness. Despite staying above major moving averages, technical indicators now signal possible consolidation or a mild corrective phase.

Here’s a complete breakdown of Nifty 50, Bank Nifty, options data, PCR, and India VIX to help you prepare for the trading day.

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🔹 Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 26,032

🔸 Resistance (Pivot Points):

• R1: 26,121
• R2: 26,158
• R3: 26,218

🔸 Support (Pivot Points):

• S1: 26,002
• S2: 25,965
• S3: 25,905

Market View

Nifty formed a bearish candle with both upper and lower wicks, highlighting weakness amid intraday swings. The index slipped below the 10-day EMA, though it still held above the 20-day, 50-day, and 200-day moving averages.

🔍 Technical Indicators

• RSI: Dropped to 55.43 with a negative crossover → indicates cooling momentum
• MACD: Turned bearish with histogram slipping below zero → trend weakening
• Bollinger Bands: Price held above midline → consolidation expected

💡 Interpretation

Short-term sentiment leans cautious. A consolidation phase or mild pullback cannot be ruled out unless strong buying emerges near support levels.

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 59,274

🔸 Resistance (Pivot Points):

• R1: 59,549
• R2: 59,644
• R3: 59,799

🔸 Support (Pivot Points):

• S1: 59,239
• S2: 59,144
• S3: 58,989

🔸 Fibonacci Levels

• Resistance: 59,442 and 60,847
• Support: 59,000 and 58,650

Market View

Bank Nifty extended its downtrend with a 0.7% decline on above-average volumes. A small bearish candle with a long upper shadow indicated consistent selling pressure at higher levels.

🔍 Technical Indicators

• RSI: Fell to 61.7 with a bearish crossover → momentum weakening
• MACD: Turned bearish, histogram dipped below zero → trend deterioration
• Volumes: Above average → selling pressure confirmed

💡 Interpretation

The index remains under pressure. Only a sharp recovery above resistance zones would shift momentum back in favor of bulls.

Setup 3 — Nifty Options Data (Weekly Expiry)

📌 Call Side

• Max Call OI: 27,000 strike (66.36 lakh) → major resistance
• Followed by:
  • 26,200 strike: 64.9 lakh
  • 26,300 strike: 58.27 lakh

Call Writing (Fresh Additions):

• 26,100 strike: +37.82 lakh
• 26,200 strike: +35.59 lakh
• 26,000 strike: +31.17 lakh

👉 Almost no major Call unwinding across the 25,500–27,000 range → indicates strong overhead resistance.

Put Side

• Max Put OI: 25,500 strike (63.72 lakh) → strong downside support
• Followed by:
  • 26,000 strike: 54.72 lakh
  • 25,800 strike: 45 lakh

Put Writing (Fresh Additions):

• 26,000 strike: +28.3 lakh
• 25,600 strike: +20.02 lakh
• 25,500 strike: +17.99 lakh

Put Unwinding:

• 26,300 strike: –6.86 lakh
• 26,600 strike: –66,075
• 26,500 strike: –64,125

👉 Strong Put writing at 26,000 indicates buyers are active near this zone.

Setup 4 — Bank Nifty Options Data (Monthly Expiry)

📌 Call Side

• Max Call OI: 60,000 strike (13.48 lakh) → heavy resistance
• Followed by:
  • 58,500 strike: 12.9 lakh
  • 61,000 strike: 7.15 lakh

Call Writing:

• 59,500 strike: +1.31 lakh
• 59,800 strike: +1.09 lakh
• 60,000 strike: +87,185

Call Unwinding:

• 58,000 strike: –13,440
• 60,300 strike: –3,920
• 58,900 strike: –3,535

Put Side

• Max Put OI: 58,500 strike (21.03 lakh) → strong support
• Followed by:
  • 59,000 strike: 11.83 lakh
  • 58,000 strike: 8.3 lakh

Put Writing:

• 59,400 strike: +25,340
• 58,100 strike: +14,175
• 59,800 strike: +13,580

Put Unwinding:

• 60,000 strike: –1.13 lakh
• 59,500 strike: –59,990
• 59,000 strike: –49,070

👉 Put writers are active at 59,000–58,500 zones, signalling support buildup.

Put-Call Ratio (PCR)

• Current PCR: 0.94
• Previous Session: 0.89

Meaning:

Rising PCR indicates more Put selling, reflecting strengthening bullish sentiment, although the reading is not overly stretched. Traders may anticipate range-bound movement with a positive bias.

India VIX

• India VIX: 11.23 (down 3.42%)

VIX staying below all key moving averages signals low volatility and comfort for bulls, supporting stability unless external triggers cause disruption.

Summary for Traders

• Nifty and Bank Nifty both show short-term weakness, but major supports are intact.
• Options data suggests overhead resistance near 26,100–26,300 for Nifty and 60,000 for Bank Nifty.
• Strong support zones exist at 26,000 for Nifty and 58,500–59,000 for Bank Nifty.
• Low VIX supports range-bound trading with occasional spikes.
• Traders should stay cautious near resistance and watch for pullbacks toward support.

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.