Indian markets experienced mixed action in the previous session, with both benchmark indices displaying pockets of volatility. While major moving averages remained supportive, momentum indicators continued to show signs of weakness, hinting at a cautious undertone for the near term.

Here’s the full breakdown of Nifty, Bank Nifty, options data, PCR, and India VIX to help traders prepare for today’s session.

Setup 1 — Nifty 50: Key Resistance & Support Levels

Nifty Close: 25,986

🔸 Resistance (Pivot Points):

• R1: 26,048
• R2: 26,090
• R3: 26,157

🔸 Support (Pivot Points):

• S1: 25,914
• S2: 25,873
• S3: 25,806

Market Outlook

Nifty formed a small bearish candle with upper and lower wicks, resembling a high-wave or Doji-type pattern, capturing the tug-of-war between buyers and sellers. This candlestick typically reflects indecision and elevated intraday volatility.

Despite the weakness, the index still held above the 20-day and 50-day EMAs as well as the midline of the Bollinger Bands, showing structural support.

🔍 Technical Indicators

• RSI: 53.56 → momentum cooling
• Stochastic RSI: Bearish crossover → lack of strength
• MACD: Bearish crossover; histogram below zero → persistent weakness
• Bollinger Midline: Holding above it provides minor support

💡 Interpretation

Momentum indicators continue to weaken, suggesting caution. Consolidation or mild corrective moves may persist unless buyers show strength around the support levels.

Setup 2 — Bank Nifty: Key Resistance & Support Levels

Bank Nifty Close: 59,348

🔸 Resistance (Pivot Points):

• R1: 59,416
• R2: 59,532
• R3: 59,719

🔸 Support (Pivot Points):

• S1: 59,043
• S2: 58,927
• S3: 58,740

🔸 Fibonacci Levels

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

Market Outlook

Bank Nifty dipped below the 59,000 mark during the session but recovered sharply, closing 74 points higher. The index formed a bullish candle with a long lower shadow, indicating solid buying demand at lower levels.

The index continues to trade comfortably above all major moving averages and above the Bollinger midline, which reinforces near-term stability.

🔍 Technical Indicators

• RSI: Rose to 62.62, though still below the key reference line
• Stochastic RSI: Bearish crossover → limiting upside momentum
• MACD: Bearish, with a slightly weakening histogram
• Volumes: Above average → genuine buying interest seen

💡 Interpretation

Bank Nifty shows early signs of resilience, but indicators still suggest consolidation. Upside moves may remain capped unless the index breaks past major resistance zones.

Setup 3 — Nifty Options Data (Weekly Expiry)

📌 Call Side

• Max Call OI: 26,000 strike (94.33 lakh) → strong resistance
• Followed by:
  • 26,500 strike: 93.89 lakh
  • 26,200 strike: 89.22 lakh

Call Writing (Fresh Additions):

• 26,000 strike: +52.09 lakh
• 26,500 strike: +35.95 lakh
• 26,100 strike: +31.10 lakh

👉 Almost no meaningful Call unwinding across 25,400–26,900 strikes → consistent overhead supply.

📌 Put Side

• Max Put OI: 25,500 strike (89.1 lakh) → strong support
• Followed by:
  • 26,000 strike: 69.27 lakh
  • 25,900 strike: 60.5 lakh

Put Writing:

• 25,900 strike: +32.92 lakh
• 25,500 strike: +25.37 lakh
• 25,950 strike: +22.7 lakh

Put Unwinding:

• 26,200 strike: –8.89 lakh
• 26,150 strike: –3.53 lakh
• 26,050 strike: –3.36 lakh

👉 Strong Put writing near 25,500–25,900 indicates firm support zones.

Setup 4 — Bank Nifty Options Data (Monthly Expiry)

📌 Call Side

• Max Call OI: 60,000 strike (12.98 lakh) → major resistance
• Followed by:
  • 59,500 strike: 10.07 lakh
  • 58,500 strike: 9.26 lakh

Call Writing:

• 59,500 strike: +4.4 lakh
• 59,000 strike: +59,010
• 60,500 strike: +40,320

Call Unwinding:

• 58,500 strike: –3.64 lakh
• 60,000 strike: –49,805
• 60,600 strike: –14,140

📌 Put Side

• Max Put OI: 58,500 strike (13.48 lakh) → strong support
• Followed by:
  • 59,500 strike: 12.73 lakh
  • 59,000 strike: 12.59 lakh

Put Writing:

• 59,500 strike: +5.78
• 59,000 strike: +75,670
• 59,100 strike: +54,425

Put Unwinding:

• 58,500 strike: –7.55 lakh
• 60,000 strike: –99,680
• 59,700 strike: –58,520

👉 Put writers are shifting focus toward 59,000–59,500, signaling firm intermediate support.

Put-Call Ratio (PCR)

• Current PCR: 0.85
• Previous Session: 0.94

📌 Interpretation:

A falling PCR indicates rising Call writing pressure relative to Puts. This shift signals a slightly bearish to neutral sentiment for the near term.

If PCR drops near 0.7 or below, bearishness tends to intensify.

India VIX

• India VIX: 11.21 (–0.13%)

The volatility index remains well below all moving averages, showing suppressed volatility and continued comfort for bulls.

A low VIX generally supports range-bound trading with limited downside risk.

Summary for Traders (Quick View)

• Nifty shows indecision and weakening momentum → expect consolidation.
• Bank Nifty recovered well but indicators still hint at range-bound action.
• Strong resistance levels:
  • Nifty: 26,000–26,090
  • Bank Nifty: 59,500–59,700
• Strong support zones:
  • Nifty: 25,900–25,800
  • Bank Nifty: 59,000–58,500
• Options data indicates tight range movement unless major breakouts occur.
• India VIX remains low → stable environment for traders.

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.