LET THE MARKET TELL WHO WE ARE

  Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...

  Nifty Update (CMP: 24,439) After a strong opening rally, Nifty hit a high of 24,589 but then faced sharp selling pressure, dropping to a low of 24,305. It is currently hovering near the 24,400 zone, which has acted as a recent consolidation area. Technical Outlook: As long as Nifty holds above 24,300, there remains potential for an upward move toward the 24,700–24,800 levels. However, the 24,850 zone is expected to act as a strong resistance, with possible selling pressure near that area. Immediate support lies at 24,305, followed by 24,190. A break below 24,190 may negate the bullish momentum created by today’s early rally. Options Data Analysis: Call Side: 24,500 CE has the highest open interest (OI) at 80.52 lakh contracts with 9.58 crore volume and 54.5 lakh OI addition, indicating strong resistance. 25,600 CE also saw significant activity with 8.13 crore volume and 46.93 lakh OI addition. Put Side: 24,500 PE recorded 8.84 crore volume and 29.55 lakh OI additi...

Nifty Index Nifty is currently trading around 21,870, continuing its downward trajectory since hitting an all-time high of 26,277.35. The recent rebound of 1,915 points from 21,964.60 to 23,879.60 was short-lived, as the index faced strong resistance near the reaction high of 23,807.30 (recorded on 5th February 2025), and has since resumed its decline. Today’s session opened with a steep 5% gap down at 21,758.40, breaching the previous low of 21,964.60 made on 4th March. While there was a recovery attempt due to bargain hunting and possible support around the 21,800 level, Nifty failed to sustain above the critical psychological mark of 22,000 and started slipping again. Derivatives and Open Interest (OI) Analysis The options data reflects significant uncertainty, with OI spread widely across multiple strikes — a sign of increased volatility. On the Put side, strong writing is visible at the 21,000 and 20,650 levels, suggesting potential support zones. Meanwhile, Call writing is con...