Nifty Struggles Near 24,500: Key Resistance and Support Levels to Watch

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 addition.
- 24,400 PE saw 7.75 crore volume with the highest OI on the put side at 55.88 lakh contracts, with 32.37 lakh OI addition.

These figures suggest a likely trading range between 24,400 and 24,500 in the short term. The rejection from the 24,580 level and current trade below the highest OI call strike reflect emerging bearish sentiment. Sustained trading below 24,400 could lead to a quick drop toward 24,300–24,200, with 24,200–24,180 acting as strong intraday support.

Conclusion:

The 24,500–24,600 zone remains a key resistance, and bulls need to push above 24,600 to regain control. Until then, the broader market may remain range-bound between 23,800 and 24,500.

Comments

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