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

First step towards becoming Financial Independent...

Success is not getting a highest paying job but success is when you get enough free time for yourself you can do whatever you want you can go wherever you want to go without concerning about your job and effecting your lifestyle. Generally people waste their early age in preparing for govt. Jobs and they put their energy and time for preparing job but among those only few people get the govt. Jobs and rest stay jobless with wasted time of 3 to 5 years of their graduation and mostly spend their life jobless or with mediocre salary. In India people In their early age after graduation don't have much pressure from family for earning and they usually use this time to prepare for competitive exams for job and take some courses and among them only few people get job and rest remains jobless and then they keep blaming the system for their unemployment. Let's take an example to understand magic of starting earning and saving in early age. Because in ea...

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions.

BANK NIFTY - NIFTY RATIO PLAY

Sometimes, in unfavorable circumstances it becomes bit difficult to take a directional view on entire market or on a particular asset. But in financial markets we have seamless opportunities even at the times when your systems are not able to take a directional view on an asset or when fundamental and technical are not streamlined. Ratio trading is one of those opportunities. In past we suggested a ratio trade in gold and silver while gold silver ratio was at 120 and today this ratio stands at 76. Means people who traded this opportunity could bought 120 kg of silver by selling 1kg gold and now they can buy 1kg of gold just by selling 77 kg silver means this opportunity has earned you 43kg silver. Today again I am back with my analysis on BANK NIFTY and NIFTY ratio. Current Bank nifty- Nifty ratio stands at 1.94. Areas of 1.90 has served as good support for this ratio since 2012. However, this ratio has hit 1.62 during 2013 but was not able to spend much time in that territory and ...

LET THE MARKET TELL WHO WE ARE

Search This Blog