The Nifty 50 closed lower after rangebound trading, erasing all of its previous day's gains by falling 83 points on May 30, the first day of the June series. The daily trading volume was the highest since June 4, 2024. The index has consistently defended the 24,700–24,650 range on a closing basis, which is expected to be a key immediate support zone. A decisive close below this zone could drag the index down to 24,500–24,450. On the flip side, 24,900 is likely to act as the immediate key resistance zone, and a move above this level could take the index toward the 25,000 mark. Overall, according to experts, the index is likely to remain in the 24,500–25,000 range in the short term.
Here are 15 data points we have collated to help you spot profitable trades:
1) Key Levels For The Nifty 50 (24,751)
Resistance based on pivot points: 24,833, 24,868, and 24,924
Support based on pivot points: 24,721, 24,687, and 24,631
Special Formation: The Nifty 50 formed a bearish candle with minor upper and lower shadows on the daily charts, indicating weakness amid rangebound trading. It also resembled an Inside Bar-type pattern. Although it remained within the previous day's range, it sustained above the midline of the Bollinger Bands. The MACD maintained a negative crossover with a weak histogram, though it remained well above the zero line. Meanwhile, the RSI stood at 55.52, exhibiting a negative crossover.
2) Key Levels For The Bank Nifty (55,750)
Resistance based on pivot points: 55,814, 55,922, and 56,097
Support based on pivot points: 55,465, 55,358, and 55,183
Resistance based on Fibonacci retracement: 57,711, 63,896
Support based on Fibonacci retracement: 54,116, 52,891
Special Formation: The Bank Nifty outperformed the benchmark Nifty 50 and formed a bullish candle with a minor upper shadow and a long lower shadow on the daily charts, accompanied by above-average volumes, indicating buying interest at lower levels. The index consistently faced resistance in the 55,800–55,900 range while defending the 10-day EMA. A move above this level could lead to a breakout and possibly a new leg of upmove, along with record highs. The RSI, at 61.82, with a positive crossover, suggests a further uptrend in the index. The MACD remained well above the zero line, although it showed a negative crossover.
According to the weekly options data, the 25,500 strike holds the maximum Call open interest (with 78.84 lakh contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 25,000 strike (75.97 lakh contracts), and the 24,800 strike (74.57 lakh contracts).
Maximum Call writing was observed at the 25,500 strike, which saw an addition of 38.39 lakh contracts, followed by the 24,800 and 25,700 strikes, which added 33.94 lakh and 23.65 lakh contracts, respectively. There was hardly any Call unwinding seen in the 23,900-25,850 strike band.
On the Put side, the maximum Put open interest was seen at the 24,000 strike (with 56.68 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 24,800 strike (46.56 lakh contracts) and the 24,400 strike (42.37 lakh contracts).
The maximum Put writing was placed at the 24,400 strike, which saw an addition of 19.51 lakh contracts, followed by the 24,000 and 23,900 strikes, which added 18.96 lakh and 17.46 lakh contracts, respectively. The Put unwinding was seen at the 25,000 strike, which shed 17,400 contracts, followed by the 25,500 and 25,600 strikes which shed 12,750 and 11,025 contracts, respectively.
5) Bank Nifty Call Options Data
According to the monthly options data, the 56,000 strike holds the maximum Call open interest, with 19.18 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 57,000 strike (6.62 lakh contracts) and the 55,000 strike (6.41 lakh contracts).
Maximum Call writing was visible at the 58,000 strike (with the addition of 1.36 lakh contracts), followed by the 56,000 strike (1.34 lakh contracts), and the 57,000 strike (86,460 contracts). The maximum Call unwinding was seen at the 55,400 strike, which shed 9,600 contracts, followed by the 55,200 and 55,300 strikes, which shed 8,550 and 7,380 contracts, respectively.
6) Bank Nifty Put Options Data
On the Put side, the maximum Put open interest was seen at the 56,000 strike (with 15.02 lakh contracts), which can act as a key level for the index. This was followed by the 55,000 strike (9.88 lakh contracts) and the 55,500 strike (5.47 lakh contracts).
The maximum Put writing was observed at the 56,000 strike (which added 1.69 lakh contracts), followed by the 55,500 strike (1.35 lakh contracts) and the 55,000 strike (1.33 lakh contracts). There was hardly any Put unwinding seen in the 54,100-58,000 strike band.
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.77 on May 30, from 0.86 in the previous session.
The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.
9) India VIX
The India VIX, the fear gauge, turned more favourable for bulls as it has been consistently falling for the last three consecutive sessions. It declined by 2.09 percent to 16.08, the lowest level since April 23.
A long build-up was seen in 33 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.
11) Long Unwinding (57 Stocks)
57 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.
12) Short Build-up (104 Stocks)
104 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.
13) Short-Covering (22 Stocks)
22 stocks saw short-covering, meaning a decrease in OI, along with a price increase.
Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.
Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.
Stocks added to F&O ban: Manappuram Finance
Stocks retained in F&O ban: Nil
Stocks removed from F&O ban: Nil
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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