The Nifty 50 snapped its eight-day winning streak on September 15, closing 0.2 percent lower after trading within the previous day’s range. This appears to be a pause amid caution ahead of the FOMC interest rate decision due on Wednesday. However, the overall trend remains favourable for bulls as long as the index holds the 25,000–24,800 support zone. Technical and momentum indicators are still supportive of the ongoing uptrend. On the higher side, 25,150 is expected to be the immediate key hurdle. A decisive break above this level could open the door for a healthy upward move, according to experts.
Here are 15 data points we have collated to help you spot profitable trades:
1) Key Levels For The Nifty 50 (25,069)
Resistance based on pivot points: 25,120, 25,141, and 25,175
Support based on pivot points: 25,051, 25,030, and 24,996
Special Formation: The Nifty 50 formed a bearish candle with minor upper and lower shadows on the daily chart, indicating a rangebound session after failing once again to retest the August high. The index sustained well above all key moving averages, with positive crossovers of the 10-day and 20-day EMAs over the 50-day EMA. The MACD maintained a strong bullish crossover, with further strength visible in the histogram. The RSI tilted downward but continued to hold its positive crossover, closing at 59.01. All of this indicates that the underlying momentum remains positive, and the uptrend is still intact.
2) Key Levels For The Bank Nifty (54,888)
Resistance based on pivot points: 54,985, 55,035, and 55,116
Support based on pivot points: 54,824, 54,774, and 54,693
Resistance based on Fibonacci retracement: 55,132, 55,610
Support based on Fibonacci retracement: 54,418, 53,420
Special Formation: The Bank Nifty extended its upward trend for the ninth consecutive session, forming a Doji candlestick pattern on the daily timeframe. This suggests indecision among bulls and bears. Notably, the index climbed above the 100-day EMA for the first time since August 25, while also sustaining above the 10-day and 20-day EMAs. The RSI improved to 50.95, maintaining its bullish crossover. The MACD also showed a positive crossover, with continued strengthening of the histogram. All of this indicates improving momentum and trend strength in Bank Nifty.
According to the weekly options data, the 25,100 strike holds the maximum Call open interest (with 1.86 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 25,200 strike (1.56 crore contracts), and the 25,500 strike (1.36 crore contracts).
Maximum Call writing was observed at the 25,100 strike, which saw an addition of 1.04 crore contracts, followed by the 25,200 and 25,150 strikes, which added 56.22 lakh and 53.95 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,900 strike, which shed 3.69 lakh contracts, followed by the 24,800 and 25,650 strikes, which shed 3.3 lakh and 2.16 lakh contracts, respectively.
On the Put side, the maximum Put open interest was seen at the 25,000 strike (with 1.93 crore contracts), which can act as a key support level for the Nifty. It was followed by the 25,100 strike (1.53 crore contracts) and the 24,800 strike (1.23 crore contracts).
The maximum Put writing was placed at the 25,100 strike, which saw an addition of 29.44 lakh contracts, followed by the 25,050 and 24,800 strikes, which added 22.85 lakh and 20.43 lakh contracts, respectively. The maximum Put unwinding was seen at the 25,200 strike, which shed 11.07 lakh contracts, followed by the 24,500 and 24,400 strikes, which shed 8.47 lakh and 8.28 lakh contracts, respectively.
5) Bank Nifty Call Options Data
According to the monthly options data, the maximum Call open interest was seen at the 57,000 strike, with 17.71 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 56,000 strike (14.33 lakh contracts) and the 55,000 strike (13.84 lakh contracts).
Maximum Call writing was observed at the 56,000 strike (with the addition of 1.83 lakh contracts), followed by the 54,900 strike (80,955 contracts), and the 55,000 strike (66,885 contracts). The maximum Call unwinding was seen at the 57,000 strike, which shed 56,665 contracts, followed by 54,700 and 56,100 strikes, which shed 46,760 and 36,435 contracts, respectively.
6) Bank Nifty Put Options Data
On the Put side, the 54,000 strike holds the maximum Put open interest (with 13.42 lakh contracts), which can act as a key support level for the index. This was followed by the 55,000 strike (10.5 lakh contracts) and the 54,500 strike (9.77 lakh contracts).
The maximum Put writing was observed at the 54,900 strike (which added 93,065 contracts), followed by the 55,000 strike (83,580 contracts) and the 55,100 strike (56,070 contracts). The maximum Put winding was seen at the 57,000 strike, which shed 79,730 contracts, followed by the 54,000 and 54,400 strikes, which shed 43,085 and 19,985 contracts, respectively.
The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 1.08 on September 15, compared to 1.29 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, which measures expected market volatility, rebounded by 2.72 percent to 10.40, after declining for four consecutive sessions. Despite the uptick, it remains in the lower zone, which continues to favour bulls.
A long build-up was seen in 77 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.
11) Long Unwinding (23 Stocks)
23 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.
12) Short Build-up (58 Stocks)
58 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.
13) Short-Covering (55 Stocks)
55 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: Angel One
Stocks retained in F&O ban: HFCL, Oracle Financial Services Software, RBL Bank
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.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
