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Index of forward looking volatility can thus be termed as risk index. Higher the index, higher will be the possibility of downward move and higher will be the risk of loss.
The weekly options data also suggested that 24,400 is expected to be the immediate support for the Nifty 50, with 24,300 as the next level to watch, and immediate resistance located in the 24,500–24,600 zone.
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According to experts, after a sharp sell-off, a relief rally can be possible, but the sustainability of the same is key to watch. If the index decisively breaks 24,400 (upward sloping support trendline), then 24,260 (200-day EMA) is the level to watch. However, 24,600–24,700 can be a possible resistance on the higher side.
A rebound may be possible after the severe sell-off, but sustainability is the level to watch given the bearish sentiment. Below are some short-term trading ideas to consider.
If the correction widens further, 24,400 and 24,340 are the levels to watch. However, in case the Nifty 50 rebounds, the 100-day EMA, and 24,700 level could act as possible resistances, according to experts.
The weekly options data suggested that 24,000 is expected to be a crucial support for the Nifty 50, with resistance at 24,700–24,800 levels.
Overall, the bearish sentiment may prevail, and any bounce back may face selling pressure. Below are some short-term trading ideas to consider.
If the Nifty 50 fails to defend the 100-day EMA (24,635) in the upcoming sessions, a fall toward the August low (24,337) can’t be ruled out. However, staying above it can raise hopes for a fresh leg of upside toward 24,900–25,000 after likely consolidation, experts said.
If the Nifty 50 decisively breaks the 100-day EMA support, the selling could drag it down toward 24,500. However, consistently defending this level could lead to some consolidation, followed by a short-covering rally toward the 24,900–25,000 zone, according to experts.
Overall, the technical setup appears weak, but with the monthly August expiry approaching, any positive trigger could spark a strong short-covering rally in the Nifty 50, said Centrum’s Nilesh Jain.
According to experts, if the Nifty 50 decisively breaks the 100-day EMA, a further correction towards 24,340 (August low) cannot be ruled out in the coming sessions. However, in case of a rebound or the index finding support at Tuesday’s low, the level to watch would be 24,850, which marks the confluence of the 10, 20, and 50-day EMAs.
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Until the Nifty 50 stays below 25,150, consolidation and rangebound trading may continue, with immediate support at 24,850. Below this level, bears may become strongly active and drive the index down to 24,700.
The market is likely to consolidate further until it decisively gets back above last Thursday's high. Below are some short-term trading ideas to consider.
According to experts, as long as the Nifty 50 stays above 24,850 (support), a gradual upside toward 25,000 (immediate hurdle) is possible, followed by a move toward the 25,150–25,250 resistance zone in the upcoming sessions. However, a decisive fall below the 24,850 support level could open the door for a decline toward 24,700.
Monthly options data suggest that the 25,000 level is likely to be crucial for determining the next directional move in the short term.
If the Nifty 50 decisively falls below this level, 24,700 could be the next downside target. On the higher side, 25,000 is expected to be immediate resistance. A move above this level could lead to a test of last week’s high of 25,150.
The market is expected to remain rangebound until the frontline indices reclaim and sustain above last week's high. Below are some short-term trading ideas to consider.
If the Nifty 50 rebounds, the 25,000 level is the one to watch, followed by 25,150 as a crucial hurdle. However, immediate support is placed at 24,850 (Friday’s low), as a break below this level may lead bears into the bullish gap area of August 18, according to experts.
Given technical confirmations, Nifty Auto is well-positioned to continue its outperformance in the short term, barring any major market-wide disruptions, said Sudeep Shah of SBI Securities.
An analogy of Options will help to get the help to trade better in range bound market.
Overall, the Nifty 50 remain in the broad trading range with strong under-currents and will eventually move past the crucial resistance zone of 25,000-25,150 in the coming days, says Milan Vaishnav of Gemstone Equity.
This monthly options data suggests that 25,000 is likely to be the immediate resistance for the Nifty 50, with 24,800 acting as immediate support.
The 25,160 level is expected to act as immediate resistance for the Nifty 50, as above it, all eyes will be on 25,250, which can give more strength to bulls, while the support is placed at 25,000 and then 24,850, experts said.
