About This Analysis

Nifty recovered strongly after early selling pressure and closed near the day's high, reflecting buying interest at lower levels. The latest option chain data continues to indicate a positive undertone, with Put writers showing greater conviction than Call writers. Traders will now watch whether the index can maintain momentum within the projected trading range.

The trading session witnessed sharp volatility. Key observations:

• Nifty opened on a flat note before declining towards 24,200.
• Strong buying emerged at lower levels.
• The index recovered sharply and traded in a range for most of the session.
• Nifty closed near the day's high with a gain of approximately 0.28%.

The recovery suggests buyers remain active near important support levels.

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The option chain continues to reflect a constructive market structure. Key levels:

• Highest Call Open Interest: 24,600.
• Highest Put Open Interest: 24,000.
• Max Pain: 24,250.
• Put-Call Ratio (PCR): 1.29.

The relatively higher Put writing compared with Call writing indicates that option writers continue to maintain a mildly bullish outlook.

Based on the Volume Weighted Average Price (VWAP), the projected trading range for the next session is:

• Support Zone: 24,165.
• Resistance Zone: 24,395.

A sustained move outside this range could determine the next short-term directional trend.

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Top Performing Sectors

• Auto.
• Oil & Gas.

Weak Sectors

• Realty.
• Chemicals.

Institutional Activity

• FIIs were net buyers of ₹3,623.51 crore.
• DIIs were net sellers of ₹1,864.03 crore.

Positive foreign institutional buying continues to provide support to market sentiment.

Foreign institutional investors showed mixed positioning across index futures.

• Nifty Futures: +8,106 contracts.
• Bank Nifty Futures: -67 contracts.
• Fin Nifty Futures: -5 contracts.
• Midcap Nifty Futures: +173 contracts.
• Nifty Next 50 Futures: -1 contract.

The positive build-up in Nifty futures indicates comparatively stronger confidence in the broader benchmark.

Investor Takeaway

Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Registered Investment Adviser, observes that the option chain continues to favour a cautiously bullish bias. A PCR of 1.29, strong Put writing at 24,000 and positive FII cash buying indicate supportive market sentiment. Traders should closely monitor the VWAP range of 24,165–24,395 and the Max Pain level of 24,250. A decisive breakout above the upper range could strengthen bullish momentum, while a sustained move below support may trigger renewed selling pressure.

Read Free market insights at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.

Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.

Disclaimer: This article is based on option chain and market data provided by Kotak Securities and NSE. It is intended solely for educational and informational purposes and should not be construed as investment advice. Option data changes dynamically and traders should use appropriate risk management.