Can Nifty Extend Its Recovery Above 24,500 On Expiry Day?

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Can Nifty Extend Its Recovery Above 24,500 On Expiry Day?

Nifty staged a strong recovery from intraday lows and managed to close above the crucial 24,400 zone. While derivatives data continues to reflect caution, technical charts indicate that buyers are actively defending lower levels. Expiry day is likely to be driven by the battle between resistance near 24,500–24,600 and support around 24,275–24,400.

Nifty technical outlook

Nifty found support near the 20-day EMA and formed a recovery structure that helped the index close above 24,400. The latest chart setup suggests that the recent Hammer candle remains active, indicating buying interest at lower levels.

Key Nifty Levels

Support Zone: 24,360 – 24,400
Strong Support: 24,275
Resistance: 24,500 – 24,600
Bullish Breakout Zone: Above 24,600
Upside Target: 24,700+

A sustained move above 24,600 can strengthen bullish momentum and attract fresh buying. Failure to hold above 24,275 could expose the index to another round of selling pressure.

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Bank Nifty showing relative strength

Bank Nifty continues to outperform the broader market. The index formed a bullish engulfing pattern and successfully defended support levels near the 57,500 area.

Bank Nifty Levels

Support: 57,500 – 57,000
Resistance: 58,200
Breakout Target: 58,500+

A decisive move above 58,200 could provide additional support to the broader market and improve sentiment across financial stocks.

Options data and expiry-day sentiment

Options Snapshot

Highest Call OI: 24,500 CE
Highest Put OI: 24,000 PE
PCR: 0.75
Max Pain: 24,400
VWAP Range: 24,275 – 24,595

The options market continues to show a cautious undertone. Higher call writing compared to put writing suggests traders remain defensive despite the recent recovery. The low PCR reading of 0.75 indicates that market participants are not yet fully convinced about a sustained upside breakout.

Institutional activity

Institutional Flows

FIIs: Net Sellers ₹1,002.50 Crore
DIIs: Net Buyers ₹5,841.66 Crore

Domestic institutions provided strong support to the market and absorbed foreign selling. However, FII positioning in index futures remains cautious, indicating that global participants are still not aggressively bullish.

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Stocks likely to remain in focus

Positive Bias

• HAL
• Bharti Airtel
• Polycab
• Laurus Labs
• Adani Energy Solutions
• NALCO
• Hindalco
• TD Power Systems
• Gokaldas Exports
• Landmark Cars
• Manappuram Finance
• Zydus Lifesciences
Cautious / Negative Bias

• PI Industries
• Delta Corp
• Senco Gold
• GCPL
• Dr Agarwal's Health
• Tenneco

Investor takeaway

Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that Nifty remains trapped between strong support near 24,275 and resistance around 24,600. A breakout beyond this range is likely to determine the next directional move. Traders should remain stock-specific and avoid excessive leverage during expiry-day volatility.

The combination of supportive technical charts and cautious derivatives positioning suggests a balanced market setup. Until Nifty decisively crosses 24,600 or breaks below 24,275, range-bound trading with stock-specific opportunities may continue.

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SEBI Disclaimer: Investments in securities markets are subject to market risks. Read all related documents carefully before investing. The views expressed are for educational and informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.

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