Can Nifty Hold Above 23,725 As Bears Retain Control?
Market Recap
The benchmark index opened weak and remained under selling pressure throughout the trading session. While broader markets showed relative strength, large-cap financial stocks dragged the index lower. Institutional activity remained mixed, with FIIs emerging as net sellers while DIIs provided strong support through consistent buying.
FIIs: Net Sellers ₹123.19 Crore
DIIs: Net Buyers ₹1,349.64 Crore
Option Chain Analysis
Options data continues to indicate a cautious market structure. The highest Call Open Interest remains concentrated at the 24,000 strike while the strongest Put support is visible at the 23,500 strike. This creates a broad trading band and suggests that traders are expecting resistance near higher levels.
PCR: 0.65
Max Pain: 23,750
VWAP Range: 23,575 – 23,840
Highest Call OI: 24,000 Strike
Highest Put OI: 23,500 Strike
Technical Levels For 09 September 2026
The immediate support zone for Nifty remains at 23,725. As long as the index manages to sustain above this level, short-covering rallies towards higher resistance levels cannot be ruled out. However, a decisive break below support may trigger another round of selling pressure.
23,725
23,606
23,450
23,830 – 23,890
23,930 – 23,980
24,060
Sectoral View
Pharma and Media sectors displayed relative strength, whereas Private Banks and Financial Services remained the key laggards. Continued weakness in banking stocks could keep pressure on benchmark indices despite resilience in midcaps and select defensive sectors.
A move above 23,830–23,890 may improve sentiment and open the door towards 23,980 and 24,060. Conversely, a sustained break below 23,725 may drag Nifty towards 23,606 and potentially 23,450.
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that the options market continues to reflect caution with PCR below 1 and heavy Call writing near 24,000. Traders should closely monitor the 23,725 support zone, as the next directional move is likely to emerge from a breakout or breakdown around current levels.
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Written by Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
