The market is scheduled to be closed on January 22, 2024, in observance of the 'Pran Pratishtha' ceremony for the Ram Temple in Ayodhya.
The Nifty's pivot point calculator suggests potential support levels at 21,586, 21,564, and 21,527, while resistance may be encountered at 21,631, 21,682, and 21,718. Conversely, the Bank Nifty rebounded above 46,000 but faced selling pressure, resulting in a 12-point decline to 45,701, forming a bearish candlestick pattern. The Bank Nifty is expected to find support at 45,572, 45,409, and 45,145 levels, with resistance anticipated at 45,765, 46,264, and 46,528 levels. Analysts predict a consolidation between 46,500 and 45,500, warning of a potential decline if the 45,500 support is breached. Weekly options data reveals maximum Call open interest at the 22,500 strike, acting as a key resistance level for the Nifty. Call writing is notable at the 22,500 strike, with significant unwinding at the 21,400 strike. On the Put side, the 20,500 strike holds the maximum open interest, providing crucial support, while Put writing is observed at the 21,600, 21,500, and 20,500 strikes. Noteworthy Put unwinding occurs at the 21,100, 21,200, and 21,400 strikes. The market outlook suggests a nuanced interplay of support and resistance levels, with attention on key strike prices in both Call and Put options.
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