Derivatives strategy by SAMCO Securities

by Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities

🕗 Last Update: 13 April 2026, 9.00 PM for 15 April 2026 Trading

Nifty rebounds from lower levels; 23,500–24,200 range to dictate next move

Nifty index witnessed a strong intraday recovery after a gap-down start, reclaiming the 23,800 mark and sustaining above it, indicating buying interest at lower levels and reinforcing 23,500 as a key make-or-break support. Technically, the immediate pivot is placed near the 0.382 Fibonacci retracement (23,770–23,750); holding above this zone keeps the recovery structure intact, while a breach may invite renewed downside pressure. On the upside, the index continues to face resistance near the 0.50 retracement around 24,260, which aligns with the 50-DEMA, making it a strong supply zone.

Momentum remains stable with RSI hovering around the 50 mark, reflecting a neutral undertone with slight positive bias.

From the derivatives perspective, PCR stands at 1.09, indicating a mildly bullish stance. The options data shows put writing concentrated at 23,800–23,500, strengthening the support base, while call writing near 24,000–24,200 is capping the upside.

India VIX remains elevated near the 20 zone, indicating persistent uncertainty and likelihood of continued volatility. However, the inability of VIX to spike sharply suggests that panic selling is limited and dips are being bought.

The index is now forming a wider trading range, and as long as it sustains within this band, range-bound strategies are likely to dominate, with a decisive move beyond 24,200 or below 23,500 setting the next directional bias.

Nifty Bank shows resilience; reclaim of 50-DEMA at 56,250 key for next move

Nifty Bank index witnessed a swift recovery from a gap-down opening, reclaiming the 55,500 zone, reflecting buying interest at lower levels.

However, the index closed at 55,605.05, down 307.70 points (-0.55%), indicating mild profit booking near resistance. Structurally, the 54,500–54,400 zone remains a strong support base, aligning with the 0.382 Fibonacci retracement and 20-DEMA, making it a critical demand area. On the upside, the index is facing resistance near the 0.50 Fibonacci retracement around 55,800. A sustained move above this level, along with reclaiming the 50-DEMA placed near 56,250, is essential to confirm strength and trigger further upside momentum.

Momentum indicators are improving with RSI holding above 50, indicating a gradual shift toward a positive bias. From the derivatives perspective, PCR stands near 0.92, suggesting a neutral stance. The options data shows call writing around 56,000–56,500, capping the upside, while the Put writing near 55,000–54,500 continues to provide support. Going ahead, buy-on-dips remain favorable above 54,400, while a decisive move above 55,800–56,250 could open the path for a stronger recovery; failure to do so may keep the index in a range-bound phase.

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