Derivatives strategy by SAMCO Securities

by Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities

🕗 Last Update: 15 April 2026, 9.00 PM for 16 April 2026 Trading

Nifty forms equilibrium near 24,200; break -out above 24,260 crucial for momentum

Nifty index witnessed a strong gap-up opening and managed to hold above the 24,200 mark, but traded in a narrow range thereafter, reflecting a pause after the sharp recovery. The index closed at 24,231.30, up 388.65 points (+1.63%), while leaving behind a notable unfilled gap near 24,000–23,900, which now acts as immediate support.

Technically, 24,200 is emerging as an equilibrium zone, where buyers and sellers are finding balance. The index is currently hovering near the 0.50 Fibonacci retracement around 24,260, which remains a critical resistance. A sustained move above this level could trigger further upside toward 24,500, while inability to cross may keep the index in a consolidation phase. The 50-DEMA continues to act as an overhead barrier, reinforcing this resistance cluster.

Momentum indicators remain supportive with RSI holding above 50, indicating a positive undertone. From the derivatives perspective, PCR stands near 1.12, suggesting a mildly bullish bias. The options data shows call writing around 24,300–24,500, capping the upside, while put writing near 24,000–23,800 is strengthening the support base. India VIX has cooled toward the 18–19 zone, indicating volatility is easing and it supports the stability in the near term.

Going ahead, as long as the index sustains above the 24,000–23,900 gap support, buy-on-dips remains favourable, while a decisive breakout above 24,260 could open the gates for a move toward 24,500.

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Nifty Bank sustains higher ground; 57,000 breakout to unlock fresh upside

Nifty Bank index witnessed a strong gap-up opening and sustained above the 56,000 mark, followed by a narrow range session, indicating consolidation after the recent recovery. The index closed at 56,301.95, up 696.90 points (+1.25%), while leaving behind a notable unfilled gap near 55,800–56,000, which now acts as immediate support.

Technically, the index has closed above the 0.50 Fibonacci retracement near 55,800, which now turns into a key support zone. Holding above this level keeps the bullish structure intact, while the next hurdle is placed near 57,000. The 50-DEMA is now positioned below current price, acting as an intermediate support, strengthening the near-term trend structure.

Momentum indicators remain constructive with RSI sustaining above 50, indicating improving strength. From the derivatives perspective, PCR stands near 0.91, suggesting a balanced-to-slightly positive stance. The options setup highlights call writing around 57,000–57,500, capping the upside, while put writing near 56,000–55,500 is providing a solid support base.

Going ahead, sustaining above 55,800 keeps buy-on-dips strategy favourable, while a decisive breakout above 57,000 could extend the ongoing recovery toward higher levels.

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