Short term trend bearish – Samco

Nifty Support and Resistance Levels

The 23,100–23,150 range has emerged as Nifty’s immediate support zone, while 23,300–23,400 remains the first major hurdle. A sustained breakout above this resistance band could improve short-term momentum and open the path towards 23,590–23,670.

Conversely, a decisive break below 23,100 would weaken the ongoing stabilisation attempt and bring 23,061 into focus.

What Does Nifty RSI Indicate?

Nifty’s RSI stands at 29.95, below its RSI average of 33.93 and well below the neutral level of 50. This places the index firmly in the oversold zone.

The oversold RSI creates room for a technical bounce. However, an oversold indicator alone does not confirm a trend reversal. Nifty must sustain above the 23,300–23,400 resistance zone for the recovery to gain credibility.

Nifty Option-Chain Analysis

The derivatives setup remains balanced but cautious. The put-call ratio stands at 0.95, with total Call open interest of 14.79 crore contracts and Put open interest of 14.72 crore contracts.

Put positioning around 23,000–23,200 provides a downside cushion. However, heavy Call open interest above the current market level continues to restrict immediate upside.

Nifty Outlook

Nifty is attempting to stabilise after its recent decline, but the overall bias remains cautious below 23,400–23,500. A decisive breakout above this zone could strengthen the recovery structure and encourage short covering.

Failure to hold the 23,100–23,150 support zone could invite renewed selling pressure, with 23,061 emerging as the next important level.

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Nifty Bank Struggles Below 200-DEMA; Weak Momentum Keeps Outlook Cautious

Nifty Bank closed 236.70 points, or 0.42%, lower at 56,055.75. The index surrendered part of the previous session’s recovery and continued to encounter selling pressure at higher levels.

Nifty Bank remains below its 200-DEMA of 56,786.85, keeping the broader technical structure weak. Immediate support is placed around 56,050. A decisive break below this level could extend the decline towards 55,480.

Nifty Bank Support and Resistance Levels

What Does Nifty Bank RSI Indicate?

Nifty Bank’s RSI stands at 38.49, below its RSI average of 43.62 and the neutral level of 50. The indicator, therefore, remains in bearish territory.

Although RSI has recovered from deeper oversold readings, it has not yet confirmed a decisive momentum reversal. A sustained move above the 200-DEMA would be necessary to establish stronger buying conviction.

Nifty Bank Option-Chain Analysis

The derivatives setup remains cautious. Total Call open interest stands at 1.78 crore contracts, compared with Put open interest of 1.47 crore contracts. The put-call ratio of 0.82 reflects comparatively heavier Call-side positioning.

Significant Call concentration across 57,000–58,000 creates a strong overhead supply zone. Put positioning around 56,000 offers near-term support. A sustained hold above 56,000 could help Nifty Bank consolidate before attempting another recovery.

Nifty Bank Outlook

Nifty Bank remains vulnerable below the 56,785–57,000 resistance zone. Sustained buying above this region would be required to trigger meaningful short covering and improve the technical structure.

On the downside, a decisive break below 56,050 would strengthen the bearish setup and expose the next support near 55,480.