Derivatives strategy by SAMCO Securities

by Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities

🕗 Last Update: 16 April 2026, 9.00 PM for 17 April 2026 Trading

Nifty holds 24,100 support; 24,260 pivot remains key

Nifty index opened on a strong note above the key 0.50 Fibonacci retracement level near 24,260, but failed to sustain higher levels, witnessing profit booking through the session and ending on a subdued note at 24,196.75 (-0.14%). Despite the intraday pullback, the index managed to hold above the 24,100 mark, indicating that immediate support remains intact while the market continues to consolidate after the recent recovery.

Technically, 24,260 remains a crucial pivot zone; sustaining above this level is essential to trigger follow-through buying and extend the recovery towards higher resistance levels. On the downside, 24,100—aligned with today’s low—acts as a make-or-break support. A decisive break below this level could increase the likelihood of gap-filling in the near term towards the 0.382 Fibonacci support near 23,770–23,750, while as long as price sustains above the 50-DEMA positioned below current levels, it continues to provide intermediate support to the ongoing trend.

From the derivatives perspective, PCR stands near 0.86, indicating a neutral stance amid recent volatility. Option data suggests that call writing is clustered around 24,300–24,500, capping the upside, while put writing at 24,000–23,800 is offering immediate support, reinforcing a defined trading range. India VIX has cooled towards the 18 zone, reflecting some easing in volatility; however, the persistence of global uncertainties suggests that intermittent swings may continue.

Overall, the index appears to be in a consolidation phase, with 24,100 acting as a strong base and 24,260–24,300 as a key resistance band. A decisive breakout on either side is required to establish the next directional move.

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Nifty Bank holds key as range-bound bias persists
Nifty Bank index witnessed a strong gap-up opening and initially sustained above the 0.50 Fibonacci retracement level (55,800), but failed to hold higher levels as selling pressure emerged near the 200-DEMA placed around 56,700, leading to a sharp intraday pullback. The index eventually settled at 56,086.40 (-0.38%), indicating rejection from higher levels and lack of follow-through strength.

Technically, 55,800 (0.50 retracement) now emerges as a critical pivot; holding above this level keeps the short-term recovery structure intact, while failure to sustain may drag the index towards the 54,800–54,500 zone, aligned with the 0.382 Fibonacci support (54,433). On the upside, 56,700 (200-DEMA) remains a strong resistance barrier, and only a decisive move above this level can confirm strength and open room for further upside.

From the derivatives perspective, PCR stands near 0.84, reflecting a neutral to slightly cautious stance. Option data indicates call writing concentrated around 56,500–57,000, capping the upside, while put writing near 55,500–55,000 is providing immediate support. Overall, the index is witnessing a range-bound phase with a negative bias near higher levels, as rejection from the 200-DEMA suggests supply on rallies. Sustaining above 55,800 is key for continuation, while a break below may invite renewed selling pressure.

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