The immediate support is placed at 54,300 – Samco

Nifty Relief Move Fades at 22,620; 22,500 Strike in Focus

 Om Mehra, Technical Research Analyst, SAMCO Securities

 Nifty ended the session at 22,620.45, down 0.42%, forming a bearish candle that opened near the previous close. The previous session had formed a Hammer at 22,716.20, hinting at a possible relief move, but the close back below that candle’s body negates the signal and shows sellers back in control. Nifty remains below its 9 EMA, keeping the broader structure weak.

The RSI has slipped to 25, and it remains in the oversold zone. The advance-decline ratio stayed balanced through the session.

India VIX is placed at 13.49, hovering around the 13-15 zone.

In the Derivatives segment, the PCR stands at 0.65, reflecting a Call-heavy setup. Fresh Call writing dominated the session, with Call OI adding 6.57 Cr against just 2.87 Cr in fresh Put additions. The bulk of the new Call OI came in at the 22,700 and 22,800 strikes, showing traders positioning for the upside to stay capped, while the 22,500 strike saw the most meaningful Put addition, marking it as the strike option writers are now defending as support.

The immediate support is placed at 22,500. On the upside, 22,800 remains the key resistance, followed by 22,950. Selling on rallies remains preferred until the index reclaims 22,820 on a closing basis.

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 Nifty Bank ended the session at 54,633.05, up 0.69%, forming a candle with a long upper wick after rallying to an intraday high of 55,135.50, close to the 38.2% retracement of the recent decline. The index gave up gains to close well off the highs, though it managed to hold above the 50% retracement support at 54,330. Nifty Bank remains below its 9 EMA at 55,553, keeping the broader structure weak despite the bounce.

The RSI is placed at 34, showing only a modest rebound.

In the Derivatives segment, the PCR stands at 0.87, reflecting a fairly balanced setup with a mild Put tilt. Both Call and Put OI are heavily stacked at the 55,000 strike, with fresh Put additions there (1.19 lakh) outpacing fresh Call writing (0.85 lakh), marking it as the key level overhead. On the downside, the 54,500 strike saw the most meaningful Put addition (0.66 lakh), highlighting it as the level option writers are now defending as support.

The immediate support is placed at 54,300, followed by 54,100. On the upside, 55,000 remains the key resistance, followed by 55,200.

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