Global Markets Eye Higher Oil Prices Amid Strait of Hormuz Tensions Ahead of Friday's Trading Session

Market Update: Nifty 50 and Bank Nifty

Key Statistics

• Nifty 50: Closed at 23,581 on March 17, up 0.74% from the previous session.
• Bank Nifty: Closed at 54,876 on March 17, up 0.56% from the previous session.

Market Conditions

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The relief rally continued for a second consecutive session, with the Nifty 50 and Bank Nifty showing signs of recovery. However, market conditions remain cautious, with the Nifty 50 sustaining below all key moving averages and forming a lower high–lower low structure. Experts suggest that the Nifty 50 needs to close and sustain above the 23,600–23,700 levels in the next few sessions for a move toward the 23,800–24,000 zone.

Key Levels

• Nifty 50: Resistance based on pivot points: 23,647, 23,720, and 23,838. Support based on pivot points: 23,410, 23,336, and 23,218.
• Bank Nifty: Resistance based on pivot points: 54,999, 55,207, and 55,545. Support based on pivot points: 54,324, 54,116, and 53,779.

Option Data

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• Nifty Call Options: Maximum Call open interest at the 24,000 strike (36.34 lakh contracts). Maximum Call writing at the 24,000 strike (17.39 lakh contracts).
• Nifty Put Options: Maximum Put open interest at the 23,000 strike (41.35 lakh contracts). Maximum Put writing at the 23,000 strike (21.72 lakh contracts).
• Bank Nifty Call Options: Maximum Call open interest at the 56,000 strike (7.75 lakh contracts). Maximum Call writing at the 54,900 strike (63,450 contracts).