Global Markets Prepare for Volatility as Iran Tensions and Elevated Oil Prices Loom Ahead of Opening Bell

Nifty 50 and Bank Nifty Market Analysis

Key Market Indicators

• Nifty 50: Bounced back with a 1.8% rally after a day of sharp correction, following a five-day pause in attacks on Iran's energy infrastructure by the US.
• Market Trend: Bears remain in favor unless the Nifty 50 convincingly moves back above the 24,000 zone.
• Resistance: Immediate resistance at 23,000-23,100.
• Support: Immediate support at 22,700-22,600.

Technical Analysis

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• Nifty 50: Formed a small-bodied bullish candle with upper and lower shadows on the daily timeframe, indicating uncertainty among market participants.
• Moving Averages: All key moving averages are sloping downward, with the 100-day EMA on the verge of breaking below the 200-day EMA.
• RSI: Climbed above the reference line to 34.08 but remains below the 40 level.
• MACD: Continues to sustain below the signal and zero lines, with the histogram showing fading weakness.

Options Data

• Nifty 50 Call Options:

• Maximum Call open interest at the 23,500 strike (52.64 lakh contracts).
• Maximum Call writing at the 23,000 strike (15.94 lakh contracts).

• Nifty 50 Put Options:

• Maximum Put open interest at the 23,000 strike (49.7 lakh contracts).
• Maximum Put writing at the 23,000 strike (18.98 lakh contracts).

• Bank Nifty Call Options:

• Maximum Call open interest at the 54,000 strike (6.35 lakh contracts).
• Maximum Call writing at the 52,600 strike (1.45 lakh contracts).

• Bank Nifty Put Options:

• Maximum Put open interest at the 52,000 strike (5.55 lakh contracts).
• Maximum Put writing at the 52,500 strike (1.18 lakh contracts).