Market Update

Nifty 50

• The Nifty 50 rose 0.83% on March 18, marking its third consecutive day in positive territory.
• The index gained 3.5% from its recent low, supported by improving momentum and a falling VIX.
• Despite the recovery, lower tops and lower bottoms persist, with momentum indicators signaling caution.
• Key resistance levels: 23,846, 23,903, and 23,997 based on pivot points.
• Key support levels: 23,660, 23,602, and 23,509 based on pivot points.

Technical Analysis

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• The Nifty 50 formed a bullish candle with a minor upper shadow, indicating a positive bias.
• The index closed above the previous high and held above the golden ratio (61.8% Fibonacci retracement level) for the second straight session.
• Momentum indicators, including the RSI (37.04) and MACD, still signal caution.
• The index trades below all key moving averages, which continue to slope downward.

Bank Nifty

• The Bank Nifty rose 0.82% and formed a bullish candle with minor upper and lower shadows on the daily charts.
• The index remained above the 50% Fibonacci retracement level for another session, but trading volumes have been declining.
• Key moving averages continue to slope downward, with the 20-day EMA on the verge of falling below the 200-day EMA.

Options Data

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• Nifty Call Options:

• Maximum Call open interest: 24,500 strike (43.88 lakh contracts).
• Maximum Call writing: 23,800 strike (17.69 lakh contracts).

• Nifty Put Options:

• Maximum Put open interest: 23,000 strike (54.98 lakh contracts).
• Maximum Put writing: 23,700 strike (30.45 lakh contracts).

• Bank Nifty Call Options:

• Maximum Call open interest: 56,000 strike (7.7 lakh contracts).
• Maximum Call writing: 55,500 strike (75,960 contracts).