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Nifty 50 Trades Below Key Moving Averages, Bears in Control
The Nifty 50 ended a range-bound session with a marginal loss for the second consecutive session, defending the 23,100 level on June 11. The index continues to trade below all key moving averages, sustaining a lower high–lower low formation, while momentum indicators signal sideways action.
Key Levels for Nifty 50
49m ago
| Resistance | Support |
|---|
| 23,285 | 23,090 |
| 23,345 | 23,029 |
| 23,442 | 22,932 |
The 23,400–23,500 zone is expected to remain a key resistance area for the benchmark Nifty 50, as a convincing move above it could open the door for a sharp rally. However, immediate support is placed in the 23,050–23,000 range, which has held firm so far this week. A break below this zone could bring bears back into action, according to experts.
Nifty 50 Technical Indicators
The Nifty 50 formed a small-bodied bullish candle with a long upper shadow on the daily charts, indicating pressure at higher levels. Bears remained in control, with the index trading below all key moving averages while sustaining near the lower Bollinger Band. The RSI declined to 37.86, while the MACD remained below the signal line, with the red histogram bar shrinking further. All these indicators suggest continued weakness, although the reduction in the histogram bar points to easing downside momentum.
Bank Nifty Trades Above Key Moving Averages
The Bank Nifty bounced back with gains of 0.14 percent and sustained above its 20-day and 50-day EMAs while forming a bullish candle with an upper shadow on the daily timeframe, signalling a positive trend despite pressure at higher levels. The index also remained above the 38.2 percent Fibonacci retracement level of the April rally for the third consecutive session. The RSI remained flat at 55.24 and stayed above the signal line, while the MACD maintained a bullish crossover with an expanding green histogram bar. All these indicators suggest that the broader trend remains positive despite near-term resistance.
Key Levels for Bank Nifty
| Resistance | Support |
|---|---|
| 55,500 | 54,853 |
| 55,700 | 54,653 |
| 56,024 | 54,330 |
| 55,824 | 54,581 |
| 57,215 | 53,694 |
Nifty Call Options Data
The maximum Call open interest was seen at the 23,500 strike (with 72.2 lakh contracts). This level can act as a key resistance level for the Nifty in the short term. Maximum Call writing was observed at the 23,600 strike, which saw an addition of 29.73 lakh contracts, followed by the 23,200 and 23,700 strikes.
| Strike Price | Call Open Interest | Call Writing |
|---|---|---|
| 23,500 | 72.2 lakh | - |
| 23,200 | 64.35 lakh | 27.33 lakh |
| 23,600 | 64.12 lakh | 29.73 lakh |
| 23,900 | - | -6.44 lakh |
Nifty Put Options Data
The 23,000 strike holds the maximum Put open interest (with 70.37 lakh contracts), which can act as a key support level for the Nifty in the short term. Maximum Put writing was placed at the 23,100 strike, which saw an addition of 26.12 lakh contracts.
| Strike Price | Put Open Interest | Put Writing |
|---|---|---|
| 23,000 | 70.37 lakh | 24.03 lakh |
| 22,500 | 70.04 lakh | - |
| 23,200 | 59.4 lakh | 18.35 lakh |
Bank Nifty Call Options Data
The maximum Call open interest was seen at the 54,000 strike, with 9.88 lakh contracts. Maximum Call writing was observed at the 55,200 strike (with the addition of 53,670 contracts).
| Strike Price | Call Open Interest | Call Writing |
|---|---|---|
| 54,000 | 9.88 lakh | - |
| 56,000 | 9.54 lakh | - |
| 55,000 | 8.85 lakh | - |
Bank Nifty Put Options Data
The 54,000 strike holds the maximum Put open interest (with 13.83 lakh contracts), which can act as a key support level for the index in the short term. Maximum Put writing was placed at the 54,500 strike (which added 25,080 contracts).
| Strike Price | Put Open Interest | Put Writing |
|---|---|---|
| 54,000 | 13.83 lakh | - |
| 55,000 | 8.55 lakh | - |
| 55,500 | 5.6 lakh | - |
India VIX Declines, Bears in Control
India VIX, the fear index, declined 0.13 percent to 15.61 and remained below all key moving averages, signalling a reduction in market uncertainty. A fall below, and sustained trade under, the 15 level is necessary for bulls to regain momentum.
Funds Flow
| Date | Funds Flow (Rs crore) |
|---|---|
| June 11 | - |
Put-Call Ratio
The Nifty Put-Call ratio (PCR) rose to 0.99 on June 11, from 0.93 compared to the previous session.
Long Build-up, Long Unwinding, Short Build-up, and Short-Covering
A long build-up was seen in 27 stocks, while 44 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding. 120 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions. 24 stocks saw short-covering, meaning a decrease in OI, along with a price increase.
High Delivery Trades
Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.
Stocks Under F&O Ban
Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit. Kaynes Technology India was retained in the F&O ban list.
| Stock | Status |
|---|---|
| Kaynes Technology India | Retained |
Investors should be cautious and wait for a convincing move above the 23,400–23,500 zone before entering long positions.
