Markets to Watch: Key Developments Ahead of February 24 Opening Bell

Nifty 50 and Bank Nifty Market Update

Market Overview

The Nifty 50 index started the week on a positive note, closing nearly 6% higher on February 23. The benchmark index climbed above all key moving averages, but sustainability remains a key factor to watch from here.

Key Levels

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

• Nifty 50:

• Resistance: 25,760, 25,798, and 25,860
• Support: 25,636, 25,598, and 25,536

• Bank Nifty:

• Resistance: 61,457, 61,572, and 61,759
• Support: 61,084, 60,968, and 60,782

Technical Analysis

• Nifty 50 formed a small-bodied bullish candle with upper and lower shadows on the daily charts, indicating indecision between bulls and bears.
• Bank Nifty formed a bullish candle with an upper shadow on the daily charts and maintained a higher high–higher low structure, indicating a positive trend despite pressure at higher levels.

Options Data

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

• Nifty Call Options:

• Maximum Call open interest: 26,000 strike (1.77 crore contracts)
• Maximum Call writing: 26,000 strike (35.8 lakh contracts)

• Nifty Put Options:

• Maximum Put open interest: 25,500 strike (1.19 crore contracts)
• Maximum Put writing: 25,700 strike (59.25 lakh contracts)

• Bank Nifty Call Options:

• Maximum Call open interest: 62,000 strike (10.82 lakh contracts)
• Maximum Call writing: 61,400 strike (3.58 lakh contracts)

• Bank Nifty Put Options:

• Maximum Put open interest: 60,000 strike (13.19 lakh contracts)
• Maximum Put writing: 61,000 strike (2.4 lakh contracts)