Nifty Holds Firm Above Key 24,000 Support
Derivatives Analysis Report
Nifty Extends Winning Streak, Holds Firm Above Key 24,000 Support
Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities
Nifty continued its positive momentum and closed at 24,085.70, gaining 96.55 points (+0.40%). The index extended its advance for the fourth consecutive session and managed to sustain above the psychologically important 24,000 mark. Despite witnessing some intraday profit booking near higher levels, the index maintained its positive bias and closed firmly above key short-term support zones, reflecting steady buying interest.
From a technical perspective, Nifty is currently trading above the immediate resistance zone of 24,000–23,900, which has now turned into a crucial support area. However, the index continues to trade below its 100-DEMA placed near 24,465, making this moving average the next major hurdle for the ongoing recovery. The recent price action suggests that the market is gradually attempting to build a base above 24,000, but a decisive move beyond the 100-DEMA would be required to strengthen the medium-term trend and trigger a broader upside extension.
Momentum indicators have improved considerably over the last few sessions. The Daily RSI has risen to 60.87, the sharp improvement in RSI from lower levels suggests increasing participation on the long side, while the absence of any negative divergence keeps the near-term undertone constructive.
The derivatives setup also points towards a balanced-to-positive undertone. The option chain shows a strong concentration of Put Open Interest at 24,000 strike, highlighting aggressive put writing and making it an important support base for the current series. Notably, the 24,500 strike has emerged as a significant zone where both Call Open Interest are substantial, indicating that market participants are positioning this level as an important reference point for the ongoing expiry cycle. The Put-Call Ratio (PCR) stands at 1.0736, indicating a relatively balanced derivatives structure with a slight positive bias. Overall, Nifty's ability to sustain above 24,000, improving momentum readings, supportive derivatives positioning and continued accumulation near support levels indicate that the short-term bias remains positive.
Going forward, 24,000–24,020 is likely to act as an immediate support zone, while 24,300–24,500 remains the key resistance band. A decisive move above the 100-DEMA and the 24,500 zone could strengthen the recovery and pave the way for a move towards higher levels in the coming sessions.
Nifty Bank is now testing an important resistance cluster around 57,600–58,000
Nifty Bank extended its gaining streak for the fifth consecutive session and closed at 57,585.05, up 287.90 points or 0.50%. The index continued to witness buying interest and remained firmly above the 57,000 breakout zone, reflecting sustained strength in the banking space. Although the index ended with gains, it approached a crucial resistance zone around 57,600–57,700, where some supplies emerged during the session.
Technically, Nifty Bank is trading comfortably above its 200-DEMA placed near 56,140, highlighting a strong underlying trend. More importantly, the index has maintained higher highs and higher lows over the last several sessions and is now testing an important resistance cluster around 57,600–58,000. A decisive move above this zone could pave the way for an extension towards 58,650, which coincides with a significant swing resistance visible on the daily chart.
Momentum indicators remain supportive of the ongoing uptrend. The daily RSI has risen to 69.15 and continues to trade above its moving average of 54.38, indicating strong bullish momentum
Derivatives data also reflects a constructive undertone. On the options front, the highest Put Open Interest is concentrated at the 56,000 strike, followed by 57,000, indicating that option writers continue to defend lower levels aggressively. On the Call side, significant Open Interest is visible at 58,000 and 59,000 strikes, making this zone the immediate hurdle for the index. The Put-Call Ratio stands at 1.087.
The price structure, momentum setup and derivatives positioning collectively suggest that the broader bias remains positive. As long as Nifty Bank sustains above the 57,000–57,100 zone, the undertone is likely to remain constructive. On the upside, 57,600–58,000 remains the immediate resistance band, while a decisive breakout could trigger an extension towards 58,650 in the coming sessions.
