Nifty - Daily - OI- 25250 is support and resistance -25,082
The Nifty 50 chart you've shared along with the Open Interest (OI) analysis highlights key aspects of the market. Here's a breakdown based on the chart:
### **Nifty 50 Index Analysis**:
- **Fibonacci Levels**:
- The chart shows a Fibonacci retracement with important levels.
- **0.236 (25,719.65)**: Nifty recently corrected after hitting resistance around this level.
- **0.382 (25,367.50)** and **0.5 (25,082.90)**: These levels represent potential support areas in case the index sees further downside.
- The **0.618 (24,798.30)** level could act as stronger support if the correction deepens.
- **Volume**: The increase in red bars indicates significant selling pressure, aligning with the recent decline in Nifty.
- **Relative Strength Index (RSI)**: The RSI shows a bearish divergence and is sloping downwards from a high point. This suggests weakening momentum in the short term, potentially indicating further correction.
### **Open Interest Analysis**:
- **Open Interest (OI) Distribution**:
- Call OI at 25,250 indicates resistance around this level.
- The highest **Put OI** is seen around 25,250, indicating strong support.
- A Put Call Ratio (PCR) of **1.12** suggests more puts than calls, which is a moderately bullish signal for the index, though Nifty has seen a significant drop of **2.12%**.
This combination of technical analysis and OI data suggests that while there may be further selling pressure or consolidation around current levels, the 25,250 mark could act as a crucial support level. If this level holds, we may see a rebound in the coming sessions, but breaking below could lead to a deeper correction.
### **Nifty 50 Index Analysis**:
- **Fibonacci Levels**:
- The chart shows a Fibonacci retracement with important levels.
- **0.236 (25,719.65)**: Nifty recently corrected after hitting resistance around this level.
- **0.382 (25,367.50)** and **0.5 (25,082.90)**: These levels represent potential support areas in case the index sees further downside.
- The **0.618 (24,798.30)** level could act as stronger support if the correction deepens.
- **Volume**: The increase in red bars indicates significant selling pressure, aligning with the recent decline in Nifty.
- **Relative Strength Index (RSI)**: The RSI shows a bearish divergence and is sloping downwards from a high point. This suggests weakening momentum in the short term, potentially indicating further correction.
### **Open Interest Analysis**:
- **Open Interest (OI) Distribution**:
- Call OI at 25,250 indicates resistance around this level.
- The highest **Put OI** is seen around 25,250, indicating strong support.
- A Put Call Ratio (PCR) of **1.12** suggests more puts than calls, which is a moderately bullish signal for the index, though Nifty has seen a significant drop of **2.12%**.
This combination of technical analysis and OI data suggests that while there may be further selling pressure or consolidation around current levels, the 25,250 mark could act as a crucial support level. If this level holds, we may see a rebound in the coming sessions, but breaking below could lead to a deeper correction.
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