Nifty and Bank Nifty performance, key levels, and market direction

Trade Setup: The Nifty 50 index ended the day with a marginal gain of 0.1% ahead of the expiry of the monthly futures and options (F&O) contracts on December 26. The market witnessed rangebound trading for the third consecutive day. Nifty traded in a tight range between 23,850 (200-day SMA) and 23,650-23,700 (200-day EMA). According to experts, Nifty can get a clear direction if this range is broken.

Key levels for Nifty 50

• Pivot Point Based Support Levels:
• Pivot Point Based Resistance Levels:

Daily Chart Pattern:
Nifty continued to rise on the daily chart inside bar pattern Made, which is a signal of rangebound trading.

• Nifty remained below the 10, 20, 50, and 100-day EMA, although it closed slightly above the 200-day EMA.
• RSI: 38.8 (negative trend).
• MACD: Below the zero line, indicates recession.

Key levels for Bank Nifty

• Pivot Point Based Resistance:
• Pivot Point Based Support:
• Fibonacci Retracement Based Resistance:
• Fibonacci Retracement Based Support:

Daily Chart Pattern:
Bank Nifty has gained one position on the daily chart. Bearish Candlestick Pattern Created, which reflects volatility and rangebound trading.

• Attempted to cross 100-day EMA intraday, but failed.
• RSI: At 40, bearish signal.
• MACD: Below the zero line.

Nifty and Bank Nifty Option Data

Nifty Call Option Data:

• Maximum Call Open Interest at Rs 24,000 strike: 46.92 lakh contracts
  • This will be an important resistance level for Nifty in the coming sessions.

Nifty Put Option Data:

• Maximum Put Open Interest at Rs 23,800 Strike: 45.26 lakh contracts
  • This will be an important support level for Nifty.

Bank Nifty Call Option Data:

• Maximum Call Open Interest at Rs 52,000 strike: 10.58 lakh contracts
  • This will be an important resistance level for Bank Nifty.

Bank Nifty Put Option Data:

• Maximum Put Open Interest at Rs 51,500 Strike: 8.12 lakh contracts
  • This will be an important support level for Bank Nifty.

Other important figures

India VIX:

• fear index increased by 6.51% and this 14.03 But reached.
  • It is still below the caution level, indicating some relief in the market.

Put-Call Ratio (PCR):

• PCR on 26 December: 0.89
  • In the last session it was 0.94.
  • Below 0.7: Recession signal.
  • Above 0.7: Bullish signal.

F&O Restricted Stock:

• New Restricted Stocks: nobody
• Stocks removed from ban: RBL Bank