Market Prediction: Support Resistance – On Friday, the market opened with a strong gap-up and managed to hold above 24,000 for the first 15 minutes.
But very soon, weakness kicked in, and Nifty slipped below the 24,000 mark within the first hour. Although the hourly candle managed a close above 24,000, selling pressure continued, dragging Nifty to a low of 23,849.
A shooting star pattern formed on hourly chart — signaling a reversal — and Nifty bounced back towards 24,100.
Traders witnessed a highly volatile day, while investors faced a 2-3% dent in their portfolios.
Almost all sectors ended in red, and only 5 stocks from Nifty 50 managed to close with gains above 0.25%.
The panic was clearly visible, with INDIA VIX spiking over 5%, now comfortably sitting above 17.
Option premiums shot up sharply, making hedging extremely important in such an environment.
In today’s blog, we decode the action with data, price action, and expert insights —
Let’s dive straight into it!
Table of Contents
Market Overview – A Pause Before the Action
🔍 Nifty 50 Snapshot
| Open | High | Low | Close |
| 24,289.00 | 24,365.45 | 23,847.85 | 24,039.35 |
📊 Market Breadth (Nifty 50)
A very negative breadth today — clear sign of pressure across sectors.
| ADVANCED | FLAT (<0.25%) | DECLINES |
| 5 | 5 | 40 |
📈 Nifty Movers
| TOP GAINERS | GAIN % | TOP LOOSERS | LOSS % |
| SBILIFE | 5.15 % | SHRIRAMFIN | – 8.13 % |
| TECHM | 1.02 % | ADANIENT | – 3.95 % |
🏦 Nifty Sectoral Performance
- Overall bearish tone across sectors.
- Nifty IT was the only saving grace, closing with 0.5% gains.
- Sectors like PSU Banks, Pharma, and Realty faced heavy selling, falling over -2%.
- India VIX jumped by more than 5%, signaling fear returning to markets.
🔍 Technical Analysis – Is This Pause Significant?
Despite the selling, Nifty managed to close above 24,000, showing some resilience.
However, global cues are still negative, and technical indicators hint at more volatility ahead.
Key Levels:
- Support: 24,000 – 23,850
- Resistance: 24,150 – 24,365
RSI Analysis:
- Hourly Chart: RSI is rising from 35 to 42 — room till 60 if momentum builds up.
- Daily Time frame: RSI at 61 — still holding but heading downwards. 60 is an immediate support; if it breaks, 40 would be the next zone.
📊 Open Interest (OI) Data
- Max OI on Puts: 24,000 PE (~57 lakh contracts)
- Max OI on Calls: 24,200 CE (~50 lakh contracts)
- Overall, more Call writing seen above 24,200 — indicating upside hurdles ahead.
🧮 OI Build-Up:
| Index | PRICE % | OI % | BUILDUP |
| NIFTY | -0.86% | 2.98% | Short Buildup |
| BANK NIFTY | -0.97% | -6.46% | Long Unwinding |
| FINNIFTY | -1.02% | -0.78% | Long Unwinding |
- ➔ The build-up patterns suggest Bearishness in the market.
🌐 FII & DII Data (Updated)
FII : + 2,952 Cr. Buy in Cash
DII : + 3539 Cr. Buy in Cash
However, FII Index Options activity was highly negative:
- Index Options Sold: ₹59,300 Cr
- Out of this, ₹54,900 Cr selling was in Nifty Options — clearly signaling strong resistance on higher levels.
🧠 Market Prediction & Trade Plan
As per market experts and different news platforms:
- Longs should be protected with strict stoploss levels.
- Traders should remain cautious.
- Hedge all existing positions.
- Fresh shorts can be considered only if Nifty closes below 23,954 (according to EquityPandit report).
📘 Key Learning from Today’s Market
- Learn to trade volatility by Hedging positions smartly.
- Focus on Data + Price Action instead of emotions.
- Patience is the key when markets are swinging violently.
- Always keep an eye on VIX spikes and option premiums.
📣 What’s Your Take?
Do you think ******?
💬 Drop your thoughts in the comment section!