Nifty Key Levels Today
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Open: 22,536.35, High: 22,577.4, Low: 22,329.55, Close: 22,470
Market Performance & Price Action
Today’s market exhibited excellent price action, offering opportunities for both PE and CE traders.
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In the first half, PE traders capitalized on the falling market.
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In the second half, CE traders saw substantial profits as the market rebounded.
The day began with a small gap-up opening, hitting the day’s high within the first 5 minutes. However, the initial 5-minute candle formed a spinning top, indicating indecision, followed by a strong decline. The bearish momentum continued until Nifty touched 22,330, where reversal signals emerged on both the 5-minute and 15-minute charts. A bullish engulfing pattern marked the turnaround, leading to a recovery and a closing level of 22,470. Intraday trading is not that easy, It needs strong psychology too. Check The Chart below for Reference.
During the decline, bears seemed to dominate and threatened to break the 22,314 support, but bulls took charge near 22,330. If you closely analyzed the market, a perfect ‘W’ pattern was visible at the reversal point—an ideal setup for CE side trades.
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What to Expect Tomorrow?
With bulls showing strength and 22,330 acting as a solid support, the market has the potential to move higher. However, as tomorrow marks the weekly expiry, the trend may not be straightforward.
💡 Key Trading Tip: Monitor the first hour of price action and consider trading a breakout from the first-hour candle’s high or low.
Technical Analysis
Nifty’s intraday structure remains bullish, with key support and resistance levels playing a crucial role.
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Over the past two days, we anticipated 22,800 once 22,600 was breached. However, each day’s high is now acting as a resistance, and lows as support.
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Critical Resistance Levels: If Nifty sustains above 22,600, doors to 23,000-23,150 will open.
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Support Levels: Observe price reactions near 22,314 and 22,330—potential areas for a CE trade setup.
Open Interest (OI) Analysis
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Resistance: 22,600 (CE OI – 1.12 Cr)
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While 22,500 CE OI has over 1 Cr, the highest OI at 22,600 makes it a crucial resistance.
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Support: 22,300 (PE OI – 98.35 Lakh)
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Additionally, 22,400 PE OI at 80 Lakh suggests another strong support level.
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🔍 OI Reduction Across Strike Prices: A decrease in OI across both PE and CE sides suggests uncertainty among sellers. This indicates that tomorrow’s expiry could be highly volatile and trending.
Sectoral Performance
📉 Top Losing Sectors:
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IT (-2.91%) led the decline, followed by Realty (-1.65%).
📈 Top Gaining Sectors:
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Private Banks (+0.73%) recorded the highest gains.
📊 Detailed sector-wise performance is provided in the chart below.
FII & DII Activity
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💰 Foreign Institutional Investors (FII): –1610.67 Cr (Sell)
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💰 Domestic Institutional Investors (DII): +1510.35Cr (Buy)
Key Learning from Today’s Market
📌 Markets don’t always follow one trend. While trading with the trend is crucial, identifying reversal signs is equally important. A trader must always watch for trend exhaustion and reversal signals.
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