Bulls Charge Ahead, But Key Hurdles Remain

 In the last trading session, Indian markets witnessed a sharp rebound, with bulls firmly in control

After a series of choppy sessions, both Nifty and Bank Nifty showed strong upward momentum — but critical resistance levels still lie ahead.

 NIFTY 50: Momentum With Caution

• Nifty 50 closed the day at 22828, up by 1.92%.

• The index formed a bullish candle on the daily chart, signaling buying interest, but resistance around the 23000 mark still holds.

• The price action indicates optimism, but confirmation above key levels is needed for sustained follow-through.

Open Interest & PCR:

• Futures OI fell by 1.03% → This indicates short covering, where traders are exiting their bearish positions.

• Put-Call Ratio (PCR):

  • Overall and around ATM stands at 0.8 → A neutral zone 

Key Technical Levels:

• Immediate Support: 22800

• Resistance Zone: 23000

View on Nifty: The structure is cautiously bullish.

If Nifty sustains above the 23000 zone, it could pave the way for fresh highs. However, traders should wait for a decisive breakout before going aggressive on long positions.

BANK NIFTY: Bulls Gain Strength

• Bank Nifty closed at 51002, up by 1.52%.

• It formed a strong bullish candle, reflecting continued buying interest, especially in private sector banks.

• Momentum looks stronger here compared to Nifty — but a major resistance is just ahead.

Open Interest Insights:

• Bank Nifty Futures OI rose by 2.66% → Indicating a Long Buildup
  This shows traders are creating fresh long positions anticipating further gains.

Key Technical Levels:

• Support Zone: 50500

• Resistance Zone: 51200

View: The combination of strong price action and long buildup in OI paints a bullish picture.

A sustained move above 51200 will likely confirm the continuation of the rally. Until then, position sizing should remain prudent.

The broader sentiment is positive, but key resistance levels are still intact. With strong participation from banking stocks and short-covering in Nifty, markets may attempt a breakout — but confirmation is essential before going heavy on the long side.

👉 Let’s see what happens in the market today.