Consolidation ahead of expiry as markets pause near resistance

 Good morning, all 👋

The market saw a muted session on Tuesday as traders remained cautious ahead of the weekly expiry.
✅ Nifty ended at 24335, up just 0.03%
✅ Bank Nifty closed at 55391, down 0.07%

Nifty opened strong but met resistance at higher levels, especially near the 24400–24500 zone, and later moved into a tight consolidation range.

NIFTY Analysis

• The index managed a flat close, but with visible fatigue near 24400–24500

• Option data indicates heavy call writing at 24400 and 24500 — strong supply zones forming

• Despite a higher open, the price struggled to break past resistance levels convincingly

OI & PCR Data:

Image from Sensibull

• PCR: 0.68 around ATM, 0.8 overall → Neutral

• OI in Nifty Futures: Up by 1.38% → Short Buildup

Key Levels:

• Support: 24200

• Resistance: 24400 and 24500

View: Neutral to Slightly Bearish

Shorts are building at higher levels ahead of expiry. The bias suggests that Nifty might struggle to close above 24400 today.

BANK NIFTY Analysis

• Bank Nifty slipped slightly but didn't show significant weakness

• The broader structure remains intact, but traders are unwinding long positions cautiously

OI Data:

• OI in Bank Nifty Futures: Down by -4.09% → Long Unwinding

Key Levels:

• Support: 54500

• Resistance: 56000

View: Neutral

Longs are exiting, and there’s no aggressive fresh buildup yet. Watch for cues above 56000 to regain momentum.

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📅 Note: Today is the weekly expiry for Nifty, and markets will be closed tomorrow (May 1) due to Maharashtra Day. Expect expiry-day volatility, especially in the second half.

Let’s see what happens in the market today 🔥