Doji on the Rise: Is the Nifty Rally Taking a Breather?

Good morning, traders and investors!

Markets cooled off slightly after a massive rally last week.

• Nifty closed at 24167, up by 0.17% and Bank Nifty ended at 55746, up by 0.62%

Let’s break it down 👇

NIFTY ANALYSIS

Nifty formed a Doji candle, signaling indecision.
As we highlighted in yesterday’s note, a pause or consolidation was likely after the index moved nearly 11% in just 7 sessions.

OI & PCR Data:

• OI of Nifty Futures declined by 3.19% → Short Covering

• PCR stands at 0.89 near ATM and 1.1 overall → Bullish

Key Levels to Watch:

• Support: 24000

• Resistance: 24200 and 24500

👉 View: Neutral to bullish
The Doji suggests a pause, but as long as 24000 holds, momentum can resume.

BANK NIFTY ANALYSIS

Bank Nifty made another new all-time high and continues to move within the upward trending channel we’ve tracked since April 16’s update.

• Now trading above the midline of the channel

• Momentum remains intact

OI Data:

• OI of Bank Nifty Futures dropped by 6.32% → Short Covering

👉 View: Bullish
As long as it holds above the channel support, dips remain buying opportunities.

Let’s see how the market shapes up today.