“Mixed Signals: Nifty Holds Strong, Bank Nifty Hits the Brakes”

Good morning, all

Nifty closed at 24328, up by 0.67% and Bank Nifty ended at 55370, down by 0.50%

The market showed a split personality — strength in Nifty continued, while Bank Nifty saw some clear signs of profit booking.

NIFTY ANALYSIS

Nifty formed a Hanging Man pattern on the daily chart — a common signal that momentum may be tiring after a rally.

OI & PCR Data:

Image from sensibull

• OI of Nifty Futures dropped by 25.46% → Short Covering

• PCR stands at 0.79 around ATM and 1.0 overall → Neutral to Bullish

Support: 24300
Resistance: 24500

View: Neutral to Bullish, The trend remains positive, but the Hanging Man suggests a possible pause or reversal. Price action today will be key to confirm if momentum sustains or fades.

BANK NIFTY ANALYSIS

Bank Nifty opened strong but dropped sharply through the day — a clear sign of selling at higher levels.
Profit booking dominated after a strong rally, signaling caution among buyers at higher levels.

🔢 OI Data:

• OI of Bank Nifty Futures fell sharply by 30.62% → Long Unwinding

View: Neutral
The steep fall in OI indicates long positions are being exited. We’ll be watching the lower boundary of the upward trending channel for further signals.

Let’s see what unfolds in today’s session. Stay nimble.