Key Resistance and Support Levels Across Nifty, Banknifty, and Finnifty: A Comprehensive OI Analysis

Are you ready to decode today's market dynamics? Understanding open interest (OI) data can give us crucial insights into where the market may be headed next. Let’s break down the support and resistance levels for Nifty, Banknifty, and Finnifty.

OI: 2,60,923 (+53,048 change)

LTP: 159

A massive surge in OI indicates heavy call writing at this level, reflecting strong resistance. Buyers need significant momentum to break through 24,300.

OI: 2,40,156 (+78,247 change)

LTP: 108.4

Significant OI addition with a rising premium signals traders building positions to prevent upward movement beyond this point.

OI: 3,19,275 (+22,398 change)

LTP: 67.2

The buildup at 24,500 with moderate OI change shows a firm resistance zone. The relatively low premium suggests traders are confident about this level holding in the short term.

OI: 24,301 (-1,200 change)

LTP: 539.65

With a slight reduction in OI, this level shows a commitment from put writers, indicating strong support. It is a crucial defense point for bulls.

OI: 2,918 (+159 change)

LTP: 584.5

The minor addition in OI and high premium reflect confidence among traders that this level will act as a support zone against downward pressure.

OI: 1,22,538 (-9,663 change)

LTP: 287.6

A noticeable reduction in OI suggests unwinding by put writers, affirming this level as a strong fallback support for Bank Nifty.

OI: 2,60,923 (+53,048 change)

LTP: 150.95

Explanation: The 24,300 strike price is a key resistance level as it has seen a significant rise in open interest (OI). The addition of positions at this level indicates strong bearish sentiment among traders, which suggests that it will act as a significant barrier if the Finnifty tries to move higher.

OI: 44,304 (-15,188 change)

LTP: 96.8

Explanation: Although there has been a decrease in OI at this level, the 24,400 strike remains an important resistance zone. This is a key psychological level, and the unwinding of positions could act as an indicator of market consolidation. Any upside will likely face resistance at this strike.

OI: 1,500 (Flat)

LTP: 80.65

Explanation: The 24,500 strike has seen a steady buildup in OI, suggesting continued interest from traders at this level. This reinforces its significance as a resistance level. Given its proximity to a round number, this could be a strong cap for Finnifty’s upward movement.

OI: 800 (+355 change)

LTP: 657.05

Explanation: The 23,800 strike has witnessed a strong rise in OI, indicating that there is substantial support from traders at this level. This support is further validated by the high trading volume at this strike, which suggests that any dip towards this level may find buying interest.

OI: 5,657 (-486 change)

LTP: 522.65

Explanation: Although OI has decreased slightly, the 23,600 strike remains a strong support level due to the relatively high OI. A drop below this level would suggest a shift in market sentiment, but for now, it remains a crucial base for the index.

OI: 1,061 (-21 change)

LTP: 336.2

Explanation: The 23,500 strike price is an important support zone, with considerable OI built up at this level. Although the OI change is minimal, the level remains significant due to the large open interest, which suggests a floor for the Finnifty.

Conclusion: Whether you're a short-term trader or long-term investor, understanding the support and resistance levels based on OI data is key to identifying potential price movements. As the markets continue to evolve, these levels will serve as crucial markers for entry and exit points. Stay tuned, and always trade with a clear strategy!

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Disclaimer: The information provided in this blog is for educational purposes only and should not be considered as financial or investment advice. Trading in the stock market, including options, involves significant risk, and past performance is not indicative of future results. Always conduct your own research and consult with a professional financial advisor before making any investment decisions. The author and the website do not take any responsibility for any losses incurred as a result of following the strategies or insights discussed in this post.