📉 Market Snapshot
NIFTY came out swinging today! After days of consolidation, the index surged ahead, closing 🔼108.65 points (0.47%) higher at 23,437.20, forming a strong green candle on the charts.
🔹 Bank NIFTY found strong footing, thanks to the RBI’s supportive monetary policy, which is expected to boost profit margins for banks.
🔹 The Energy Index also saw fresh buying interest after the government’s block allotment for exploration, igniting optimism across the sector.
📌 Key Level to Watch:
NIFTY closing near day’s high signals bullish intent. Immediate support now shifts to 23,273, with strong potential for a breakout towards 23,500+ in the coming sessions.
🔻 Downside Levels (Support)
🔹 23,250 – Crucial intraday support; a break below could invite selling pressure.
🔹 23,110 – Strong support; previous consolidation zone.
🔹 23,000 – Psychological and technical support; bulls likely to defend this level fiercely.
📈 Upside Levels (Resistance)
🔹 23,500 – Immediate resistance; a close above this may ignite a fresh rally.
🔹 23,650 – Short-term hurdle on the chart.
🔹 23,750–23,800 – Target zone if NIFTY sustains above 23,500.
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📊 Open Interest (17 APR Expiry)
🔹 23,000 – Call OI: 17.89L | Put OI: 93.42L
🔹 23,200 – Call OI: 19.18L | Put OI: 57.75L
🔹 23,300 – Call OI: 49.18L | Put OI: 89.46L
🔹 23,400 – Call OI: 68.95L | Put OI: 48.67L
🔹 23,500 – Call OI: 84.82L | Put OI: 17.72L
🔹 23,600 – Call OI: 59.93L | Put OI: 2.12L
Key Insights from Open Interest Data:
🔹 Strong put writing at 23,000–23,300 – Indicates solid support zones.
🔹 Heavy call writing at 23,500 & 23,600 – Suggests tough resistance ahead.
🔹 Bullish Bias: A breakout above 23,500 could trigger short-covering rallies.
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FII & DII Activity
🔹 FII Cash Market: +₹3,936.42 crore 🟢
🔹 DII Cash Market: −₹2,512.77 crore 🔴
🔹 FII Index Futures: +₹172.10 crore 🟢
🔹 FII Index Options: +₹34,971.62 crore 🟢
🔹 FII Stock Futures: −₹1,457.84 crore 🔴
🔹 FII Stock Options: −₹1,796.86 crore 🔴
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NSE F&O Ban
🔹 BSOFT
🔹 HINDCOPPER
🔹 MANAPPURAM
🔹 NATIONALUM
🔹 IREDA
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🔔 Conclusion:
NIFTY staged a strong comeback with support from banks and energy stocks. 23,000–23,250 remains a strong base, while 23,500+ is the level to beat for bulls.
📊 Open interest points to a range-bound setup with a bullish tilt – especially if the index closes above 23,500.
🌍 FII flows and global cues will play a key role in sustaining this momentum.
