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Nifty

Yesterday’s occurrence of a 'Doji' candlestick reaffirms the channel support zone between 24700 and 24600, suggesting ongoing consolidation within a well-defined range of 24500 to 25000. Despite minor intraday weakness, neither the price structure nor momentum indicators signal a clear trend reversal. Options open interest data aligns with this rangebound view, with notable OI buildup at both the 24500 (support) and 25000 (resistance) strike prices. A sustained close above 24830 could trigger renewed bullish sentiment, paving the way toward 25180, and potentially the upper channel boundary at 25555. A breakout above 25555 would confirm a bullish flag continuation pattern, unlocking a medium-term upside target of 26555. With the OIPCR (Open Interest Put-Call Ratio) showing extremely oversold conditions, a decent bounce is likely today. A move above 24830 could reset the tone for a retest of 25000 in the coming week. In the coming sessions, 25180 will serve as the critical resistance and momentum trigger, while 24500 remains the major support zone; contra long positions can be considered near 24600, with a stop-loss placed just below 24450.

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