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Benchmark indices Sensex and Nifty continued their upward trajectory, demonstrating increasing confidence ahead of the upcoming Federal Reserve meeting. The Nifty has been consolidating around the 25,400 level, and if it maintains this position, a rally towards 25,600 could be on the horizon. Analysis of options data suggests that this consolidation may persist, with the 25,500 call strike exhibiting significant open interest of approximately 47 lakh shares. Meanwhile, the 25,400 put strike shows substantial open interest of around 45 lakh shares.

For today’s expiry, the Bank Nifty is expected to target the 52,500 level, with immediate support likely at 52,000. The 52,500 call strike has noteworthy open interest of about 34 lakh shares, while the 52,000 put strike reflects an open interest of approximately 36 lakh shares

Looking ahead to tomorrow, we expect rapid and volatile market movements contingent on the Federal Reserve meeting outcomes. Consequently, it is prudent to refrain from holding overnight positions.