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Nifty

Nifty continues to consolidate within a well-defined range, oscillating between 24500 and 25000. The index is respecting a strong support base at 24500, while resistance remains capped at 25180. Despite some minor intraday weakness, there are no conclusive signals of a trend reversal— neither from price structure nor momentum indicators. Options data further supports the view of a tightly packed trading range, with significant open interest concentration at both the 24500 (support) and 25000 (resistance) strike prices. A sustained close above 24,800 could rekindle bullish momentum, with initial targets near 25180, followed by a potential move toward the upper boundary of the channel at 25555. A breakout above 25,555 would confirm a bullish flag continuation pattern and could open the doors for a medium-term target of 26555. Until then, 25180 remains the critical resistance, while 24500 continues to act as a key demand zone. Contra long trades can be considered near 24500, with a stop-loss just below 24450—especially given the volatility typically seen around expiry. Expect a decent bounce today, driven by extremely oversold readings on the OIPCR (Open Interest Put-Call Ratio). A break above 24830 could set the tone for a test of the 25000 mark during the session.

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