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Nifty

An ‘Inside Bar’ formation on the daily chart signals a possible bullish revival, contingent upon a mandatory close above 24,440 to activate its upward potential. With trend strength indicators aligned with price action, there’s no indication of a diverging trend, supporting the probability of a bullish move. Options data for the final week of October expiry reveals an expanding range, with 24,500 acting as a robust resistance and a reinforced support at 24,000, established yesterday. The low Open Interest Put Call Ratio (OIPCR) ahead of expiry week hints at potential short covering, which could push the index above 24,500. Given the index’s correction from all-time highs, longterm investors might consider the 24,500-24,000 demand zone ideal for building positions once a bullish reversal is confirmed with a decisive close above 24,500. For now, however, a cautious approach is advised until more distinct directional signals appear.

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