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On the daily chart, consecutive small-body candles indicate subdued trading sessions for the benchmark index. Technical analysts suggest that despite the overall bullish tone, caution is warranted due to negative divergence on key momentum indicators, especially in relation to aggressive long positions, particularly those held overnight.
Bank Nifty has successfully maintained its short-term moving averages of 10 and 20 DEMA, positioned around 46,000. Now it faces crucial resistance at 47000 levels.
The 21500 put and 22000 call options have garnered the highest Open Interest. There have been fresh additions to Open Interest in call writing, particularly at the lower strikes of 21700 and 21900, as the Nifty declined below 21700. Nifty is likely to trade within the range of 21500-21725 today.
Going forward, the resistance is seen at 21850-21900, while support is placed at 21600-21650 zone, which is a confluence of 10-20 EMA. In case 21600 is breached, Index could witness a further slide towards 21450-21470 zone on the downside. Above 21900, the Index could witness an extension of its rally rebound towards 22070-22150 levels.