Nifty forms long bullish candlestick on the daily chart among global chaos

Nifty 50 Outlook:

The Nifty 50 displayed a long bullish candlestick on the daily chart, reflecting strong buying interest from recent swing lows—even though the closing level disappointed. After Monday’s drop, the index hovered near the lower Bollinger Band, supported by above-average volumes. However, momentum indicators like RSI and MACD showed negative crossovers, hinting at underlying bearish pressure.

Bank Nifty Update (Current Level: 49,860):

Bank Nifty mirrored a similar setup with a gap-down start and a 3.2% drop, though it recovered 1.4% from the intraday low. This formed a bullish candlestick with a long upper wick, suggesting buying at lower levels. The index dipped below all key EMAs (10 to 200-day) and the Bollinger Band midline. RSI confirmed a negative crossover, while MACD is close to following suit.

Key Technical Levels for Bank Nifty:

Resistance (Pivot Points): 50,299 / 50,599 / 51,084

Support (Pivot Points): 49,330 / 49,030 / 48,545

Resistance (Fibonacci): 50,267 / 50,610

Support (Fibonacci): 49,368 / 48,636

Nifty Weekly Options Insight (Call Side):

Max Call OI: 23,000 strike (1.04 Cr contracts) – a strong resistance zone

Next Resistance Levels: 23,200 (64.5L contracts), 22,700 (57.1L contracts)

Aggressive Call Writing: Seen at 22,700 (53.5L added), 22,000 (49.4L), and 22,500 (40L)

Call Unwinding: Notable at 23,200 (-40.7L), 23,100 (-24.4L), and 23,250 (-14L)