Opening Bell Thursday: Nifty's daily chart signals a choppy market movement with a positive bias

A small red candle formed on Nifty's daily chart, signaling a choppy market movement with a positive bias. This candlestick formation, characterized by minor upper and lower shadows, suggests that while there could be some volatility, the bias remains tilted towards the upside.

Despite the ongoing negative chart pattern with lower tops and bottoms, the current pullback could be part of a new lower top in this sequence. However, a reversal at the higher levels is yet to be confirmed. The near-term trend for Nifty remains weak, but a decisive move above the resistance zone between 23,300 and 23,350 could potentially strengthen the upward momentum.

Support for the market is seen at the 23,050 level. According to Nagaraj Shetti of HDFC Securities, Nifty's price action in these ranges will determine whether the upside bounce gains traction.

In terms of open interest (OI) data, the highest OI on the call side is concentrated around the 23,300 and 23,200 strike prices, while on the put side, the highest OI is seen at 23,200, followed by 23,100. These levels will be key to watch for further market direction on Thursday.