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The Nifty 50 snapped a two-day losing streak, rising 1.2 percent on April 28, but the market breadth was not strong enough. Even though the overall broader trend remains positive, the India VIX is still at elevated levels, indicating caution. Hence, the sustainability of Monday's rally is key to watch. Until the index decisively clears the 24,350 hurdle (where it has been stuck for four days now) and sustains above it, consolidation may continue, with crucial support at the 24,000–24,050 area. A decisive move above 24,350 can open the gates for a rally toward 24,550, the next resistance, followed by 24,860 (the December 2024 swing high), according to experts.

Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (24,328.50)

Resistance based on pivot points: 24,361, 24,432, and 24,547

Support based on pivot points: 24,131, 24,060, and 23,945

Special Formation: The Nifty 50 formed a long bullish candlestick pattern on the daily timeframe, recouping the losses from the previous couple of days. The index stayed above the 200-day SMA as well as all key EMAs (10-, 20-, 50-, 100-, and 200-day), all of which are trending upward, signaling a positive trend ahead despite current consolidation. Momentum indicators also reflected strength as the RSI (Relative Strength Index) remains strong at 64.96, staying above the 60 mark, and MACD (Moving Average Convergence Divergence) is trending upward, further reinforcing bullish momentum.

2) Key Levels For The Bank Nifty (55,433)

Resistance based on pivot points: 55,578, 55,812, and 56,193

Support based on pivot points: 54,817, 54,583, and 54,203

Resistance based on Fibonacci retracement: 56,307, 58,648

Support based on Fibonacci retracement: 54,117, 52,891

Special Formation: The Bank Nifty also recorded a healthy bullish candlestick pattern on the daily charts, rising 769 points (1.41 percent) and recovering the losses from the previous two sessions. The trend remains strong, as the index traded above all key moving averages, with all EMAs inclined upwards. Additionally, short- and medium-term moving averages have already surpassed long-term moving averages, a bullish signal. The upper band of the Bollinger Bands continues to expand, indicating increased volatility and potential for upward breakout. Both the RSI and MACD show a positive bias, reinforcing the bullish outlook.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was placed at the 25,000 strike (with 1.17 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,500 strike (1.03 crore contracts), and the 24,300 strike (61.48 lakh contracts).

Maximum Call writing was observed at the 24,500 strike, which saw an addition of 15.47 lakh contracts, followed by the 24,350 and 25,000 strikes, which added 12.65 lakh and 12.57 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,200 strike, which shed 16.5 lakh contracts, followed by 24,000 and 24,100 strikes, which shed 13.58 lakh and 12.9 lakh contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 24,000 strike holds the maximum Put open interest (with 1.22 crore contracts), which can act as a key support level for the Nifty. It was followed by the 24,200 strike (76.39 lakh contracts) and the 23,500 strike (75.95 lakh contracts).

The maximum Put writing was placed at the 24,000 strike, which saw an addition of 65.55 lakh contracts, followed by the 24,200 and 24,300 strikes, which added 54.08 lakh and 47.15 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,650 strike, which shed 1.09 lakh contracts, followed by the 25,000 and 24,750 strikes, which shed 5,700 and 3,300 contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 55,500 strike, with 10.15 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 55,000 strike (7.85 lakh contracts) and the 56,000 strike (6.68 lakh contracts).

Maximum Call writing was visible at the 55,500 strike (with the addition of 1.05 lakh contracts), followed by the 57,500 strike (72,960 contracts) and the 55,600 strike (61,140 contracts). The maximum Call unwinding was seen at the 54,500 strike, which shed 59,100 contracts, followed by the 56,000 and 54,800 strikes, which shed 31,620 and 24,480 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 54,000 strike holds the maximum Put open interest (with 10.86 lakh contracts), which can act as a key support level for the index. This was followed by the 55,000 strike (9.42 lakh contracts) and the 55,500 strike (8.78 lakh contracts).

The maximum Put writing was observed at the 55,000 strike (which added 2.26 lakh contracts), followed by the 55,500 strike (2 lakh contracts) and the 54,000 strike (1.82 lakh contracts). The maximum Put unwinding was seen at the 54,800 strike, which shed 9,630 contracts, followed by the 55,900 strike, which shed 540 contracts.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped sharply at 1.22 (which was seen last on March 24) on April 28, from 0.87 in the previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

9) India VIX

The India VIX, which measures expected market volatility, declined by 1.27 percent to 16.94, but remains well above the 15 mark. This suggests that while volatility has eased slightly, bulls need to remain cautious.

10) Long Build-up (115 Stocks)

A long build-up was seen in 115 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (7 Stocks)

7 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.

12) Short Build-up (19 Stocks)

19 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.

13) Short-Covering (78 Stocks)

78 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.

15) Stocks Under F&O Ban

Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&O ban: RBL Bank

Stocks retained in F&O ban: Nil

Stocks removed from F&O ban: Nil

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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