Inside Bar News Today

The options data indicate that on the higher side, the Nifty 50 may face resistance at 23,000, while on the lower side, 22,000 is the key support to watch.

The market has reached near the crucial resistance of 23,000 on the Nifty 50, and it needs to give a strong close above the same for further upward journey from hereon.

India VIX is a volatility index based on the Nifty index option prices. From the best bid-ask prices of Nifty Options contracts, a volatility percentage figure is calculated, which reflects the likely stock market volatility over the next 30 calendar days. 

Nifty on Monday ended 33 points lower to form an Inside Bar pattern on the daily chart with the India VIX recording a surge of over 13%.

Nifty 50 closed lower due to state-run banks, while S&P BSE Sensex closed slightly higher. Analysts suggest selling if Nifty breaches 22348 or rises to 22570-22620. US markets rose on Fed rate cut hopes.

The monthly options data indicated that 22,500 is the expected next key resistance for the Nifty 50 on the monthly expiry day, followed by 22,700, with support at the 22,300 level.

Positive setup was seen in stocks like DLF, Siemens, ABB, Apollo Tyre, Oberoi Realty, Abbot India, Hero MotoCorp, Trent, HPCL, Indigo, HDFC Life, Apollo Hospital, Sun Pharma, Bharti Airtel, L&T and Tata Motors.

“Below 21,725/72,000, the weak sentiment is likely to continue. Below the same, the market could retest the level of 21,500/71,100. Further down side may also continue, which could drag the index till 21,435/70,850,” said Shrikant Chouhan of Kotak Securities

Nifty on Thursday ended 141 points higher to form an Inside Bar candle on the daily chart.

Open Interest (OI) data showed the call side displayed the highest OI at the 49,000 level, closely followed by the 49,500 strike prices. Conversely, on the put side, the highest OI was observed at the 48,000 strike price.