Indian benchmark indices overcame early weakness and rose steadily before profit booking emerged towards the end of the session. The Nifty has been moving within a range over the past two days, with the VIX falling below 15. Yesterday on June 11, it closed marginally higher by 6 points at 23,265. Despite multiple attempts to break above the 23,380–23,410 range, prices failed and reversed to close at 23,264. Experts suggest that a move below 23,200 might trigger short-term selling pressure unless the index closes above 23,410.
Key Levels of Nifty 50:
Supports based on pivot points: 23,186.93, 23,114.67, and 22,929.92
Resistance based on pivot points: 23,371.68, 23,484.17, and 23,668.92
Special Formation: A small negative candle was formed on the daily chart with upper shadow. After a sharp upmove recently, the market showing such formations in the last two sessions indicates possibility of minor downward correction in the short term.
Key Levels for the Bank Nifty:
Resistance based on pivot points: 50,148.32, 50,515.73, and 51,145.93
Supports based on pivot points: 49,518.12, 49,255.33, and 48,625.13
Special Formation: The Bank Nifty ended the session at 49,705.75, down by 0.15 percent, forming a bearish candle with a small body. The index failed to surpass the 50,000 level but remains above its short-term moving average.
Nifty Call Options Data: Weekly options data show the 23,500 strike (with 94 lakh combined OI) has the maximum Call open interest, acting as a key resistance level for the Nifty in the short term. This is followed by the 23,400 strike (51 lakh combined OI). The 23,000 strike saw call writers exiting (bears exiting) and put writing (bulls entering). The 23,200 and 23,300 strikes saw significant put writing.
Nifty Put Options Data: On the Put side, the maximum open interest was at the 23,000 strike (with 76 lakh combined OI), acting as a key support level for the Nifty. This was followed by the 22,800 strike with 20 lakh combined OI.
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