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The 50 index opened on a weak note for the truncated week, marked a low of 19333 on Wednesday and witnessed a sharp technical pullback to recover 320 points and closed in the upper quartile of the weekly trading range while reclaiming the 50DMA currently trading near 19607 on Friday. The index has formed a bullish reversal island which indicates the setting up of an intermediate bottom with the level of 19330 to act as relatively stronger pivotal support. The strikes of 19600 have seen the addition of the highest put open interest during the week while on the technical front, the 61.8% retracement level coupled with 50DMA offers immediate support near the levels of 19600. On the upside, 19760 and 19900 are expected to act as resistance.  

Supp: 19550-19430-19330
Res: 19765-19900-19990

The trading week opened on a flattish note and traded laterally at the back of 50 DEMA and 61.8% retracement of the prior swing
high and low. The week closed with the formation of an inside bar at the mentioned support which indicates a potential sign of a
mild pullback following a tighter compression. While the resistance has been dragged lower to the zone of 19900-19840, the
strikes of 19600 and 19500 have seen the highest put open interest, indicating potential support going forward.

Supp:19500-19400-19200
Res:19765-19840-19900

The 50 index closed higher on all five trading sessions in the previous week as the investors generated even modest buying interest after reclaiming the 50 DMA. The index ascended 2% in the week while the VIX cooled off 4.3%, however, the undercurrent in the markets remains strong. With this, the price action has now dragged their support higher to 19650-19500. The trading week saw a larger addition in the call open interest in the 20000. On the price action front, the levels of 19990 and 20250 are anticipated to act as potential resistance in the week to come.

Supp:19680-19500-19250
Res: 19890-19990-20250

The benchmark index opened in green, marked the weekly high at 19584, and succumbed to selling pressure tracking weak global
cues following which it pared 318 points. The index closed in red on relatively higher volume, however, above the previous week’s low. With this, the index dragged its resistance lower to 19500. The VIX expanded its weekly range to 2.36 points, however, it closed flat. On the derivate front, the strikes of 19000 and 19200 witnessed the highest addition of put open interest and the zone is reckoned to act as strong support going forward.

Support: 19235-19080-19000
Resistance: 19380-19480-19600

Nifty saw a muted opening for the week and remained sideways within 229 points trading range, however with a 5.4% rise in
VIX. The trading week also saw compressing of volatility and closed on an indecision note on Friday. With the conjecture of
multi-support following the previous gap area, key moving averages on the daily and higher timeframe, and the build-up of put
open interest at 19300, the zone of 19300-19240 is anticipated act as a crucial support zone and sustenance above the same
on a weekly closing basis will attract bullish strength.
Supp:19300-19170-19000
Res: 19465-19580-19645

After testing the prior top of 18887 multiple times in the previous week, the benchmark index finally moved past it following constructive base and closed near the high point of the week. The move came on relatively lower volume and volatility, but on improving market breadth. With this the index has dragged its support higher to 19000 going by the price action and the derivative data and in the event of any consolidation, the level is likely to bolster immediate support. 

Supp: 19070-18970-18887 
Res: 19200-19300-19400

As the uptrend remains under pressure, the benchmark index saw corrective bouts during the week and increased the distribution tally to 5 on Thursday’s closing in the previous week. With this, the index has dragged its resistance to the zone of 19730 – 19500. The VIX surged 9% during the week, however, it continues to trade at lower levels with 20WEMA trading at 11.71 acting as an immediate hindrance which is a positive sign. We reckon the zone of 19000 to bolster support for the negative slopping price trend based on the derivative option data and price action front and anticipate the price trend to resume its upside on taking out the zone of 19730-19990. 

Supp:19300-19180-19000 
Res: 19520-19650-19735

The onset of trading week took off in green, marked a lower swing high at 19795 and pared 278 points in the corrective rally from  the life-highs of 19991. With this the 50 index has added 4 distribution days in the rally and so the uptrend remains under pressure.  Going forward, the levels of 19400 is reckoned to act as immediate support based on the build-up of the put writing and the  presence of the highest volume-profile node near that level. The smart hands are anticipated to try and defend their positions and  are likely to defer below 19300.  

Supp:19400-19300-19180 
Res: 19680-19730-19870

After closing with gains for four consecutive weeks, the benchmark index took a breather on anticipated lines as it dithered in a  narrow trading range of 304 points for the week. With this the index marked its first lower high in 17 weeks, however, it continues to  trade above the previous week’s low. The highlight of the previous week was that the VIX slid 11.8% to a multi-year low. With  weekly RSI trading mildly in the overbought territory at 71.06 reading, the index is anticipated to have formed a temporary top with  19991 to act as key resistance. However, there are no signs of any major drawdowns and with key supports in the zone of 19500- 19420, the trading range is expected to get wider in the coming week. 

Supp:19600-19500-19400 
Res: 19750-19850-1990

The benchmark index opened on a tepid note for the week following a bullish breakout from the minor base and advanced the first four trading sessions. The index scaled closed to 20000, however, it pared ~247 points from the life-high of 19991 on Friday as the IT index juddered over 4% as Infosys lowered its guidance for FY24. As a result, the index closed the week with an inverted hammer after record- ing the 17th consecutive higher high. The VIX continues to trade at lower levels and it will be crucial that it continues to trail below its 20 WMA currently trading at 12.04 levels to curb any unruly move. All in all, the highsof 19991 is anticipated to act as immediate hurdle whereas the drawdowns are reckoned to be limited to zone of 19500.

Support: 19700-19600-19500
Resistance: 19991-20100-20200