A reasonable negative candle was formed on the daily chart with minor upper and lower shadows, technically indicating the presence of crucial resistance around 25,200 and the expectation of further range-bound movement in the short term.
The short-term trend of Nifty continues to be choppy and the market is now placed within a broader range of 25,200-24,900 levels. A decisive move above 25,200 levels could open the next upside of around 25,500-25,600 levels in the near term. Immediate support is placed at 24,900 levels, said Nagaraj Shetti of HDFC Securities.
In the open interest (OI) data, the highest OI on the call side was observed at 25,200 and 25,100 strike prices, while on the put side, the highest OI was at 25,000 strike price followed by 24,900.
