On November 12, the Nifty 50 rose 44 points, or 0.18 percent, to close at 25,299, its highest closing level since February 26. Meanwhile, the Bank Nifty rallied 726 points, or 1.19 percent, to settle at 61,519. Market breadth remained positive, with around 1,837 stocks advancing against 1,471 declining stocks on the NSE.
Neel Parekh, Derivatives Research Analyst at Samco Securities
Nifty witnessed mild profit booking at higher levels for the second consecutive session, forming a small-bodied candlestick with an upper shadow, indicating some selling pressure at elevated levels. Nevertheless, the broader technical structure remains constructive, with both daily and hourly trends continuing to favour the bulls. However, the RSI around 80 remains firmly in overbought territory, signalling stretched momentum and increasing the possibility of near-term consolidation or intermittent profit booking
On the Derivatives front, maximum Call open interest is concentrated at 25,500 and 26,000, indicating key overhead resistance, while maximum Put open interest at 24,000 and 24,500 highlights the broader support base. Fresh Put writing at 24,000 and 24,500 signals strengthening bullish positioning and reinforces the downside support. Meanwhile, fresh Call writing at 25,300 suggests some resistance is emerging closer to current market levels.
However, significant Call unwinding at 25,000 and 25,200 indicates easing resistance at lower strikes, which could provide room for further upside. The PCR moderated marginally to 1.20 from 1.23, reflecting a slight reduction in bullish positioning, while India VIX eased to 16.60, indicating subdued volatility expectations.