Market Recap:
Nifty traded within 24,894–25,021 and closed at 24,967, staying tightly range-bound. BankNifty moved between 55,048–55,306 and settled at 55,139, showing more weakness than Nifty.
Weekly CPR Check:
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Nifty: Currently oscillating within the weekly CPR band (Top 25,003 | Pivot 24,958 | Bottom 24,914). Today’s close at 24,967 is right near the pivot, indicating indecisiveness but still within a healthy support band. A close below 24,914 would tilt bias negative, while sustaining above 25,003 can invite momentum toward 25,150+.
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BankNifty: Trading below its weekly CPR (Top 55,629 | Pivot 55,469 | Bottom 55,309). Current resistance is already visible near 55,309, keeping the index weak. Only a move beyond 55,629 can open fresh upside; till then, sellers dominate.
Option Chain Signals:
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Nifty: Max Pain 25,000; PCR 0.77; Call OI buildup at 25,000–25,200; Put support at 24,900. Implies expiry tug-of-war around 25,000.
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BankNifty: Max Pain 55,500; PCR 0.50; Calls active at 55,500–56,000; Puts at 55,000. Bias is weak unless 55,300–55,650 is crossed.
Volatility:
India VIX at 11.76 indicates calm conditions, but low VIX near expiry often signals short-term range traps with sudden bursts possible.
Key Levels for 26th August:
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Nifty:
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Support: 24,900–24,850 (below 24,914 = weakness)
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Resistance: 25,003–25,150 (above 25,150 = upside momentum to 25,250)
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BankNifty:
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Support: 55,000–54,500 (below 55,000 = weakness to 54,500)
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Resistance: 55,309–55,650 (above 55,629 = breakout toward 56,000)
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Top Movers:
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Gainers: Infosys, TCS, HCL Tech (IT stocks provided cushion)
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Losers: Adani Enterprises, Apollo Hospitals, Nestle India (dragged index sentiment)
Outlook:
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Nifty is consolidating within weekly CPR, suggesting neutrality with a “wait and watch” approach.
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BankNifty’s positioning below weekly CPR highlights relative weakness; bulls need to reclaim 55,629 for any meaningful upside.
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Expiry week may remain volatile but capped within 24,850–25,150 for Nifty and 55,000–55,500 for BankNifty.