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The equity markets continued their downward trend for the fourth consecutive trading session on February 10, with the benchmark Nifty 50 falling by 178 points. The lower tops and lower bottoms pattern persisted for the third straight day. However, Nifty managed to hold its ground around the midline of the Bollinger Bands near 23,300.
Market analysts suggest that if Nifty 50 sustains above 23,300, it may encounter resistance in the 23,450-23,500 range, with the next major hurdle at 23,600 (200-day EMA). On the flip side, if Nifty breaks below 23,300, a potential decline to 23,200 (February 3 low) is expected, making it a crucial support level.
To help traders capitalize on profitable opportunities, here are some critical support and resistance levels based on different market indicators.
Key Support and Resistance Levels for Nifty
Pivot Point-Based Levels
- Support Levels: 23,326 | 23,266 | 23,170
- Resistance Levels: 23,519 | 23,578 | 23,674
Bank Nifty Key Levels
Pivot Point-Based Levels
- Resistance Levels: 50,119 | 50,226 | 50,399
- Support Levels: 49,774 | 49,667 | 49,494
Fibonacci Retracement Levels
- Resistance: 50,380 | 51,149
- Support: 49,286 | 47,866
Options Data: Market Sentiment Analysis
Nifty Call Option Data
On a weekly basis, the highest Call Open Interest (OI) of 1.22 crore contracts was seen at the 24,000 strike price, making it a key resistance level in the upcoming trading sessions.
Nifty Put Option Data
The maximum Put Open Interest (OI) of 77.75 lakh contracts was observed at the 22,500 strike price, which is expected to act as strong support.
Bank Nifty Option Data
- Maximum Call OI: 18.65 lakh contracts at 52,000 strike (Key resistance level)
- Maximum Put OI: 13.14 lakh contracts at 49,000 strike (Important support level)
FII and DII Fund Flows
(FII & DII data not provided; would require updated figures to assess market trends.)
Market Volatility: India VIX Update
The India VIX (volatility index) surged 5.55% to 14.44, signaling increased market uncertainty. This rise in volatility is a negative indicator for bullish traders. However, India VIX has remained within a narrow range for the last six trading sessions, suggesting limited downside risks in the short term.
Put-Call Ratio (PCR) & Market Sentiment
- The Nifty PCR dropped to 0.75 on February 10, down from 0.83 in the previous session.
- A PCR above 0.7 or approaching 1.0 typically signals bullish sentiment.
- A ratio below 0.7 or closer to 0.5 indicates bearish sentiment in the market.
Stocks Under F&O Ban List
Restricted Securities in F&O Segment
Stocks under the F&O ban include companies whose derivative contracts have exceeded 95% of the market-wide position limit.
- New Additions to F&O Ban: None
- Stocks Already Under Ban: Manappuram Finance
- Stocks Removed from F&O Ban: None
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