On October 7, the Nifty 50 ended just 0.12% higher, unable to retain its intraday gains or sustain above the 25,200 mark due to profit booking. Despite this, the index marked its fourth consecutive gain, with technical indicators still favouring bulls. The higher top–higher bottom structure remains intact, and a firm move past 25,200 could open the path towards 25,400–25,500 levels, provided support at 25,000–24,900 holds.
In the weekly options data, the 25,200 strike had the highest Call open interest (54.52 lakh), making it a crucial resistance. Call writing was also most aggressive at this strike, with 34.41 lakh additions. Significant Call additions were also seen at 25,300 and 25,400 strikes.
In Bank Nifty, the 57,000 strike held the highest Call OI (20.56 lakh), acting as key resistance.
The Nifty PCR fell to 1.03 from 1.33, indicating a slight decline in bullish sentiment.
Long build-up was seen in 52 stocks, while 71 showed short build-up. Some stocks also witnessed high delivery volumes, suggesting investor interest.
