Chapter 1: Overnight Global Cues Impacting NIFTY

Global markets set a cautious tone for today’s session. Rising geopolitical tensions pushed Brent Crude Oil prices above $100, which typically weighs on emerging markets like India.

Additionally:

• Indian Bank ADRs traded in the negative zone
• The IT sector continued to face sustained selling pressure
• The USD/INR pair surged above 94, adding further pressure on market sentiment

Overall, the global backdrop remained bearish, creating a weak foundation for today’s NIFTY movement.

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Chapter 2: NIFTY Daily Overview

This marked the second consecutive negative closing for NIFTY. However, the index showed resilience by defending the 24,100 level, indicating the presence of buyers at lower levels.

• Advance/Decline Ratio: 16/34 (clearly negative breadth)
• Market sentiment remained cautious with selective buying

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Chapter 3: Initial Balance (IB) Range Analysis

The first hour indicated a clear price discovery phase:

• NIFTY opened gap-down near 24,200, completely outside the previous day’s range
• Price tested the 17 April buying tail zone, a key support area
• Strong buying emerged, pushing prices higher and trapping sellers around 24,154 (NIFTY Futures)

A buying imbalance with strong delta was observed, but buyers lost momentum around 10 AM.

• IB Range: 188.50
• Average IB Range: 168.20

Since the IB range was larger than average, it indicated that the market likely established its day high and low early, leading to sideways movement for the rest of the session.

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Chapter 4: Intraday Market Behavior

After the gap-down opening, NIFTY attempted a recovery:

• Price moved up to 24,300, but faced strong resistance
• Buyers attempting breakout were trapped at higher levels
• Market repeatedly tested the day’s low but managed to hold

Volatility remained high:

• India VIX surged ~5% intraday, then cooled, and rose again

For most of the session, NIFTY consolidated around 24,200, which acted as the Max Pain level.

Post 3 PM, the market turned weak again and attempted to break the day’s low, reflecting late-session selling pressure.

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Chapter 5: Key Levels for NIFTY Futures (Next Trading Session)

• Point of Control (POC): 24,200
• Prominent POC: 24,000
• Resistance: 24,375
• Support: 24,050

Options Data Insight:

• Call OI Build-up: 24,500
• Put OI Build-up: 24,000

This suggests a range-bound market with bearish bias unless resistance is broken decisively.

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My Trade Setup

I executed multi-leg option selling strategies near the 24,300 zone, aligning with resistance and market structure.

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Important Trading Note

Never take trades based on gut feeling or random information.
Always:

• Follow your tested trading system
• Wait for confirmation on charts
• Have a clear risk management plan

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Disclaimer

I am not a SEBI-registered advisor. This blog is created strictly for educational and informational purposes only.

• Do not take trades based on this analysis
• Options trading involves high risk and may not be suitable for all investors
• Avoid trading based on tips or external advice without proper research

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