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The Indian stock market experienced a robust rally on September 20, with the benchmark index Nifty 50 closing at a new high of 25,791, up 375 points from the previous day. This positive momentum is attributed to a range of factors, including bullish technical signals and strong fund flows. The article highlights 15 key data points that traders and investors should consider when navigating the market.
The Nifty 50 closed above the rising resistance trendline, with positive bias in momentum indicators like RSI and MACD. This suggests a continuation of the bullish trend. Experts predict the next resistance level for the index to be the 26,000 mark, although some consolidation is expected before this level is reached. The support level is anticipated at 25,500. The Bank Nifty also saw a significant rise, gaining 1.4 percent to close at 53,793 on Friday, representing a 3.6 percent weekly gain. This positive performance is further supported by bullish candlestick patterns and positive momentum indicators.
The article provides a detailed breakdown of options data for both Nifty and Bank Nifty. Analyzing open interest and writing/unwinding activities at various strike prices offers insights into market sentiment and potential price movements. For Nifty, the maximum open interest was observed at the 27,000 strike, suggesting a potential resistance level. On the other hand, the 25,000 strike for Nifty holds the maximum open interest for Put options, indicating a potential support level. Similarly, the Bank Nifty options data reveals key resistance and support levels based on open interest patterns. In addition to options data, the article also presents information on fund flows, Put-Call ratio, volatility, and long/short positions in stocks, providing a comprehensive picture of the market landscape.
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