Nifty has to hold 24250 for upmove

Nifty Bank has to hold above 52000 zones for an up move towards 52500 then 52750 levels while support is seen at 52000 then 51750 zones

- Motilal Oswal Team

Nifty Index opened positive and while it remained range bound for the first half of the session, it gained strength later. After the mid-day spike where it touched 24350 zones, it again witnessed some cool off to finally settle with gains of around 80 points. It formed a small bodied bullish candle on daily frame. Now it has to hold above 24250 zones for an up move towards 24500 then 24650 zones, whereas supports are placed at 24150 and 24000 zones.

The Nifty 50's out-of-the-money call options continue to be sold, which signals that market participants are not expecting a recovery in the index anytime soon. In the current month series, the 24500 strike price call option holds the maximum open interest and was among the most actively sold on Wednesday.