The Nifty 50 finished the week in a range, closing 0.27 % lower on Aug 7. It had already hit a new swing high for the current fiscal year on Monday. The index stayed above the July 7 swing high and the 23.6 % Fibonacci retracement of the recent rally.
Support is around 24,400‑24,300, while resistance lies at 24,616, 24,641, and 24,682. A clear break above 24,800 could lift the market toward the 25,000‑25,200 area. The short‑ and medium‑term moving averages remain in an uptrend, giving the index a solid base.
Bank Nifty mirrored the Nifty’s behavior, trading in a tight range. It formed a bearish candle with a small upper shadow, showing short‑term pressure. Despite this, the index stayed above its short‑term EMAs and the 200‑day moving average, and above the 23.6 % Fibonacci retracement level.
Weekly options data show the highest call open interest at the 24,600 strike (1.19 crore contracts). The next highest are the 25,000 (1.13 crore) and 24,700 (1 crore) strikes. Call writing peaked at 24,600, adding 64.48 lakh contracts, followed by 24,550 and 25,000.
On the put side, the 24,600 strike leads with 76.51 lakh contracts. Put writing was strongest at 24,500, adding 14.99 lakh contracts. The biggest call unwinding happened at 24,200, shedding 1.79 lakh contracts.
Monthly options data reveal the largest call open interest at 58,000 (22.95 lakh contracts). The 59,000 and 58,500 strikes follow with 11.66 and 7.83 lakh contracts. For puts, 58,000 again tops the list with 16.6 lakh contracts.
The Nifty put‑call ratio fell to 0.89 on Aug 7 from 1.04 the previous day, indicating a slight shift toward bullish sentiment. A ratio above 0.7 generally signals more bullishness, while below 0.7 hints at bearishness.
India VIX closed flat at 12.16, remaining below its short‑term moving averages. A VIX below 14 is considered a comfort zone for bulls, suggesting market stability.
Open‑interest activity shows 43 stocks building long positions, 50 stocks unwinding longs, 68 stocks building shorts, and 49 stocks covering shorts. These movements reflect shifting trader sentiment.
F&O bans were updated: Kaynes Technology India was newly added, while Bandhan Bank and LIC remain on the ban list. These restrictions limit derivative contracts that cross 95 % of the market‑wide position limit.
Overall, the Nifty remains range‑bound with clear support and resistance levels. A move above 24,800 could trigger a rally toward 25,000, but traders should watch the VIX and options data for further clues.