Nifty 50 Holds 24,000 Support Amid Bearish Momentum

Nifty 50: 24,000 Support Under Pressure The Nifty 50 closed at 24,000 on August 31, defending the key level after intraday dips. It remains below all major moving averages for the third session, signalling caution. Momentum indicators such as the RSI (43.7) and MACD (below zero) confirm a bearish tilt, while the 20‑day EMA continues to trend lower. If the index fails to hold 24,000, a slide toward 23,800 and 23,600 is possible. Immediate resistance lies in the 24,200‑24,300 zone, with pivot points at 24,119, 24,151 and 24,203 adding weight.

Options Landscape: Call Dominance at 24,500 Weekly options data reveal a heavy concentration of call open interest at the 24,500 strike (1.7 crore contracts), followed by 24,300 (1.45 crore) and 24,400 (1.27 crore). Call writing is strongest at 24,100 (51.38 lakh), while unwinding peaks at 24,750 (17.41 lakh). On the put side, 24,000 is the key support with 1.6 crore contracts, followed by 24,100 (1.01 crore) and 23,800 (93.79 lakh). The Put‑Call Ratio rose to 0.91, indicating a bullish sentiment as traders sell more puts than calls. The India VIX climbed 4.78 % to 11.19, showing cautious sentiment but staying below the 12‑level threshold.

Bank Nifty: Bullish Candle Meets Consolidation Bank Nifty ended the day above 58,000 after a 1 % spike in the closing auction, forming a long bullish candle. Pivot points place resistance at 58,066, 58,263 and 58,583, while support sits at 57,426, 57,228 and 56,908. Fibonacci retracements add 58,137 and 58,706 as resistance, with 57,135 and 56,870 as support. The RSI climbed to 56.89 (positive crossover) and the MACD shows a bullish crossover, yet both remain range‑bound, suggesting the uptrend needs confirmation. Options data for Bank Nifty mirror the Nifty trend: call open interest peaks at 57,500 (18.83 lakh) and put interest at 57,500 (19.21 lakh). Traders should watch whether the index can sustain levels above 58,000 before declaring a clear bullish turn.