Options data hints at consolidation in the index, but midcaps continue outperformance

Weekly F&O Data

by 5paisa Research Team Last Updated: Jun 26, 2023 - 06:18 pm 351 Views

Nifty50 26.06.23.jpeg

During last week, Nifty resisted around the previous swing high of 18880 and witnessed some pullback in the last couple of sessions. The indices traded in a narrow range in Monday’s session, but the broader market momentum was positive as stock-specific buying interest was seen.

In this series, we have not seen any significant build-up in the index futures segment as both FII and the Clients have traded with long positions of around 50 percent for the most part of the series. The Nifty index attempted to mark a new record high but just missed to make the headline while the Bank Nifty index has consolidated within a range which seems to be a time-wise corrective phase. In the last two sessions, the momentum was missing in the indices but the midcaps witnessed decent outperformance on Monday due to which the overall market breadth was healthy. The Nifty index is trading around its crucial support for 18650 and it needs to be seen if it manages to resume the uptrend from this support. The momentum readings which were in the overbought zone during last week have cooled off in the last couple of sessions and since the buying interest still continues, we could see a resumption of the up move in the near term. Hence, traders are advised to trade with the trend and keep a tab on the support of 18650. A close below this support would then lead to some price-wise correction while if this support remains intact, then a pullback again towards 18670-18730 could be seen. The open interest data indicates support in the range of 18700-18600 while resistance is seen around 18800. Any winding in the open interest on either side could then lead to some trended move around the expiry. 

The immediate resistance for the banking index is seen around 43900-44000 and a breakout above the same will lead to a resumption of the uptrend. The Midcap stocks seem to be gaining back momentum as the RSI oscillator has cooled off from the highs. The 20 DEMA around 34500 is intact in the Nifty Midcap 100 index and till the support holds, one should look to trade in the direction of the trend.

Frequently Asked Questions

How do you rate this blog?


Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.
Open Free Demat Account
Resend OTP
Please Enter OTP
Account belongs to

By proceeding, you agree to the T&C.

Latest Blogs
How to check the allotment status of SignatureGlobal India IPO

SignatureGlobal India Ltd IPO gets a modest to healthy response

  • Sep 22, 2023
How to check the allotment status of Sai Silks Kalamandir IPO

The ₹1,201 crore IPO of Sai Silks (Kalamandir) Ltd consisted of a fresh issue of ₹600 crore and an offer for sale (OFS) of ₹601 crore.

  • Sep 22, 2023
Weekly Outlook on Copper- 25-Sep-2023

Copper witnessed a significant decline of -1.3%, trading at 715, primarily due to the strengthening dollar and increasing metal inventories. LME inventories surged to their highest level since May 2022, reaching 162,900 tons.  Copper price slips lower amid higher dollar and inventory concerns

  • Sep 22, 2023