Gap Support Intact; Bulls Prepare for Push

Index Action

Nifty showcased resilience, holding firmly above its gap support zone and attracting consistent buying near the confluence of the previous low and gap boundary. The index ended 103.70 points higher at 24,980.65, signalling underlying strength.

A sustained close above 25,050 could trigger strong bullish momentum and potential short covering, while 24,750–24,800 has emerged as a robust demand zone, supported by the 10, 20, and 50 DEMA cluster. As long as the index sustains above 24,750, dips are likely to be absorbed as buying opportunities. A decisive close below this level, however, may weaken the bullish structure.

The RSI crossing above 50 supports a revival in bullish momentum, keeping the overall bias tilted toward the upside.

Derivatives Snapshot

• 25,000 CE: Heavy writing, OI ~1.25 cr → firm resistance.
  
  
• 24,900 PE: Highest put OI ~1.19 cr → solid support.
  
  
• Put writers are shifting higher, call writers inching upward → constructive undertone.
  
  
• PCR rose from 0.85 → 1.11 → highlighting strengthening put-side control.
  
  

Volatility Check

• India VIX dropped 4.46% to 11.79, reflecting low fear and expectations of consolidation rather than a steep correction.
  
  

Market Outlook
Nifty remains firmly positioned above its 24,750–24,800 demand band, with strong put writing reinforcing the base.

• Upside trigger: Breakout above 25,050 could unleash sharp momentum.
  
  
• Downside risk: Only a decisive breach below 24,700 would shift the tone cautious.
  
  

For now, the market structure supports a “buy-on-dips” strategy until the consolidation resolves with a directional breakout.