Range-bound trading likely as OI bases shifting lower bands

Hans India

14-07-2025

Afterhovering at 26,500CE for two weeks, the resistance level fell by 1,000 points to 25,500CE, while the support level declined by 500 points to 24,000PE as per the latest data on NSE. The 15,500CE has the highest Call base followed by 25,300/25,400/ 26,500/ 25,600/ 25,800/ 25,800 strikes, while 25,300/ 25,200/ 26,000/ 25,400/ 25,500/ 26,050 strikes. No major OI fall is visible on Call strikes.
Coming to the Put side, maximum Put OI is seen at 24,000PE followed by 25,000/ 24,500/ 24,800/ 25,500/ 25,400/ 24,600/ 24,700/ 24,200 strikes. Further, 25,000/ 25,200/ 24,900/ 22,950/ 24,800/ 24,700 strikes recorded moderate addition of Put OI. Put ITM strikes in the 23,350-25,800 range witnessed moderate Put OI fall.
Dhirender Singh Bisht, associate vice-president (technical research-equity) at SMC Global Securities Ltd, said: 'In the derivatives market, prominent Call Open Interest for Nifty seen at the 25,500 and 25,300 strike, while the notable Put Open Interest was at the 25,000 and 25,200 strike. For Bank Nifty, the prominent Call Open Interest was seen at the 57,000 strike, whereas notable Put Open Interest at the 56,000 strike.'
The continued range bound move and selling observed at higher levels. Highest Call writing is is placed at 25,500 strike. Major Put base is visible and 24,000 holds meaningful OI for the coming weekly expiry. Hence, only a move below 25,200 may trigger intermediate profit booking, but overall sentiment remains positive and Nifty is likely to move towards 25600/25800 levels.
'Uncertainty surrounding the trade deal between India and the US has made traders and investors cautious in the market. Some profit booking at higher levels was seen last week, leading to the market closing in the red. The Nifty underperformed, ending the week with a loss of around 1.25 per cent, while the Bank Nifty declined by nearly 0.5 per cent on the weekly chart. Major losses were seen in Indian defence, IT and capital market stocks, whereas FMCG and private bank stocks showed relative outperformance on a weekly basis,' added Bisht.
For the week ended July 13, 2025, BSE Sensex closed at 82,500.47 points, a fall of 932.42 points or 1.11 per cent, from the previous week's (July 5) closing of 83,432.89 points. NSE Nifty too declined by 311.15 points or 1.22 per cent to 25,149.85 points from 25,461 points a week ago.
Bisht forecasts: 'Currently, both Nifty and Bank Nifty are trading above their long-term exponential moving averages and are near to their rollover levels. The Nifty futures rollover range is 25,200–25,300, while for Bank Nifty, it is 56,600–56,700. The outlook remains 'buy on dips' as long as both indices stay above these rollover levels. For Nifty, the psychological support is at 25,000, followed by 24,800, while resistance is placed at 25,500–25,600 zone.' India VIX rose 1.24 per cent to 11.82 level. India VIX continues under pressure owing to continued range-bound trading and closed at the lowest levels seen since September.
Bank Nifty
Bank Nifty NSE's banking index closed the week at 56,754.70 points, 277.20 or 0.48 per cent lower from the previous week's closing of 57,031.90 points.