Fri Dec 13 14:10:00 UTC 2024: **Nifty 50 Sees Profit Booking, Rangebound Trading; Key Levels and Options Data Analyzed**

**Mumbai, December 13** – India’s benchmark Nifty 50 index experienced profit-booking at higher levels on Tuesday, closing 0.4 percent lower at 24,549. The index remained within a tight trading range of 24,500-24,700 for the fourth consecutive session, leaving analysts uncertain about the near-term direction. A decisive break above 24,700 could trigger a rally towards 24,800-25,000, while a fall below 24,500 might push it down to 24,000.

Technical analysis reveals a bearish candlestick pattern on daily charts, suggesting selling pressure. However, the index remains above key moving averages. For the Bank Nifty (53,216), a Gravestone Doji pattern signals potential bearish reversal, though confirmation is needed. Both indices showed positive signs by remaining above key moving averages and Bollinger Bands.

Options data highlights key resistance and support levels. For Nifty, maximum call open interest at 25,000 and 25,500 suggests potential resistance, while maximum put open interest at 24,000 indicates support. For Bank Nifty, significant call open interest at 54,000 and put open interest at 52,000 are noteworthy. The Nifty Put-Call ratio (PCR) increased to 1.02, signaling a strengthening bullish sentiment. Volatility, as measured by the India VIX, continued its downtrend.

Market breadth showed a long build-up in 30 stocks and long unwinding in 62. A high share of delivery trades in certain stocks indicates increased investment interest. National Aluminium Company was added to the F&O ban list, while some stocks were removed. The information provided is for analysis purposes only and should not be considered investment advice. Consult with a certified financial expert before making any investment decisions.

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