The Nifty 50 remained rangebound, though it rebounded and recouped the previous day's losses to end with a 0.6 percent gain on January 20, accompanied by above-average volumes. The daily charts indicated buying interest at lower levels, but volatility remained elevated, signaling caution for bulls. The Nifty 50 consistently faced resistance in the 23,350-23,400 zone. If the index manages to close and sustain above this zone, an upward journey towards 23,600 is possible in the upcoming sessions. However, as long as it trades below this zone, the consolidation may continue, with immediate support at 23,100, according to experts.

Here are 15 data points we have collated to help you spot profitable trades:

1) Key Levels For The Nifty 50 (23,345)

Resistance based on pivot points: 23,386, 23,438, and 23,523

Support based on pivot points: 23,218, 23,166, and 23,082

Special Formation: The Nifty 50 formed a bullish candlestick pattern with a long lower shadow on the daily timeframe, indicating buying interest at lower levels. The index reached closer to the 10-day EMA but sustained below all key moving averages. The momentum indicator RSI (Relative Strength Index) at 41.3 showed a positive crossover but remained in the lower band, while the MACD (Moving Average Convergence Divergence) remained below the zero line.

2) Key Levels For The Bank Nifty (49,351)

Resistance based on pivot points: 49,598, 49,826, and 50,195

Support based on pivot points: 48,859, 48,631, and 48,261

Resistance based on Fibonacci retracement: 49,448, 50,413

Support based on Fibonacci retracement: 47,876, 46,078

Special Formation: The Bank Nifty reported a bullish candlestick pattern on the daily timeframe with above-average volumes, closing above the 10-day EMA with a 1.67 percent gain. There was also a higher high-higher low formation. The momentum indicator RSI (42.6) showed a positive crossover but remained in the lower band, and the MACD also sustained below the zero line. Hence, consolidation may continue until the banking index gives a strong close above all key moving averages (20, 50, 100, and 200-day EMAs).

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was placed at the 24,000 strike (with 90.67 lakh contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,500 strike (75.19 lakh contracts) and the 23,600 strike (54.76 lakh contracts).

Maximum Call writing was observed at the 24,400 strike, which saw an addition of 19.67 lakh contracts, followed by the 23,600 and 24,000 strikes, which added 15.63 lakh and 12.54 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,200 strike which shed 10.07 lakh contracts, followed by the 23,000 and 23,300 strikes, which shed 2.16 lakh and 1.92 lakh contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 23,000 strike holds the maximum Put open interest (with 74.3 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 22,500 strike (62.1 lakh contracts) and the 23,200 strike (58.07 lakh contracts).

The maximum Put writing was placed at the 23,000 strike, which saw an addition of 39.94 lakh contracts, followed by the 23,200 and 23,300 strikes, which added 22,42 lakh and 22.38 lakh contracts, respectively. The maximum Put unwinding was seen at the 22,700 strike, which shed 20.08 lakh contracts, followed by the 24,000 and 22,450 strikes, which shed 41,325 and 20,175 contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 51,000 strike, with 17.64 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 50,000 strike (16.74 lakh contracts) and the 51,500 strike (15.96 lakh contracts).

Maximum Call writing was visible at the 49,100 strike (with the addition of 41,565 contracts), followed by the 49,300 strike (39,690 contracts) and the 49,600 strike (30,810 contracts). The maximum Call unwinding was seen at the 51,000 strike, which shed 3.22 lakh contracts, followed by the 50,000 and 49,000 strikes, which shed 2.92 lakh and 2.81 lakh contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 49,000 strike holds the maximum Put open interest (with 14.11 lakh contracts), which can act as a key support level for the index. This was followed by the 48,000 strike (13.92 lakh contracts) and the 48,500 strike (9.17 lakh contracts).

The maximum Put writing was observed at the 49,000 strike (which added 4.88 lakh contracts), followed by the 49,500 strike (3.1 lakh contracts) and the 49,300 strike (2.05 lakh contracts). The maximum Put unwinding was seen at the 51,000 strike, which shed 62,010 contracts, followed by the 50,500 and 48,500 strikes which shed 49,425 and 34,650 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, climbed to 1.03 on January 20, from 0.91 level in the previous session.

The increasing PCR, or being higher than 0.7 or surpassing 1, means traders are selling more Put options than Call options, which generally indicates the firming up of a bullish sentiment in the market. If the ratio falls below 0.7 or moves towards 0.5, then it indicates selling in Calls is higher than selling in Puts, reflecting a bearish mood in the market.

9) India VIX

The volatility index, India VIX, which measures expected market volatility, jumped 4.24 percent to 16.42, extending its upward trend for the third consecutive session and causing further discomfort for bulls. The bulls need to remain cautious.

10) Long Build-up (83 Stocks)

A long build-up was seen in 83 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (23 Stocks)

23 stocks saw a decline in open interest (OI) along with a fall in price, indicating long unwinding.

12) Short Build-up (60 Stocks)

60 stocks saw an increase in OI along with a fall in price, indicating a build-up of short positions.

13) Short-Covering (60 Stocks)

60 stocks saw short-covering, meaning a decrease in OI, along with a price increase.

14) High Delivery Trades

Here are the stocks that saw a high share of delivery trades. A high share of delivery reflects investing (as opposed to trading) interest in a stock.

15) Stocks Under F&O Ban

Securities banned under the F&O segment include companies where derivative contracts cross 95 percent of the market-wide position limit.

Stocks added to F&O ban: Nil

Stocks retained in F&O ban: Aditya Birla Fashion & Retail, Angel One, Bandhan Bank, Can Fin Homes, Kalyan Jewellers, L&T Finance, Manappuram Finance, RBL Bank

Stocks removed from F&O ban: Aarti Industries, Hindustan Copper