The benchmark Nifty 50 had remained within a 23,000-23,400 range for another week ending January 24, closing Friday as well as the week half a percent down, with the formation of a bearish candlestick pattern. Volatility is likely to increase as the market approaches the monthly F&O expiry and the Union Budget next week. Overall, the trend remains negative. Consolidation is expected, and if the index breaks the lower range, a fall toward 22,800-22,600 could be possible. However, a decisive breakout above 23,400 could drive the index toward the 23,600-24,000 zone, according to experts.

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

1) Key Levels For The Nifty 50 (23,092)

Resistance based on pivot points: 23,277, 23,347, and 23,460

Support based on pivot points: 23,050, 22,979, and 22,866

Special Formation: The Nifty 50 formed a bearish candlestick pattern with a long upper shadow on the daily charts, indicating a lack of buying interest at higher levels. The index has sustained below all key moving averages (10, 20, 50, 100, and 200-day EMAs), with negative momentum indicators signaling bearish sentiment. However, it has been sustaining above the downward-sloping support trendline for the last three days.

2) Key Levels For The Bank Nifty (48,368)

Resistance based on pivot points: 48,727, 48,882, and 49,132

Support based on pivot points: 48,226, 48,071, and 47,821

Resistance based on Fibonacci retracement: 49,453, 50,431

Support based on Fibonacci retracement: 47,878, 46,078

Special Formation: The Bank Nifty extended its downtrend for another session, falling half a percent and forming a bearish candlestick pattern with an upper shadow on the daily timeframe, indicating selling pressure at higher levels. The trend remains in favour of bears, as the banking index traded below all key moving averages, and the momentum indicators suggest a negative outlook.

3) Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 24,000 strike (with 1.21 crore contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 23,500 strike (74.09 lakh contracts) and the 23,800 strike (57.48 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 31.2 lakh contracts, followed by the 23,500 and 24,200 strikes, which added 21.38 lakh and 19.37 lakh contracts, respectively. The maximum Call unwinding was seen at the 22,500 strike which shed 1.05 lakh contracts, followed by the 23,700 and 23,600 strikes, which shed 81,150 and 67,175 contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 22,000 strike holds the maximum Put open interest (with 93.17 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,000 strike (62.43 lakh contracts) and the 22,500 strike (52.59 lakh contracts).

The maximum Put writing was placed at the 22,000 strike, which saw an addition of 16.51 lakh contracts, followed by the 22,100 and 22,800 strikes, which added 11.45 lakh and 10.27 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,200 strike, which shed 7.13 lakh contracts, followed by the 23,000 and 23,300 strikes, which shed 5.53 lakh and 3.57 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 50,000 strike, with 25.07 lakh contracts. This can act as a key resistance level for the index in the short term. It was followed by the 49,000 strike (19.61 lakh contracts) and the 49,500 strike (17.88 lakh contracts).

Maximum Call writing was visible at the 49,200 strike (with the addition of 9.86 lakh contracts), followed by the 48,500 strike (3.74 lakh contracts) and the 48,400 strike (2.85 lakh contracts). The maximum Call unwinding was seen at the 49,500 strike, which shed 8 lakh contracts, followed by the 50,400 and 50,200 strikes, which shed 42,060 and 39,960 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 47,500 strike holds the maximum Put open interest (with 18.33 lakh contracts), which can act as a key support level for the index. This was followed by the 47,000 strike (14.59 lakh contracts) and the 48,000 strike (12.87 lakh contracts).

The maximum Put writing was observed at the 48,300 strike (which added 2.13 lakh contracts), followed by the 47,800 strike (2.11 lakh contracts) and the 47,500 strike (78,555 contracts). The maximum Put unwinding was seen at the 48,700 strike, which shed 2.43 lakh contracts, followed by the 48,600 and 48,000 strikes which shed 1.89 lakh and 1.45 lakh contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, dropped to 0.84 on January 24, from 0.95 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 India VIX, which gauges expected market volatility, remained in the higher zone, rising 0.3 percent to the 16.75 level. This makes the bulls more cautious as the market approaches the Union Budget event.

10) Long Build-up (16 Stocks)

A long build-up was seen in 16 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (70 Stocks)

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

12) Short Build-up (124 Stocks)

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

13) Short-Covering (18 Stocks)

18 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, Bandhan Bank, Can Fin Homes, Dixon Technologies, IndiaMART InterMESH, L&T Finance, Manappuram Finance, Mahanagar Gas, Punjab National Bank

Stocks removed from F&O ban: Nil