The Nifty 50 extended its upward move and formed higher lows for three consecutive days, closing 0.4 percent higher on January 16. The index managed to close above the November low (23,263) and surpassed the 23,350 hurdle intraday. However, the overall sentiment remained in favor of the bears, as the index continued to trade well below all key moving averages. Therefore, the index is expected to consolidate, with immediate support at 23,150, followed by 23,050 (January low). In the event of a continuation of the uptrend, the key hurdle is at 23,500, as above this level, the 200-day EMA at 23,680 will be the level to watch, according to experts.

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

1) Key Levels For The Nifty 50 (23,312)

Resistance based on pivot points: 23,371, 23,399, and 23,445

Support based on pivot points: 23,280, 23,251, and 23,206

Special Formation: The Nifty 50 formed a bearish candlestick pattern on the daily charts with above-average volumes, continuing the formation of higher highs for another session. However, the momentum indicators remain in negative territory, and the index is sustaining below all key moving averages, signaling an overall bearish phase for the market. Additionally, on the weekly charts, the index formed a bullish candlestick pattern with minor upper and long lower shadows, indicating buying interest at lower levels. Despite this, the index remains below the 50-week EMA and is trading near the lower end of the Bollinger Bands.

2) Key Levels For The Bank Nifty (49,279)

Resistance based on pivot points: 49,419, 49,519, and 49,679

Support based on pivot points: 49,098, 48,999, and 48,838

Resistance based on Fibonacci retracement: 49,445, 50,410

Support based on Fibonacci retracement: 47,864, 46,078

Special Formation: The Bank Nifty maintained higher tops and higher bottoms for the third consecutive session, particularly since hitting a seven-month low on December 13. It formed a bullish candlestick pattern on the daily charts but remains in the lower band of the Bollinger Bands and below all key moving averages. The momentum indicator RSI (Relative Strength Index) at 39 showed a positive crossover but is still in the lower band, and the MACD (Moving Average Convergence Divergence) remains below the zero line, signaling a negative bias. On the weekly timeframe, the index formed a long bullish candlestick pattern but is still below the 50-week EMA of 49,930.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was placed at the 24,000 strike (with 45.52 lakh contracts). This level can act as a key resistance for the Nifty in the short term. It was followed by the 24,200 strike (28.17 lakh contracts) and the 23,500 strike (26.11 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 24.72 lakh contracts, followed by the 24,200 and 23,300 strikes, which added 18.56 lakh and 10.24 lakh contracts, respectively. The maximum Call unwinding was seen at the 23,200 strike, which shed 8.56 lakh contracts, followed by the 23,250 and 23,150 strikes, which shed 1.88 lakh and 14,775 contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 22,500 strike holds the maximum Put open interest (with 31.73 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 23,200 strike (26.31 lakh contracts) and the 23,000 strike (25.28 lakh contracts).

The maximum Put writing was placed at the 22,500 strike, which saw an addition of 15.79 lakh contracts, followed by the 22,400 and 23,000 strikes, which added 12.21 lakh and 10.91 lakh contracts, respectively. There was hardly any Put unwinding seen in the 22,400-24,350 strike band.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at 51,000 strike, with 18.52 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 (15.51 lakh contracts) and the 49,500 strike (10.61 lakh contracts).

Maximum Call writing was visible at the 49,500 strike (with the addition of 1.48 lakh contracts), followed by the 49,400 strike (1.27 lakh contracts) and the 49,300 strike (1.21 lakh contracts). The maximum Call unwinding was seen at the 49,000 strike, which shed 3.88 lakh contracts, followed by the 51,000 and 50,000 strikes, which shed 2.54 lakh and 2.53 lakh contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 48,000 strike holds the maximum Put open interest (with 13.6 lakh contracts), which can act as a key support level for the index. This was followed by the 49,000 strike (11.87 lakh contracts) and the 48,500 strike (8.7 lakh contracts).

The maximum Put writing was observed at the 49,300 strike (which added 2.29 lakh contracts), followed by the 49,500 strike (1.91 lakh contracts) and the 49,000 strike (1.51 lakh contracts). The maximum Put unwinding was seen at the 48,000 strike, which shed 27,540 contracts, followed by the 51,000 and 48,800 strikes which shed 26,430 and 25,290 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, jumped to 1.01 on January 16, from 0.82 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, the volatility index that measures expected market volatility, rebounded after a two-day decline, rising 1.36 percent to 15.47, which is an uncomfortable level for bulls.

10) Long Build-up (86 Stocks)

A long build-up was seen in 86 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (15 Stocks)

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

12) Short Build-up (37 Stocks)

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

13) Short-Covering (90 Stocks)

90 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: Aarti Industries, Aditya Birla Fashion & Retail, Angel One, Bandhan Bank, Hindustan Copper, Kalyan Jewellers, L&T Finance, Manappuram Finance, RBL Bank

Stocks removed from F&O ban: Nil