The Nifty 50 snapped its three-day winning streak and corrected by half a percent on January 17, negating the higher highs-higher lows formation of the previous couple of sessions. The market needs a strong trigger to get back into consistent positive territory. Hence, until the index trades well below all key moving averages, consolidation in the Nifty 50 may continue, with immediate support at 23,200, followed by 23,050 as crucial support levels. However, if it manages to close strongly above 23,400 (which coincides with the 50-week EMA and 10-day EMA), 23,600 will be the next hurdle to watch on the higher side, according to experts.

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

1) Key Levels For The Nifty 50 (23,203)

Resistance based on pivot points: 23,272, 23,317, and 23,390

Support based on pivot points: 23,125, 23,080, and 23,007

Special Formation: The Nifty 50 formed a bearish candlestick pattern with a lower shadow on the daily charts, accompanied by above-average volumes. This suggests a lack of strength in the recent upside bounce. The index traded well below all key moving averages, and the negative bias in the momentum indicators indicates weakness.

2) Key Levels For The Bank Nifty (48,541)

Resistance based on pivot points: 48,914, 49,088, and 49,370

Support based on pivot points: 48,351, 48,177, and 47,895

Resistance based on Fibonacci retracement: 49,454, 50,411

Support based on Fibonacci retracement: 47,875, 46,078

Special Formation: The Bank Nifty also formed a bearish candlestick pattern on the daily timeframe, following an upward rally and the higher highs-higher lows formation seen in the previous three sessions, which indicates weakness. The bearish sentiment persists, as the index remained well below all key moving averages, with a negative bias in the momentum indicators.

3) Nifty Call Options Data

According to the weekly options data, the 24,000 strike holds the maximum Call open interest (with 78.12 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 (73.58 lakh contracts) and the 23,500 strike (45.67 lakh contracts).

Maximum Call writing was observed at the 24,000 strike, which saw an addition of 32.6 lakh contracts, followed by the 23,700 and 24,500 strikes, which added 24.26 lakh and 24.25 lakh contracts, respectively. There was hardly any Call unwinding seen in the 22,100-24,500 strike band.

4) Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 22,700 strike (with 46.54 lakh contracts), which can act as a key support level for the Nifty. It was followed by the 22,500 strike (42.42 lakh contracts) and the 23,200 strike (35.65 lakh contracts).

The maximum Put writing was placed at the 22,700 strike, which saw an addition of 31.23 lakh contracts, followed by the 22,900 and 22,200 strikes, which added 14.22 lakh and 11.61 lakh contracts, respectively. The maximum Put unwinding was seen at the 23,500 strike, which shed 36,225 contracts, followed by the 23,600 and 24,100 strikes, which shed 17,850 and 7,050 contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the 51,000 strike holds the maximum Call open interest, with 20.87 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 (19.67 lakh contracts) and the 49,000 strike (12.64 lakh contracts).

Maximum Call writing was visible at the 50,000 strike (with the addition of 4.16 lakh contracts), followed by the 49,000 strike (3.47 lakh contracts) and the 48,500 strike (3.23 lakh contracts). The maximum Call unwinding was seen at the 49,400 strike, which shed 21,735 contracts, followed by the 48,200 and 49,300 strikes, which shed 16,140 and 15,870 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the maximum Put open interest was seen at the 48,000 strike (with 13.43 lakh contracts), which can act as a key support level for the index. This was followed by the 47,000 strike (12.05 lakh contracts) and the 48,500 strike (9.52 lakh contracts).

The maximum Put writing was observed at the 48,500 strike (which added 81,585 contracts), followed by the 47,500 strike (61,260 contracts) and the 48,600 strike (44,910 contracts). The maximum Put unwinding was seen at the 49,000 strike, which shed 2.64 lakh contracts, followed by the 49,500 and 49,300 strikes which shed 1.81 lakh contracts each.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, fell to 0.91 on January 17, from the 1.01 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, remained in the higher zone, continuing its upward trend for another session to close at 15.75, up 1.83 percent. This keeps the bulls in the discomfort zone.

10) Long Build-up (84 Stocks)

A long build-up was seen in 84 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (35 Stocks)

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

12) Short Build-up (49 Stocks)

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

13) Short-Covering (59 Stocks)

59 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: Can Fin Homes

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