The Nifty 50 recouped some of its losses in the second half of the session before closing 0.32 percent lower on August 17, extending its downtrend for the fifth consecutive session. With the index trading below its short-term moving averages and bearish momentum gradually strengthening, the market is expected to remain weak amid consolidation in the short term. According to experts, the key immediate support is placed at 24,200, as a decisive break below this level and sustained trading beneath it could trigger significant selling pressure and drive the index towards the 24,000 level. On the higher side, the 24,400-24,500 zone is likely to act as an immediate hurdle.

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

1) Key Levels For The Nifty 50 (24,288)

Resistance based on pivot points: 24,342, 24,374, and 24,425

Support based on pivot points: 24,241, 24,209, and 24,158

Special Formation: The Nifty 50 formed a bearish candle with a lower shadow on the daily timeframe, indicating weakness despite buying interest at lower levels. The index fell below its short-term moving averages and the midline of the Bollinger Bands; however, it still held above the 50-day and 100-day EMAs, which are the next support levels. The RSI drifted lower to 49.26, while the MACD's bearish crossover strengthened, with the histogram bar expanding for the third consecutive session. All this indicates that the near-term trend remains weak, with bearish momentum gradually strengthening.

2) Key Levels For The Bank Nifty (57,498)

Resistance based on pivot points: 57,702, 57,852, and 58,096

Support based on pivot points: 57,215, 57,064, and 56,821

Resistance based on Fibonacci retracement: 57,685, 58,137

Support based on Fibonacci retracement: 57,135, 56,870

Special Formation: The Bank Nifty recovered its losses in the second half of the session to close 7 points higher, forming a bullish candle with long upper and lower shadows on the daily chart, resembling a High Wave candlestick pattern and indicating indecision among buyers and sellers. The index slipped below its short-term moving averages, but continued to trade well above its medium- and long-term moving averages, indicating short-term caution, while the broader structure remains positive. The momentum indicators suggest a range-bound market environment. The daily RSI has been oscillating within a narrow band, highlighting the absence of a strong directional bias.

3) Nifty Call Options Data

According to the weekly options data, the maximum Call open interest was seen at the 24,500 strike (with 1.25 crore contracts). This level can act as a key resistance level for the Nifty in the short term. It was followed by the 24,400 strike (1.04 crore contracts) and 24,600 strike (1.03 crore contracts).

Maximum Call writing was observed at the 24,350 strike, which saw an addition of 30.95 lakh contracts, followed by the 24,300 and 24,400 strikes, which added 30.22 lakh and 23.57 lakh contracts, respectively. The maximum Call unwinding was seen at the 24,800 strike, which shed 18.07 lakh contracts, followed by the 23,900 and 24,000 strikes, which shed 89,570 and 47,580 contracts, respectively.

4) Nifty Put Options Data

On the Put side, the 24,300 strike holds the maximum Put open interest (with 1.34 crore contracts), which can act as a key level for the Nifty in the short term. It was followed by the 24,000 strike (1.13 crore contracts) and the 24,200 strike (1.04 crore contracts).

The maximum Put writing was placed at the 24,250 strike, which saw an addition of 43.51 lakh contracts, followed by the 24,300 and 24,200 strikes, which added 32.85 lakh and 31.6 lakh contracts, respectively. The maximum Put unwinding was seen at the 24,400 strike, which shed 24.67 lakh contracts, followed by the 24,500 and 24,350 strikes, which shed 10.77 lakh and 10.27 lakh contracts, respectively.

5) Bank Nifty Call Options Data

According to the monthly options data, the maximum Call open interest was seen at the 58,000 strike, with 21.3 lakh contracts. This can act as a key level for the index in the short term. It was followed by the 58,500 strike (10.99 lakh contracts) and the 57,500 strike (7.15 lakh contracts).

Maximum Call writing was observed at the 58,500 strike (with the addition of 89,460 contracts), followed by the 58,200 strike (51,720 contracts) and 57,800 strike (44,430 contracts). The maximum Call unwinding was seen at the 57,500 strike, which shed 50,100 contracts, followed by the 58,000 and 57,200 strikes, which shed 32,370 and 15,780 contracts, respectively.

6) Bank Nifty Put Options Data

On the Put side, the 58,000 strike holds the maximum Put open interest (with 13.97 lakh contracts), which can act as a key level for the index in the short term. This was followed by the 57,000 strike (10.44 lakh contracts) and the 57,500 strike (7.22 lakh contracts).

The maximum Put writing was placed at the 58,000 strike (which added 1.64 lakh contracts), followed by the 57,500 strike (1.01 lakh contracts) and 57,000 strike (94,560 contracts). The maximum Put unwinding was seen at the 58,500 strike, which shed 21,210 contracts, followed by the 58,800 and 58,300 strikes, which shed 12,870 and 3,270 contracts, respectively.

7) Funds Flow (Rs crore)

8) Put-Call Ratio

The Nifty Put-Call ratio (PCR), which indicates the mood of the market, rose to 0.99 on August 17, compared 0.98 to 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

India VIX, which measures expected market volatility, advanced 0.18 percent to 11.325 after falling for the previous four consecutive sessions, but remained at relatively low levels. This suggests that near-term market uncertainty remains contained, despite the recent uptick in volatility.

10) Long Build-up (73 Stocks)

A long build-up was seen in 73 stocks. An increase in open interest (OI) and price indicates a build-up of long positions.

11) Long Unwinding (34 Stocks)

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

12) Short Build-up (70 Stocks)

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

13) Short-Covering (36 Stocks)

36 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: Bandhan Bank, Life Insurance Corporation of India, Manappuram Finance, SAIL

Stocks removed from F&O ban: Nil