Nifty Bank faces hurdle at 51,500 level

Nifty Index opened positive and witnessed spikes twice during the day but remained consolidated for the rest of the session.

- Motilal Oswal Team

It formed a Doji sort of candle on daily frame and has been making multiple Dojis, which indicates indecisiveness. Lack of follow-up buying is seen, which is making the index stuck. Now it has to hold above 23,700 zones for a bounce towards 23,850, and then 24,000 zones whereas supports are seen at 23600, and then 23,500 zones.

On the option front, Maximum Call OI is at 24,000, and then 25,000 strike while Maximum Put OI is at 23,800, and then 23,000 strike. Call writing is seen at 23,800, and then 24,000 strike while Put writing is seen at 23,800, then 23,000 strike. Option data suggests a broader trading range in between 23,200 to 24,200 zones while an immediate range is seen between 23,500 to 239,00 levels.