The Nifty 50 staged a healthy comeback on September 3, rising 135 points after a day of bearish pressure. While the index showed resilience, it could not surpass the previous day’s high of 24,756, which now stands as a crucial level for any meaningful upside.
Key Resistance Levels Ahead
If Nifty reclaims and sustains above 24,750, then the immediate hurdle comes near 24,800 – coinciding with the 50-day EMA. Beyond that, the psychological mark of 25,000 will be the next key resistance in the upcoming sessions.
However, a failure to hold above the 24,750 zone may keep the index in a consolidation phase, with immediate support at 24,500, followed by a strong support band at 24,400–24,300.
Chart Setup & Technical Outlook
The index formed a bullish candle with a lower shadow on the daily chart, backed by above-average volumes – a sign of buying interest at lower levels. Nifty also maintained a higher-lows structure for the third straight session.
The index crossed above the 100-day EMA and the midline of the Bollinger Bands, though it still closed below the 20- and 50-day EMAs.
RSI stands at 48.51 and is on the verge of a bullish crossover.
Stochastic RSI has already shown a positive crossover.
MACD, however, continues to remain below the zero and signal line, keeping the trend mixed.
Options Data: Resistance at 25,000, Support at 24,500
Call side:
The highest open interest stands at the 25,000 strike (89.14 lakh contracts), making it the strongest resistance.
This is followed by 25,500 (74.83 lakh contracts) and 24,800 (61.03 lakh contracts).
Heavy Call writing was seen at 25,000 (+30.88 lakh contracts), suggesting that writers are defending this level.
Put side:
The highest Put OI is placed at 24,500 strike (1.17 crore contracts), indicating a strong support zone.
This is followed by 24,600 (94.91 lakh contracts) and 24,000 (87.12 lakh contracts).
Maximum Put writing was also at 24,500 (+67.44 lakh contracts), reinforcing it as a critical base.
Put-Call Ratio (PCR) Signals Strength
The Put-Call Ratio (PCR) jumped to 1.21 on September 3 from 0.99 in the previous session. A PCR above 1 generally reflects stronger Put writing compared to Calls, which is often seen as a sign of bullish sentiment building up in the market.
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✅ Takeaway for Traders:
Above 24,750, momentum could extend towards 24,800 and 25,000.
If Nifty fails to hold this level, expect sideways consolidation with 24,500–24,300 acting as a strong support zone.
The coming sessions will decide whether Nifty can break past 25,000 or stay range-bound within the current consolidation band.