By Vineet Kumar 
According to weekly options data, the Nifty is facing immediate resistance at 24,300, with a secondary hurdle at 24,500, while support is positioned at 24,000.
On November 11, the Nifty 50 experienced choppy trading, ending flat with a slight negative tilt. The index successfully defended the 24,000 level intraday, which is critical for an upward move toward 24,300, followed by a challenge at 24,500. However, if the index slips below 24,000, additional support is likely around 23,800, as per market analysts.
After opening lower at 24,087, the index reached an intraday low of 24,005 in early trades. As the day unfolded, the Nifty rose to a high of 24,337 in late morning trades but failed to sustain these gains, eventually closing at 24,141, down by 7 points. This resulted in a small bullish candlestick pattern with an upper shadow on the daily chart, indicating the bulls’ inability to hold the upward momentum amid volatility.
“While the market declined over the last few sessions, there hasn’t been significant downside momentum, which could signal some optimism for bulls attempting to rebound from the lows,”
I noted that the Nifty’s trend remains choppy with a weak undertone. “After retreating from the higher range recently, the Nifty may see a short-term bounce from the lower boundary around 23,800. Immediate resistance remains at 24,300.
Options data indicates that 24,300 represents the immediate resistance, with 24,500 as a further obstacle, while support is anchored at 24,000.
According to weekly options positioning, the 25,000 strike has the highest call open interest, followed by 24,500 and 24,800 strikes. There is significant call writing at the 24,700, 24,300, and 24,500 levels. On the put side, the 23,000 strike holds the most open interest, followed by 23,500 and 24,000, with maximum put writing seen at the 23,700, 23,600, and 24,000 strikes.
Bank Nifty Overview
The Bank Nifty also saw volatility but outperformed the Nifty 50, gaining 316 points to close at 51,877. It formed a bullish candlestick pattern with both upper and lower shadows on the daily chart, signaling balanced pressure from both bulls and bears.
The banking index broke out of its recent lower highs pattern over the past two sessions. “Bank Nifty needs to hold above 51,750 to continue upward towards 52,222 and potentially 52,555. Falling below 51,750 could prompt a retracement to 51,500 or even 51,250.
In parallel, the India VIX, or volatility index, has decreased in four of the last five sessions, down 1.38 percent to 14.27. Continued declines in VIX may provide some stability and support for bullish traders.