Weekly Analysis Oct 14 2024

 NIFTY50 spot weekly analysis 14th October. 

25000 Strike. 

High OI build-up (5.1M) with short covering seen, indicating potential upside pressure if 25000 holds.

24900 Strike. 

Strong long build-up (828K OI), suggesting support at this level.

25100 Strike. 

Moderate short covering with 1.4M OI, indicating resistance here, but short positions are unwinding, which could push the price higher if buying momentum picks up.

Conclusion. 

Key Support: 24900 (strong long positions).

Key Resistance: 25000-25100 (short positions unwinding).

Short Bias: If Nifty sustains above 25000, shorts may cover further, pushing the market towards 25100+. However, if it falls below, expect pressure down to 24850.

BANKNIFTY weekly analysis 14th oct. 

Support at 51,100-51,200: Buyers are defending these levels as strong supports, and as long as Bank

 Nifty stays above them, expect range-bound movement.

Resistance at 51,300-51,500. These levels are key resistances. Breaking above 51,300 could lead to a test of 51,500 and potentially higher.

Breaking 51,100. 

If 51,100 is broken, there could be increased selling pressure, pushing Bank Nifty towards 50,900.

In summary, Bank Nifty will likely remain range-bound between 51,100 and 51,300 in the short term unless there is a clear breakout above or below these levels. Watch for significant movement if 51,100 breaks on the downside or 51,500 is breached on the upside.