Nifty Pre-Open: Falling Channel Intact, Watch 24,150–24,010 for a Bounce Setup

Nifty closed at 24,154.9, down 0.55%, continuing to trade within a falling channel on the hourly chart. Heavy Call OI is built around 24,200, making the 24,230–24,320 zone a resistance wall — until that's decisively taken out, the path of least resistance stays down. That said, two things argue against chasing the downside blindly. First, a positive RSI divergence is forming on Nifty — price is making a fresh low while RSI prints a higher low, often an early signal that downside momentum is fading even if price hasn't turned yet. Second, heavy Put OI is built around 24,150–24,000, with the rising-window support near 24,010 adding a technical floor to that same zone. Bottom line: bias stays down while below 24,230, but 24,150–24,010 is the zone to watch closely for any bullish reversal candle to set up a bounce trade.

is forming a Hammer on the hourly chart, also backed by positive RSI divergence — a confirmation candle above the Hammer's high could open up a bounce trade, mirroring the same reversal setup playing out on the index. A Hammer candle only signals a genuine reversal once the next candle confirms it by closing above the Hammer's high — acting on the Hammer alone, before confirmation, is how traders get caught in a fake out during an otherwise intact downtrend.