Nifty Weekly: 24,040 Holds, 200 SMA at 24,687 Test Ahead

Nifty tested and held the 24,040 Rising Window support last week, recovering to close at 24,252, even as the week finished down about 0.47%. The index briefly slipped below the 50 SMA during the test but reclaimed it by Friday, now at 24,182 — a constructive sign that keeps the Inverse Head & Shoulders thesis alive. RSI eased to 49.09, near the midline, consistent with a support test rather than a strong trend. Resistance builds in stages: 24,320 immediate, 24,540 intermediate, and 24,687 (200 SMA) as the decisive level confirming the pattern. Options data has flipped put-heavy — PCR now at 1.08 versus 0.88 earlier, with Put OI (27.15 Cr) exceeding Call OI (24.41 Cr) — a constructive cross-check alongside the support defence. Max Pain sits at 24,250 for the 25 Aug expiry. Base case: support holds, index works through 24,320 and 24,540 toward 24,687. A close below 24,040–24,000 would open the secondary support at 23,645. Stock to Watch:

has broken out of its recent range, closing at 14,830. Demand zone now sits at 14,600–14,500, with support at 14,000; bulls may eye 15,220 on continuation. A successful retest of support alongside a shift toward put-heavy options positioning is a stronger constructive signal than price action alone, since it shows both chart structure and options flow aligning in the same direction. Disclaimer: For educational purposes only, not investment advice. Please do your own due diligence or consult your advisor before investing.