Nifty Weekly: 50 SMA Lost, Squeezed Into 24,040-24,208
Nifty's tested the 24,040 rising-window support again, settling at 24,175.65, down about 0.31% for the week. Crucially, it has slipped back below the 50 SMA (24,208) that it had reclaimed the week before, and RSI has eased to 46.98 from 49.09 — the first sub-50 reading in this consolidation stretch.
This isn't a breakdown yet, but the bulls have given back last week's constructive gain. The index is now compressed between 24,040 support and 24,208 (50 SMA) resistance, with 24,652 (200 SMA) as the ultimate confirmation level for the broader Inverse H&S thesis, and 24,400 the upside objective if the 50 SMA is reclaimed. A daily close below 24,040 opens 23,645 next.
Options data is mixed: cumulative PCR has fallen to 0.77 (call-heavy), but Friday alone saw far heavier put addition (+3.92 Cr vs +69.92 L calls) — hinting at fresh support-building near current levels even as longer-dated positioning turns cautious on the upside. Max Pain for the 01-Sep expiry sits at 24,200, just above Friday's close.
