Nifty 50 – Short Term View (CMP ~24,631)

Nifty is consolidating near a key support zone after a recent pullback, showing mixed signals between option data and price structure. The index is holding higher lows on the chart but facing stiff resistance around 24,750–24,930. Chart Setup (1H timeframe): Price trading inside a rising channel; immediate support at 24,600–24,525. Resistance placed at 24,750 (trendline + supply zone) and 24,930. RSI at ~53, neutral with mild weakness—needs strength above 60 for momentum. Open Interest Data (21 Aug Expiry): Heavy Call OI built at 24,700 & 25,000 strikes, showing resistance zones. Strong Put OI support visible at 24,500 & 24,600 levels. PCR at 0.9 → signals more calls than puts, indicating a slightly bearish bias unless short covering kicks in. Key Levels to Watch: Support: 24,600 / 24,525 Resistance: 24,750 / 24,930 Break below 24,525 may drag towards 24,300, while a breakout above 24,930 could trigger 25,100+. Summary: Nifty remains in a range-bound to mildly bullish structure. The index is likely to oscillate between 24,525–24,930 in the short term. Sustaining above 24,750 can open the path for 25,000+, while a break below 24,525 may invite fresh weakness. Traders should stay cautious with tight stop-losses given low PCR and heavy call writing overhead Bullish stocks to follow: