The Nifty 50 continued to consolidate for the fourth consecutive session after hitting a new low of 2025. The index consistently defended 22,800 on a closing basis, and on the higher side, it faced resistance at 23,000. The Bank Nifty was rangebound after the previous day’s long bullish candle, declining by 0.5 percent. The near-term trend still seems to be positive as long as the index holds above the low of February 19 (48,800) The 23,500 strike holds the maximum Call open interest (with 92.59 lakh contracts). This level can act as a key resistance for the Nifty in the short term. On the Put side, the maximum Put open interest was seen at the 22,000 strike (with 87.6 lakh contracts), which can actas a key support level for the index. The maximum Put writing was placed at the 23,300 strike, which saw an addition of 28.33 lakh contracts, followed by the 22,.000 and 22,200 strikes, which added 12 lakh and 12 lakh, respectively.
