The Nifty 50 posted a 0.27 % rise on July 31, after a 2.6 % jump from its low on July 24. It closed above the 200‑day EMA at 24,370 and has moved above all its key moving averages, signalling a positive trend.
Momentum indicators are improving. The RSI climbed to 59.21 and the MACD showed a bullish crossover with a positive histogram. Both short‑term and medium‑term moving averages are trending upward.
Donald Trump cancelled the planned major strikes on Iran, which may ease oil prices. Meanwhile the India VIX dropped to 11.755, below the 12‑zone, indicating lower fear and stronger support for bulls.
If the index remains above the 200‑day EMA and sees follow‑through buying, it could move into the 24,600‑24,800 zone, the previous swing highs. A decisive move above this zone could open the way to 24,800‑25,000, provided the 24,100‑24,000 level holds as support.
Pivot resistance points for the Nifty are 24,420, 24,451 and 24,501. Pivot support points are 24,321, 24,291 and 24,241.
Bank Nifty gained 0.2 % amid volatility and formed a small bullish candle. It has oscillated between its 20‑day and 100‑day EMAs and needs a strong move above the 20‑day EMA of 57,282 to confirm an uptrend. It faced resistance at the 57,305 Fibonacci level but failed to close above it on Friday.
Bank Nifty’s RSI is 50.54, near a positive crossover, and the MACD remains almost flat above zero but below the signal line. The histogram shows weakening bearish momentum.
Weekly options data show the maximum call open interest at the 24,600 strike with 1.2 crore contracts. The next highest are 24,700 (91.96 lakh) and 24,500 (90.8 lakh). Call writing peaked at 24,400 (34.81 lakh), while call unwinding was strongest at 24,200 (24.99 lakh).
On the put side, the maximum open interest is at the 24,000 strike with 1.46 crore contracts, followed by 24,200 (1.18 crore) and 24,300 (98.53 lakh). Put writing was highest at 24,400 (45.37 lakh). Little put unwinding occurred in the 24,000‑24,950 band.
Monthly options data show the maximum call open interest at 58,000 with 21.53 lakh contracts. Call writing was highest at 57,500 (1.23 lakh), while call unwinding peaked at 57,000 (28,500). The maximum put open interest is also at 58,000 with 13.15 lakh contracts. Put writing was highest at 57,000 (56,970), and put unwinding was strongest at 57,900 (83,430).
The Nifty Put‑Call Ratio (PCR) jumped to 1.39 on July 31 from 1.26, showing that traders are selling more puts than calls, a sign of bullish sentiment. A PCR above 1 generally indicates a firming up of a bullish mood.
India VIX fell 3.29 % to 11.755, its lowest closing level since July 7. A sustained move below the 12‑zone could keep the bulls in a comfortable zone and suggest market stability.
Stock activity shows a long build‑up in 72 stocks, a decline in long positions in 26 stocks, a short build‑up in 46 stocks, and short covering in 69 stocks.
Certain stocks have a high share of delivery trades, indicating investor interest rather than speculative trading.