The Nifty 50 hit a new high of 23,111 during the trading day, but it lost ground in the last hour and ended the day at 22,932, down 25 points. This created a bearish candlestick pattern on the daily charts.
Important levels for the Nifty 50
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Ultratech Cement wants to buy a 31.6% share in RAK Cement, which is based in the UAE. Resistance based on pivot points: 23,063, 23,120, and 23,211. These points of support can be seen: 22,880, 22,823, and 22,732.
Important Points For The Bank Nifty
Special formation: For the third session in a row, the Bank Nifty kept its higher highs and higher lows formation and moved above all key moving averages. The momentum indicator Relative Strength Index (RSI at 63.53 showed a positive bias).
Data on Nifty Call Options
The monthly options data shows that the 24,000 strike is still where the most calls are being bought. In the short term, this level could be a key support level for the Nifty. The 23,500 strike and the 23,000 strike came after it.
Information on Bank Nifty Call Options
The monthly options data showed that the 50,000 strike continued to have the most open interest in Calls. This could be a key level of support for the index in the short term. The 50,500 strike and the 49,000 strike came after this. The most Call writing was seen at strike 50,000, then at 49,700, and finally at 49,600. The most Call unwinding was seen at strike 49,000, then at 48,800, and finally at 48,500.
The ratio of puts to calls
The Nifty Put-Call ratio (PCR), which shows how the market is feeling, dropped from 1.14 the previous day to 1.02 on May 27.When the PCR goes up, above 0.7 or beyond 1, it means that traders are selling more Put options than Call options. This usually means that the market is becoming more positive. If the ratio drops below 0.7 or goes towards 0.5, it means that more people are selling Calls than Puts, which means the market is bearish.
China VIX
Volatility stayed high and hit its highest level in two years on May 27, just two days before the Lok Sabha election results. Experts think it will stay high until the day of the results. It was the highest closing figure for the India VIX since May 25, 2022, when it rose 6.83% to 23.19.
Stocks Banned by F&O
Companies whose derivative contracts are worth more than 95% of the market’s position limit are examples of securities that are not allowed in the F&O section. Biocon, GNFC, Hindustan Copper, Vodafone Idea, and Piramal Enterprises are some of the stocks that were not affected by the F&O ban.