The Nifty 50 closed at a three-month low on August 8, falling 233 points amid concerns over the impact of US tariffs on Indian exports. The index has been under pressure for six consecutive weeks — its longest losing streak since 2020 — and is now trading below short- and medium-term moving averages, with momentum indicators pointing to further weakness.

Nifty Outlook

• Current Level: 24,363
• Support: 24,334 → 24,276 → 24,181 (pivot points) | 24,200 (200-day EMA) | 24,000 (50-week EMA)
• Resistance: 24,523 → 24,582 → 24,677 (pivot points) | 24,500 likely to act as strong resistance
• Technical Pattern: Bearish candle on daily charts, RSI at 33.58 (near oversold), MACD negative.

Bank Nifty Outlook

• Current Level: 55,005
• Support: 54,902 → 54,726 → 54,441 (pivot points) | 54,390 (Fibonacci)
• Resistance: 55,473 → 55,649 → 55,935 (pivot points) | 55,530 (Fibonacci)
• Technical Pattern: Bearish engulfing candle, RSI at 33.25, below key moving averages.

Options Data Highlights

• Nifty Call OI: Highest at 25,000 strike, followed by 24,500 and 24,600.
• Nifty Put OI: Highest at 24,000 strike, followed by 24,500 and 24,300.
• Bank Nifty Call OI: Highest at 57,000 strike; strong writing at 55,500.
• Bank Nifty Put OI: Highest at 57,000 strike; strong writing at 53,500.

Market Sentiment Indicators

• Put-Call Ratio (PCR): Fell sharply to 0.66, indicating a bearish bias.
• India VIX: Up 2.95% to 12.03, suggesting higher short-term volatility.

Stock Action

• Long Build-Up: Seen in 5 stocks.
• Long Unwinding: 81 stocks.
• Short Build-Up: 119 stocks.
• Short Covering: 14 stocks.
• High Delivery Volume: Signals investor interest over short-term trading.
• F&O Ban List: Added – RBL Bank; Retained – PNB Housing Finance.

Key Takeaway:
Nifty faces immediate support at 24,200–24,000, while 24,500 remains a major hurdle. Momentum remains weak, and any breach below key EMAs could trigger further downside. Traders should watch option data for signs of shift in sentiment and keep an eye on volatility levels.

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