Pre-market report for India, dated February 10, 2025 ~~~~~~~~~~~ Nifty 50 • On February 7, the Nifty 50 closed under pressure for the third consecutive session, losing 43 points amid volatility after the RBI’s 25 bps rate cut. • Key levels for the Nifty 50 (23,560): • Resistance: 23,662, 23,721, and 23,817 • Support: 23,470, 23,411, and 23,315 • A bearish candlestick pattern with a minor upper shadow and long lower shadow formed on the daily charts, falling below the 50 and 200-day EMAs with above-average volumes, signaling a negative trend. • If the index fails to defend the 23,500-23,400 support zone, selling pressure may extend. • Holding above this level could take the index toward 23,800, the key resistance area. Bank Nifty • Key levels for the Bank Nifty (50,159): • Resistance: 50,518, 50,700, and 50,995 • Support: 49,930, 49,748, and 49,453 • Fibonacci retracement resistance: 50,381, 51,162 • Fibonacci retracement support: 47,875, 46,078 • The Bank Nifty could not sustain above the 50 and 200-day EMAs, forming a bearish candlestick pattern with a long upper wick and minor upper shadows, indicating minor weakness. Options Data • Nifty Call Options: The maximum Call open interest is at the 24,000 strike (84.13 lakh contracts), acting as key resistance. • Bank Nifty Call Options: The 52,000 strike holds the maximum Call open interest (18.66 lakh contracts), which can act as a key resistance level. Maximum Call writing was visible at the 51,000 strike (2.36 lakh contracts). • Bank Nifty Put Options: The maximum Put open interest is at the 49,000 strike (14 lakh contracts), which can act as a key support level. Additional Factors • The Nifty Put-Call ratio (PCR) declined to 0.83 on February 7. • India VIX declined 3.46 percent to 13.69 on Friday. *For information purposes only*