_Morning Snippet - 11th Feb 2025_ *Index Observation* Nifty failed holding on to its resistance made support at 23400 as the index ended in red for 4th consecutive day shredding nearly 450 points from its recent highs. The index is also nearing its 50% retracement mark of its recent 1000 point rally. Unless a close above 23570 is not registered - Nifty does not get back to its buy on dip zone again. 23250 - 23570 is the zone Nifty for the next 2-3 trading days. Bank Nifty continued its outperformance despite ending in red for the 4th consecutive day. The index has bounced off partially from it’s 49800 initial support zone from where it had broken out if its month long consolidation. Overall support for negation on index stands at 49500 only. Unless the same is taken out, upside retest of 50500 and extension towards 50900 continue to remain open. BSE Sensex had similar price action to that of Nifty and closed below its immediate support of 77400 ahead of its weekly expiry scheduled today. With this yesterday’s high of 77850 now becomes an important hurdle for the index to resume its upside again. BSE Sensex weekly expiry is scheduled for today while Nifty’s weekly expiry is scheduled for Thursday. *Interesting Observation* Copper Prices Close at a 4-Month High, Signaling Further Upside Copper prices on COMEX recorded their highest weekly closing in four months last week. This strong upward move was supported by a two-year and four-month upward-sloping trendline, which the price has consistently held each time it tested the support. Following the May 2024 correction, copper consolidated within a broader range, during which an inverse Head & Shoulders (H&S) pattern formed. The price has now broken out of this pattern, setting the stage for a potential 4% upside. A bullish trend in copper prices is expected to boost global metal stocks, helping them regain upward momentum. *DERIVATIVES* *Index IV* *NIFTY:* IV : 12.56 IVP : 73.6 IVR : 46.12 *BANKNIFTY:* IV : 14.7 IVP : 72.4 IVR : 35.3 *Trade Setup* Activity in Cash Market FII Cash: -2463.72 Crs. DII Cash: 1515.52 Crs. *WTD* FII: -2463.72 Crs. DII: 1515.52 Crs. *MTD* FII: -12643.12 Crs. DII: 8789.57 Crs. *F&O CUES* FIIs stance on index futures were bearish in the previous session. They have added 11K short contracts. FIIs net position on index futures now stand at 173K short contracts. On the option front, 22800 strike will continue to act as support as this strike has significant put open interest. On the upside, 23700 strike has significant call open interest and therefore will act as resistance. *UPCOMING CORPORATE EVENTS* *Date: 12-02-2025* ASHOKLEY: Financial Results BHARATFORG: Financial Results CROMPTON: Financial Results HAL: Financial Results/Dividend JUBLFOOD: Financial Results MUTHOOTFIN: Financial Results/Fund Raising PFC: Dividend SIEMENS: Financial Results *Date: 13-02-2025* BANKBARODA: Fund Raising DEEPAKNTR: Financial Results HINDALCO: Financial Results IPCALAB: Financial Results M&MFIN: Fund Raising *New 52 Week High Low Data* *Large Cap:* New 52 Week Highs: 2 New 52 Week Lows: 0 *Mid Cap:* New 52 Week Highs: 0 New 52 Week Lows: 6 *Small Cap:* New 52 Week Highs: 1 New 52 Week Lows: 9 *NIFTY500:* New 52 Week Highs: 3 New 52 Week Lows: 15