_Morning Snippet:- 15th May 2025_ *Index Observation* Nifty spent majority of its yesterday’s trading session above the recently derived support of 24600. The index has been confined within a band after a wide range day seen at the start of this week. Balance of this week is expected to remain volatile with an upside possibility remaining open for 24900 / 25400 unless 24600 is decisively given away. Bank Nifty has been underperforming for the past 2 trading days, with yesterday’s closing seen below its previous day’s low as well as a break of range on the lower side. The expected range of 54900 - 55900 has been broken down on a closing basis furthering the possibility of the ongoing underperformance to continue against Nifty. A retest of 53900 now opens up on the index, if it starts trading below 54500 odd once again. Nifty’s weekly expiry is scheduled for today while the weekly closing on charts is scheduled for tomorrow. *Interesting Observation* The attached chart illustrates the daily price movements of spot Gold and Silver. Following the formation of a classic bearish pattern – the double top, Gold (upper panel) has broken below the consolidation range that had held since early April 2025. This breakdown, after a strong prior uptrend, suggests a corrective phase may be underway. In contrast, Silver (lower panel) did not experience a strong rally like Gold, but has demonstrated relative strength by maintaining support at the lower end of its range. As discussed last month, the Gold-to-Silver ratio had reached historically stretched levels, indicating a potential reversal. That correction appears to have begun, and ongoing price action in both precious metals could further support a retracement in the ratio—potentially signalling a broader shift in the trend dynamics between Gold and Silver. *DERIVATIVES | Trade Setup* *Cash Market Activity* FII: ₹ 931 Cr DII: ₹ 316 Cr *Week-to-Date (WTD)* FII: ₹ 1,701 Cr DII: ₹ 6,037 Cr *Month-to-Date (MTD)* FII: ₹ 9,558 Cr DII: ₹ 19,778 Cr *F&O Cues* FIIs have added 1.7k long contracts in the latest session. The net position now stand at 34.8k short contracts. In the options segment, the 24500 strike continues to act as a strong support level, indicated by the highest put open interest, while 25,000 remains the key resistance, marked by the highest call open interest. *New 52 Week High Low Data* *Large Cap:* New 52 Week Highs: 0 New 52 Week Lows: 0 *Mid Cap:* New 52 Week Highs: 5 New 52 Week Lows: 0 *Small Cap:* New 52 Week Highs: 8 New 52 Week Lows: 0 *NIFTY500:* New 52 Week Highs: 11 New 52 Week Lows: 0