_Morning Snippet :- 16th May 2025_ *Index Observation* With a sharp rally unfolding backed by extremely volatile moves on the index, Nifty completed its initial target of 24900 and closed above the same. The index now is open to scale further towards 25400 which we have been highlighting for the past 2 sessions. Support can now be trailed higher to 24800 odd as Nifty ended its weekly expiry session at a 6 month high. Bank Nifty reversed tracing Nifty’s strong move despite showing weakness in the past 2 trading session. Instead if retreating towards 53900 the index moved northwards forming a bullish flag formation on daily charts. A closing above 55600 is now likely to confirm further bullish breakout in this set up for a strong leg upside. Weekly closing on charts is seen today. *Interesting Observation* This chart illustrates the year-to-date normalized returns of the S&P 500 and the Magnificent Seven. The Magnificent Seven stocks are a group of high-performing and influential companies in the U.S. stock market: Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla. Once seen as dominant market leaders, these tech giants have underperformed the broader index in 2025. While the S&P 500's returns remain relatively neutral, the Magnificent Seven are in negative territory. This lagging performance questions their dominance and marks a notable shift in leadership from the market's usual tech-driven narrative. **DERIVATIVES | Trade Setup** **Cash Market Activity** FII: 5,392.94 crore DII: -1,668.47 crore **Week-to-Date (WTD)** FII: 7,094.94 crore DII: 4,368.53 crore **Month-to-Date (MTD)** FII: 14,950.94 crore DII: 18,109.53 crore **F&O Cues** FIIs added 21,000 long contracts in index futures in the latest session, bringing their net position down to 13,800 short contracts. In the options segment, the range has shift higher with 24,500 strike to act as strong support, indicated by the highest put open interest, while 25,500 to act as resistance, marked by the highest call open interest. *New 52 Week High Low Data* *Large Cap:* New 52 Week Highs: 3 New 52 Week Lows: 0 *Mid Cap:* New 52 Week Highs: 6 New 52 Week Lows: 0 *Small Cap:* New 52 Week Highs: 4 New 52 Week Lows: 0 *NIFTY500:* New 52 Week Highs: 13 New 52 Week Lows: 0