_Morning Snippet:- 28th March 2025_ *Index Observation* For the past 8 trading days, Nifty has been static within a 2% band, however the highs of 25000 has been constantly providing supply on index longs. Unless a closing above 25050 is not confirmed, downside swing towards 24300 / 24100 remain open on the index. Nifty has had a nearly 15% run up in the past 6 weeks without a 2% correction. With the price action seen from the start of this week, it is fair for the index to retest 200 DMA support on downside which currently reads below 24100. Volatility is likely to remain high given the monthly expiry due tomorrow and India VIX hovering above 18 levels and at 2 week highs. Bank Nifty is facing supply above the 55600 mark as the index has rejected closing above the same for 3 times in past 7 trading days. The index had broken from its 6 week rising trendline in last week’s trading putting it back on track to retest its polarity support of its original 5 year rising trendline. Targets for this breakdown hint for a 1200-1500 point breakdown from CMP. Negation for this down move is seen only when the index closes above 55600. Nifty 50 and all stock derivatives monthly expiry is scheduled for tomorrow while the weekly and monthly closing on charts is seen on Friday. *Interesting Observation* Attached chart, spanning from 2000 to 2025, shows the monthly ratio of COMEX Copper to Spot Gold. The Copper/Gold ratio is nearing a critical support zone around 0.15—levels last seen during the 2008-09 financial crisis and the 2020 pandemic low. Historically, these zones have marked key inflection points where Copper began to outperform Gold. Currently, Gold is holding to its gains seen in this year supported by safe-haven flows, while Copper remains range-bound due to mixed industrial demand signals. This divergence has driven the ratio back to its historic lows. A sustained rebound from this zone could signal a shift in market dynamics and a turning point in the Copper-Gold relationship. DERIVATIVES | Trade Setup Cash Market Activity FII: ₹ 348 crore DII: ₹ 10,104 crore Week-to-Date (WTD) FII: ₹ 483 crore DII: ₹ 11,849 crore Month-to-Date (MTD) FII: ₹12,676 crore DII: ₹46,347 crore F&O Cues FIIs have added 15k short contracts in index futures in the last trading session, taking their net position to 67k short contracts. In the options segment, the 24700 strike to act as support, while the 25200 strike remains a key resistance. *New 52 Week High Low Data* *Large Cap:* New 52 Week Highs: 1 New 52 Week Lows: 0 *Mid Cap:* New 52 Week Highs: 4 New 52 Week Lows: 0 *Small Cap:* New 52 Week Highs: 3 New 52 Week Lows: 0 *NIFTY500:* New 52 Week Highs: 8 New 52 Week Lows: 0