On the daily chart, Nifty formed a big red candle, indicating weakness. However, the index is approaching the previous demand zone of 24,690.
If Nifty sustains below 24,690 level, further downside could be likely, taking it towards 24,500–24,400 levels. On the upside, immediate resistance is positioned at the psychological level of 25,000, followed by the 21-day Exponential Moving Average (21-DEMA) at 25,185, said Hrishikesh Yedve of Asit C. Mehta Investment Interrmediates.
In the open interest (OI) data, the highest OI on the call side was observed at 24,750 and 254,800 strike prices, while on the put side, the highest OI was at 24,750 strike price followed by 24,700.
