The Nifty 50 gained 0.65 percent on April 17 amid hopes of a potential US-Iran deal but did not close above the crucial 24,400 level. This level corresponds to the upper range of a bearish gap from March 9. For further upward movement toward 24,700–24,800, the index must close convincingly above 24,400. Immediate support is at 24,100, followed by 23,900.
The Bank Nifty also showed similar bullish patterns, trading between 56,830 and 55,800. It has held above the 50 percent Fibonacci retracement level for three consecutive days. The maximum Call open interest for Nifty is at the 25,000 strike, while the maximum Put open interest is at the 24,000 strike. The Nifty Put-Call ratio rose to 1.09, indicating a bullish sentiment. The India VIX fell 4.87 percent to 17.2, signaling increasing comfort for bulls.
