Note: The numerical data appearing in this post might not be accurate but approximate due to latency and data processing delays. Please refer to your broker platform for precise figures.
Monday was a rangebound session that resolved to the downside. NIFTY opened around 24285 and pushed to 24479 by late morning. The afternoon saw price drift lower through 1:30 PM and accelerate into the close, finishing at 24364.85 - barely above Friday’s close. VIX jumped from 17.21 to 18.79.
Intraday Snapshot
| Metric | Status |
|---|---|
| Volatility | LOW |
| Micro Trend | BEARISH |
| Momentum | STRONG |
How the Day Played Out
The morning push to 24479 was the high, and it immediately stalled there - sellers were active at that level even during the bullish attempt. The intraday chart showed a series of lower highs from roughly 12:30 PM onward.
PCR & Spot
Both PCR and Enhanced PCR came down sharply from overbought levels - PCR fell from readings above 1.35. When PCR drops from an overbought reading without a corresponding directional move in price, it often means the options market is resetting rather than reversing direction.
The 24300-24320 zone is today’s volume node based on the PCR chart, and it’s where you’d expect some support if the morning rally attempt fails again tomorrow. On the top side, 24440 was where the morning reversal started today - that’s the reference point for resistance tomorrow.
OI Flow & Spot
OI Flow went negative through the afternoon and stayed there. The negative reading happened alongside a declining price, meaning fresh shorts were added as price fell - unlike the prior session where OI Flow was negative but price was climbing. When OI Flow goes negative on a down day, it typically has more follow-through than when it goes negative on an up day (which usually reflects long liquidation, not new shorts).
Watch 24300 as the next floor if the weakness continues. On any recovery attempt tomorrow, look for OI Flow to at least stabilize around zero before treating it as a reliable bounce signal.
Order Flow & Spot
Buy-Sell ratio dropped to around 40% by close - firmly in bearish territory. The ratio spent most of the afternoon below 50%, with the morning’s attempts above that line failing quickly. The inability to hold 50% during a bounce suggests buyers are not committing capital at higher prices.
Levels to Watch Tomorrow
- Support: 24,300 (today’s low was around 24,320, so this is the zone below)
- Resistance: 24,380 (today’s afternoon breakdown point), then 24,470 (today’s high)
The bias is bearish given the afternoon reversal and the VIX spike, but 24300 is a tested zone - if it holds tomorrow morning, expect another range-bound session. A break below 24300 with expanding volume changes the picture.
Summary
NIFTY closed at ~24364.85 (+11.30). Day low was ~24284 and day high was ~24479. VIX spiked to ~18.79, the highest close in recent sessions.
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