Nifty 50 climbs above 23,000 mark as bulls extend winning streak
The index rose half a per cent on October 30 despite higher oil prices, according to Moneycontrol.
The Nifty 50 index rose by half a per cent on October 30, moving past the 23,000 level. According to Moneycontrol, the index maintained its position above short-term moving averages while momentum indicators showed support for the rally.
Market experts expect the 22,800-22,900 range to serve as a vital support zone. If the index stays above this, a move toward the October swing high of 23,200 is possible, while the 23,500-23,600 range may act as resistance.
In contrast, the Bank Nifty declined 0.4 per cent due to profit booking. The index traded below its major moving averages and met resistance at the 20-day exponential moving average. Technical indicators for the Bank Nifty showed a mixed outlook, though improving momentum signals suggest a potential recovery.
Weekly options data shows the 23,500 strike has the highest Call open interest with 1.28 crore contracts, acting as resistance. On the Put side, the 22,700 strike holds the most open interest with 1.05 crore contracts, which may act as support.
The Nifty Put-Call ratio rose to 1.42 on October 30, the highest since July. This increase from the previous session's 1.31 indicates that traders are selling more Put options than Call options.
