Nifty50 prediction for Monday by experts: Long BULL candle on the chart; Support, resistance, RSI, OI data

The Nifty50 and Indian stock markets closed in the green for the second consecutive day on Friday, October 3, helped by buying in metal stocks. The Nifty 50 index rose 57.9 points, or 0.23 per cent, to close at 24,894.2. The BSE Sensex rose 223.8 points, or 0.28 per cent, to close at 81,207.1. On the sectoral front, the Nifty Metal index was the top gainer, rising 1.8 per cent. The Nifty Bank index rose 241.30 points, or 0.44 per cent, to close at 55,589.2.

In the broader market, the Nifty Midcap 100 and Smallcap 100 rose 0.83 per cent and 0.69 per cent, respectively. The India VIX, a fear gauge, fell 2.21 per cent to close at 10.06.
According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 1,583 crore, while domestic institutional investors (DIIs) bought shares worth Rs 490 crore.

Nifty50 Key Support and Resistance Levels

Traders will be closely watching these levels for Monday’s session

• Immediate Resistance: 23,513 (Friday’s high). A sustained move above this level could trigger further upside towards 23,550 and the psychological mark of 23,600.
• Immediate Support: 23,400 (Friday’s low). If the index breaks below this level, it could find the next support cushion around 23,350.

Nifty50 Technical Indicators: RSI and OI Data

Expert analysis points to the following data-driven insights:

Relative Strength Index (RSI)

• The daily RSI is currently trading around 68, which is in the neutral to slightly overbought zone. This indicates strong positive momentum but also suggests that the market could see some consolidation or a minor pullback before its next leg up. It reflects strength without being excessively overstretched.

Open Interest (OI) Data

Analysis of the options chain provides crucial clues about the market’s expected range:

• Call Side OI: The maximum Call Open Interest is concentrated at the 23,600 strike price. This level is expected to act as a significant ceiling for the index in the immediate term.
• Put Side OI: On the downside, the maximum Put Open Interest is at the 23,400 strike price. This suggests that 23,400 is a strong immediate support level, with option writers expecting the Nifty to hold above it.