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Nifty closes lower as traders watch August F&O expiry levels
The index finished at 24,219.05, down 0.14%, with support near 24,192 and resistance around 24,300.
India’s Nifty 50 ended Monday’s session at 24,219.05, down 32.95 points or 0.14%, after starting higher above 24,300 but giving back gains as selling pressure returned.
Price action remains choppy and range-bound, with the index consolidating between the 20-EMA and 50-EMA. The 50-EMA near 24,192 is flagged as a key support, while resistance is seen around the 24,300 zone, with an hourly pattern showing selling against pushes higher.
Ahead of Tuesday’s August F&O series expiry, analysts expect volatility to stay elevated. They said a sustained move above the 20-EMA around 24,292 could draw fresh buying interest, while a breakdown below the 50-EMA may intensify selling.
Downside levels to watch include 24,062, aligned with the 61.8% Fibonacci retracement, while on the upside a hold above 24,292 could open the door to a move toward resistance near 24,370, according to market coverage summarized by LiveMint Markets and attributed discussion from the Dalal Street Journal.