Nifty Open Interest, Price & VIX Update – May 9, 2025

Market Overview

• Nifty 50 Spot: 24,000.25 (down 273.55 points, -1.13%)
• India VIX: 22.6 (up 7.52%)
• Sentiment: Bearish, high volatility amid geopolitical tensions.

Open Interest (OI) Analysis

• Significant OI build-up is visible at lower strike Puts (notably 23,900 and 24,000) and Calls at 24,200 and above, indicating a shift of the trading range downward.
• Heavy unwinding in higher strike Puts and fresh Call writing at 24,200/24,300 suggest traders expect further downside or, at best, a capped upside for today.

Support and Resistance Levels

• Immediate Resistance: 24,152 – 24,273 (selling pressure, Call OI, previous support now resistance)
• Immediate Support: 24,000 (Put OI, psychological level)
• Next Support: 23,930 – 23,900 (Put OI, technical zone)46

Volatility & Sentiment

• India VIX at 22.6 signals a sharp spike in volatility, reflecting increased fear and uncertainty due to India-Pakistan tensions.
• Market breadth is negative; most stocks are declining, and the Nifty is below its 10-day moving average, indicating bearish momentum6.

End-of-Day (EOD) Outlook

Given the strong Call writing at 24,200/24,300, the bearish sentiment, and the elevated VIX:

• Nifty is likely to remain under pressure and consolidate between 23,900 and 24,150.
• If 24,000 breaks decisively, expect a test of 23,930–23,900.
• Upside is capped unless Nifty reclaims and sustains above 24,150.

Possible EOD Close:

• Most probable: Between 23,900 and 24,100, unless there is a late recovery or a sharp reversal in sentiment.

Conclusion

• Trend: Bearish with high volatility.
• Supports: 24,000, then 23,930.
• Resistances: 24,152, then 24,273.
• VIX: High-trade cautiously, expect wide intraday swings.

Stay alert for news-driven moves and manage risk, especially with VIX at elevated levels.

For traders: Consider hedged strategies or wait for clear signals before taking fresh positions.