The Nifty has been moving in the 15,431-14,350 range in the weekly frame for the past seven weeks. On the daily timeframe, it has closed below the 50-day simple moving average (SMA), which had been acting as strong support since October 2020.

Just like Nifty, the Bank Nifty also has moved and held below the 50-day SMA.

On the options front, huge participation and open interest addition are seen at the 15,000 Call strike. On the Put side, open interest addition is seen at 14,000.

Going ahead, we can expect the broader range of Nifty to be between 14,000 and 15,000.

On the indicator front, the RSI plotted on the weekly and the daily timeframes can be seen forming a bearish hinge and is moving lower, indicating that the bears are in control of the trend.

The key support levels to watch out for in the short-term are 14,350 (multiple touchpoint level) followed by 13,951 (38.2 percent retracement level of the rise from 11,557-15,431).

On the upside, the key resistance level is 15,000-15,050. If the index sustains above it, we might see the index head higher towards 15,220-15,430 (resistance zone and previous swing high).