Stock Market Highlights: Nifty rebounds above 23,500 level, 200 DEMA; pullback rally eyes 24k resistance. How to trade on Monday

The Nifty gained 375 points over the week to close at 23,907. A smart comeback by the bulls in the second half of this week as the market recovered almost the entire loss registered in the first half. Technically, levels have played an important role in this 1-2 weeks as the indices have respected support and resistance markers very well.

The important key takeaway for Nifty is that it is bouncing back from the lower levels and is also holding above 200 Day Exponential moving average on a weekly closing basis, which is currently placed at around 23,500 Mark. As long as Nifty is holding above 23.5 K, the present pullback rally which started recently is likely to continue. Support for Nifty is now seen at 23,650 and 23,500. On the higher side, immediate psychological resistance for Nifty is at 24,000 Mark and the next resistance zone is at 24,200-250 levels, said Tejas Shah, Technical Research, JM Financial & BlinkX.

In the open interest (OI) data, the highest OI on the call side was observed at 24,000 and 24,100 strike prices, while on the put side, the highest OI was at 23,900 strike price followed by 23,800.