The derivatives market is seeing increased bullish sentiment from foreign institutional investors (FIIs) as the Nifty index remains above 24,200. The long-short ratio has risen to 36.74 from 33.58, indicating a preference for long positions.

Immediate resistance for the Nifty is at 24,350, while support levels are identified at 24,200 and 24,100. Open interest in Nifty November futures has increased by 1.62 percent, suggesting a build-up of long positions. Analysts report sustained bullish activity in derivatives, with cumulative open interest across various series rising by 2.37 percent.

Sudeep Shah, Head of Technical & Derivatives Research at SBICAP Securities, has noted that the index faces a hurdle at the 100-day EMA zone of 24,320–24,350. A breakout above 24,350 could push the Nifty towards 24,550 in the short term, while immediate support is seen at 24,130–24,100, with further support at 23,980.