Nifty, Bank Nifty: Key Levels & Trade Setup for January 29

• Nifty 50 rallied 0.66%, making a strong start to the February series, but remains below most key moving averages except 200 DEMA.
• Nifty's potential upmove towards 25,450–25,500 is likely if it defends 200 DEMA (25,160); otherwise, a fall to 24,900 is possible.
• Bank Nifty formed a bullish candle, climbing above all key moving averages and Bollinger Bands midline, indicating strengthening momentum.
• Maximum Nifty Call OI at 26,000 and Put OI at 25,000, indicating key resistance and support levels respectively.
• India VIX cooled to 13.53 but remains elevated, suggesting caution; needs to fall below 11 for sustained bullish comfort.

Why It Matters: Nifty shows improving strength but needs to hold 200 DEMA; Bank Nifty exhibits strong bullish momentum.